Life insurance is a way to provide for your loved ones if something should prevent you from being there to provide for them. Normally, it is quite affordable and an essential investment for people with families. However, several factors affect the cost of coverage. Here are some of the most common.

4 Factors That Affect Life Insurance Premiums

1.  Your Age

It is a simple fact that younger policyholders pay less for life insurance than older people. Insurers know that, the younger you are, the less likely you are to die and have to pay out a benefit. Therefore, you get to enjoy a premium discount. The longer you wait to buy coverage, the more you will pay per month.

2. Your Sex

On average, women tend to live about 2.5 years longer than men do. Because of this, if every other factor is equal, a woman will pay a bit less for life insurance than a man will. While this may not amount to a significant price difference, it’s still a relevant factor to consider—especially when combined with other elements.

3. Your Medical History

In some cases, insurance companies require their policyholders to submit to a health screen and provide a record of their medical history. A history that includes serious illnesses, such as cancer or heart disease, may cause a bump in your premiums. Similarly, markers that indicate current health problems will also cause a rate increase.

4. Family Health History

In addition to your own past and current health, insurers also sometimes consider your family health history. If your parents, siblings, or other relatives have a history of hereditary diseases, this could influence what you pay for life insurance.

To discuss your life insurance options with an experienced insurance agent, contact Superior Insurance in Durham, NC. They have four locations throughout the Raleigh-Durham area and are renowned for their knowledgeable staff and commitment to customer service. They also specialize in business, auto, motorcycle, boat, and homeowners insurance, so they are a one-stop shop for all your coverage needs. Visit their website for details on their services, or call (919) 224-8034 to request a free, no-obligation insurance quote.