• 25
  Mar
  2010

• What Affects Your Term Life Insurance?

  
  Filed Under: Blogging
  0 comments, add yours

Many people have come around to the view that term life insurance is the best coverage option for life insurance. As with whole life insurance, there are several factors that affect how much you end up paying as term life insurance premium.

Whether an international term life insurance plan such as IC+ Term Life Insurance or a U.S.-based plan, the prime thing that insurance companies look for is the risk factor—simply put, the probability that you will pass on before the insurance term expires.

Most term life insurance plans will require some kind of underwriting procedure, including medical checkups and financial statements. Some of the factors that help determine the premium are age, gender, smoking habits, general health, and term of the insurance plan.

Obviously, the older you are, the more you pay as term insurance premium. Also, women pay slightly less than men for life insurance, simply because their life expectancy is higher. Likewise, smokers tend to pay more for life insurance as well. Needless to say, the medical evaluation also plays a huge role in determining the premium payable. Clearly, there is more than one reason to stay healthy!