5 Things that Make Life Insurance Expensive

The price of life insurance varies a lot and we present you the top 5 things that make life insurance expensive. Also, do not forget to search for online life insurance quotes.

couple-Medicare1)     The age of the applicant. Life insurance is not expensive for young persons. They get the best rates and their young age guarantees that they have enough life expectancy to pay many taxes from now on.  In contrast, applying when you are old makes life insurance expensive and diminishes the chances of even getting life insurance. If you want a cheaper life insurance, do not delay the application date.

2)     Health status of the applicant. Persons with a pre-existing medical condition will have to pay more. The cost will be correlated with the severity of the disease, its phase and existing treatments.  Usually, insurance companies also consult medics when dealt with applicants that have certain medical problems.  Plus, medical exams will also determine whether you are healthy or not.

3)     BMI index. Body Mass Index determines if you are overweight, underweight or you have a normal weight. In order to determine this index, the company will ask to disclose your height and weight.  BMI is calculated then by applying a simple mathematical formula.

4)     Dangerous habits and hobbies. Smoking, drinking and drug use are certainly activities that can harm your body. But they also harm your budget. Besides being costly enough, these activities will increase the cost of life insurance, if you ever want to apply for it. Again, medical exams will reveal these habits and the consequences will be felt in your wallet.

5)     The profession of the applicant. Well, it is easier to issue a policy for a secretary than for a police officer or a soldier. The risk of losing your life in mission translates into more money paid to the insurer.  The good news is that usually those that have a dangerous job are included in group life insurance plans.

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