Life insurance lets you make sure your loved ones are taken care of even after you’re gone. However, shopping for a policy can be a confusing process. As you try to determine the right coverage type and the amount of coverage to purchase, it’s also important to make sure you’re getting the best deal. This is why it’s helpful to how insurers calculate their rates. Here are some of the top factors that affect life insurance policy premiums.

What Influences Life Insurance Rates?

1. Medical History 

In addition to understanding your personal health history, insurance providers will want to know about any medical problems that run in your immediate family. If you have parents, grandparents, or siblings with hereditary conditions, you will assume the risk of suffering from those same issues. You can expect to pay higher coverage costs as a result. 

2. Lifestyle 

Being a thrill-seeker may allow you to lead an exciting life, but it will cost you when it comes to life insurance. If you tend to engage in dangerous activities like skydiving, auto racing, rock climbing, or scuba diving, you will pay more for coverage regardless of how young and healthy you may be.

3. Age 

Age plays a significant role in deciding the cost of life insurance. Older people are, of course, more likely to develop health problems and pass away than those who are still young, and this is why premiums will only increase with age. Buying a policy in your 20s or 30s will allow you to lock in a low rate for as long as you keep the coverage. 

Life insurance quotes can vary greatly between individuals and providers. To get a better handle on what you can do to secure the most affordable coverage, it’s best to speak with Christina Mendoza LLC in San Antonio, TX. As a licensed agent offering more than a decade of industry experience, she can help you compare different policies to find the one that’s the best fit for your needs and budget. Call (210) 389-5289 to schedule an appointment, or visit her Facebook page to stay updated on products and services.