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Finding the Best Life Insurance Rates

Shopping for life insurance rates is a task that most people avoid because of the emotional aspects of this type of coverage.

life insurance rates

Few people want to think about what will happen to their families if they pass away unexpectedly; however, this is a scenario that all responsible adults must contemplate. Without life insurance, your family will likely struggle to pay bills, afford college tuition, or even put groceries in the refrigerator. For this reason, life insurance is a necessary financial tool to prevent financial disaster. Read also: Is No Physical Life Insurance the Same As Physical Life Insurance?

Of course, when you decide to shop for life insurance, you want to get the best coverage possible for your money. Life insurance premiums represent an additional expense that can be difficult to bear, particularly if you are already living on a tight budget. Fortunately, understanding how life insurance rates work can help minimize the amount you spend on premiums.

Life Insurance Rating Factors

Several factors affect how much you will pay for life insurance coverage. These include:

  • Age

Typically, younger people pay less for life insurance than older applicants. Securing an insurance policy while you are young can help save you money because most policies allow you to lock in premiums for 10 years or longer.

  • Gender

Males typically pay more for coverage than females.

  • Tobacco Use

Because of the significant health risks associated with tobacco use, applicants who use tobacco are assessed substantially higher rating factors than those who are tobacco-free. Read also: Quality Life Insurance Coverage For Parents.

  • Lifestyle

Life insurance applicants who engage in dangerous occupations or hobbies can expect to pay more for life insurance than those who do not. For example, prison guards and people who engage in skydiving typically pay high premiums.

  • Medical History

You will likely pay high premiums if you have had a recent illness, or if you have an ongoing medical condition such as cancer or diabetes. This is because the insurance carrier assumes a higher risk of paying a life insurance claim.

  • Residence

Each state regulates how much insurance companies can charge for life coverage. Read also: Why Life Insurance for Children is a Great Investment.

Controlling Life Insurance Coverage Costs

Some factors, such as age, gender and residence, may be beyond your immediate control; however, you may be able to control other factors to minimize your life insurance costs.

If you are a smoker or use another form of tobacco, find a way to become tobacco-free. If you refrain from using tobacco for one year, you can obtain the coverage you need at substantially lower rates.

You can also control your premiums by refraining from engaging in dangerous activities. Similarly, if you can show that you have taken steps to manage an ongoing medical condition, you might be able to obtain life insurance coverage at an affordable rate. For example, maintaining healthy eating habits can help offset the impact of a diabetes diagnosis. Read also: Getting Cheaper Smokers’ Life Insurance Quotes.

Getting Quick Life Insurance Rates

Several websites can help you quickly and easily obtain quick life insurance rates. Some cater to “preferred” applicants while others target people who are difficult to insure. These websites can provide quotes from several licensed carriers so you can compare rates and coverage from the comfort of your home. By carefully reviewing life insurance rates from several licensed companies, you stand the best chance of obtaining quality coverage without spending a fortune in premiums each month.


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