If you want to provide for your family or cover funeral costs in the event of your untimely death, term life insurance is the way to go. This arrangement allows you to pay a relatively small insurance premium for a significant lump sum payment if you die during the term of coverage. The exact amount of your premiums depends on several factors. Here are a few of the biggest variables most insurance companies will consider.

What Affects Your Term Life Insurance Premiums?

1. Age

One of the biggest determiners of your life insurance costs is your age. Simply put, the older you are, the more likely you are to die before making a lot of payments on your policy, so insurance companies charge you more to protect themselves against that risk.

2. Gender

On average, women live slightly longer than men. Since insurance companies base their pricing on statistical models of your demographics, they’ll decide that a woman is likely to live longer than a man with a similar profile—and charge accordingly.

3. Health

Another significant factor in your life expectancy is your health, so most insurance companies look at factors like your blood pressure and cholesterol to decide what category you belong in. While plans are available that don’t require this health information, they’re often more expensive from the start.

4. Lifestyle

The next set of risk factors your insurance company will take into account are your lifestyle choices. Smoking is a big red flag on your account, as are high-risk hobbies and professions. You’ll be charged more for each of these factors.

5. Family Medical History

Finally, your insurance company will likely want to look through your family’s medical records for any health conditions that can be affected by genetic factors. These include stroke, heart disease, and cancer—and your insurance company is especially likely to pay attention if these conditions proved fatal to your parents or siblings.

While you can’t control everything on this list, lifestyle changes and treatment for existing health conditions will go a long way to lowering your premium, so start making changes today. If you need insurance in Beech Grove, IN, choose David R Johnson Insurance. They offer an easy, personalized approach to auto, home, property, and term life insurance. Contact them today at (317) 782-8858 to get started, or follow him on Facebook for tips and updates.