Despite the greater accessibility of low cost life policies, the cost of life insurance premiums does vary. Here is a review of the major factors that influence the cost of life insurance policies.
Low Insurance Age – The age at which a life insurance policy is taken out has a significant impact upon the low cost of the life insurance premiums paid. The younger you are when you start a life insurance policy then the better chance you have of obtaining a life insurance policy at low cost. This is because at a younger age you are viewed as being at a low risk of passing away than someone 30 or 40 years your senior. Life insurance premiums will therefore be at a low cost for young people, but not so low cost for older people.
Health – Life insurance companies will award low cost life insurance to people who have low health risks. To qualify for life insurance at low cost on health grounds you will need a low level of hereditary disease running in your family. If you suffer from a life threatening disease such as cancer or heart disease, your life insurance cost will not be so low. If asthma, high blood pressure or cholesterol problems exist then a low cost insurance policy could cost that little bit more.
Lifestyle – A low cost life policy is available to those with a low stress/low danger lifestyle. If you drink excessively or you are a smoker or practice extreme or dangerous sports/activities then a life insurance policy that is low cost could be out of your reach.
Insurer Cost – Finally, no matter what type of life insurance cover you have, be sure to check the cost of other life insurance policies regularly. The life insurance market is always changing, so you just might find a better low cost provider of low cost life insurance the next time you search the life insurance market for low cost insurance policies.