What Affects How Much Does Life Insurance Cost

Life insurance is the most common insurance that people buy. Life insurance is a kind of insurance that offers the best benefits compared to other insurances. Some people who want to buy this kind of insurance will ask how much does life insurance cost. Cost is one of the biggest considerations. The answer will be vary because the costs are in fact different.

6 Factors that affect the life insurance cost

1. Age

Age is one of the factors that will be considered. It affects the cost. Different ages will spend different costs. A teenager who is 17 years old will cost different to buy life insurance from an adult who is 40 years old. People who are older need to cost much higher than people who are younger. It can be said that the older you are, the higher the cost will be. Age can affect how much does life insurance cost.

2. Health Profile and History

Your health can affect the cost of life insurance. The insurance company needs to know your current health. You are required to take the medical exam even though some companies offer non medical exam life insurance. It will relate to your health history, whether you have ever had some diseases or not, such as heart attack, diabetes, cancer, etc. You will be tested whether you are a smoker, often drunk, etc.

3. Gender

It is not only age and health that affect how much you cost life insurance. Gender has an important role related to the cost of this insurance. The life insurance for men and for women will be different on the cost. Who needs to cost higher? Women are considered to be able to live longer than men. The cost of this insurance will be higher for men. It is reasonable.

4. Occupations

The next factor is your own occupation. Occupation is needed to be considered because different occupations have different risks of accident. A receptionist and a fireman will cost different for their life insurance. A heavy machine operator will cost different from a typewriter for the life insurance. There are still many other examples of occupations that need to cost different to buy life insurance. It is important to know that occupation affects the cost. You need to pay attention to your own occupation.

5. Exam

There is exam factor. There are many kinds of exam that are required. One of the most important exams is medical exam. You are required to take medical exam, but some insurance companies offer life insurance without a medical exam. It happens to other kinds of exam. There are some insurance companies that do not require any exam. Non exam life insurance cost will higher than life insurance with the exam.

6. Types of Life Insurance

Types of insurance affect how much does life insurance cost. The first type is whole life insurance that covers the most complete coverage. The second type is universal life insurance and the last type is term insurance. The term insurance will have different term lengths. Choose the type, policy and the coverage based on your desire. Comparing three types above, whole life insurance cost will highest, the universal will cost lower, and the term life offers the lowest price.

All the factors that will be considered related to the cost of this insurance. There is a good tip to lower how much does life insurance cost. You need to keep your health, especially chronic health such as your heart and liver. If you are healthy, you will cost lower to buy life insurance. Hopefully this will be a good reference, especially for you who want to buy life insurance.