What’s the best way to get the best prices for life insurance policies? Stay alive. That’s the trick. Life insurance companies want you to be safe and reliable. Providers will reward healthy choices with discounts on their policies. There are, however, some things that will reduce your chances to get the best price possible. Here’s a list of seven things that will increase the cost of your premiums.
Genders Aren’t Equal For Life Insurance
Equality between the sexes is something many people wish to see more of. Life insurance policies, unfortunately, are a thing that doesn’t take this notion to mind. Statistically speaking, the average American male’s life expectancy is five years less than females. Men have a higher risk of injury, cardiovascular disease and cancer.
This means insurance providers are more likely to pay out a man’s policy. Males pay an average of 38 percent more on their life insurance policies to compensate for increased payouts. Insurance is still feasible for males, but it makes it easier to obtain affordable coverage as a woman.
How safely, or unsafely, you drive is a factor for one’s life insurance rates. A few tickets here and there aren’t a trigger for your provider to increase your premiums. Two or three moving violations, on the other hand, will reduce your chances to get prime insurance rates. Providers assume there were a few hundred times you were speeding for every time you’re pulled over. Regular violation of traffic laws will increase your chances of getting a ticket. Drive safe if you want the opportunity for the best life insurance rates.
Heart issues are a big red flag for insurers. Providers see high blood pressure and anything else that relates to heart problems as signs of an early death. You may have your cardiovascular conditions under control, but most insurers will still mark that against you. High blood pressure is somewhat of an exception as long as you’re managing it with medications. They may even offer you a policy that doesn’t include coverage for heart issues.
Insurance providers want to know any conditions you’re predisposed to have. They’ll ask about your family and any severe or genetic conditions they have. The major conditions that increase your rates are cardiovascular disease, diabetes, and cancer. Your premiums would go up even higher if one of your parents died early from it.
Going Into A Medical Exam Unprepared
Insurance providers need to test all of their applicants to determine the policy they’ll offer accurately. They’ll take the standard measurements and samples including weight, height, blood pressure, blood and urine samples, and potentially other tests depending on the applicant’s health conditions. Scoring low on these tests will raise your premiums and overall insurance costs.
The applicant will have time to prepare for the medical exam before they take it. They can contact the life insurance provider to find out what medical test they will be taking and how to prepare for it. Typical preparations for these tests involve fasting for up to 12 hours, drinking lots of water, getting plenty of rest, avoiding stressful situations, and staying away from high fat and cholesterol foods. You may need to take other measures to improve your exam score if you have certain health conditions.
Your choice of hobbies could determine what kind of insurance premiums you get. This doesn’t mean you have to stay indoors and never leave the house; skiing and biking are acceptable. Providers are worried about activities like rock climbing, skydiving, base jumping, scuba diving, and other similar hobbies. You know, the ones that have a chance to kill you in the process.
Occupations Matters, Too
Your job also plays a role in determining what your life insurance rates are. They’re more worried about the life threatening ones than minor injuries. Airplane pilots, race car drivers, trapeze artists, and demolitions experts are among the top of these high-risk lists. Police officers and firefighters have a hard time finding good rates as well, though many companies make exceptions for them for better public relations.
Take a conservative approach to your health if you want to get the best possible rates for life insurance.