Factors That Can Increase Your Life Insurance Rates

Life insurance rates are determined in the same manner as rates for other types of insurance. The amount you pay is based on the amount of risk you present to the insurance company. The simple explanation is the rate is based on how likely you are to die during the term of your life insurance.

Cost factors and ways to reduce your costs

Age and gender do increase your life insurance rates. However, these factors are not in your control. Smoking or other tobacco use is a major influence on your rates. Quitting all tobacco use can lower your premiums. It may take a couple of years for the rate change to become effective.

Obesity or excess weight increases your risks of death. Each carrier sets the amount of excess weight that is acceptable, but getting to a healthy range will be greatly beneficial. When you apply for life insurance, your driving record is taken into consideration. This is because your record will show if you are prone to risky behaviors. Frequent tickets for speeding or careless accidents are not good indicators.

Other cost factors include your health and family history. Your occupation and hobbies are also taken into account. Knitting is not risky, skydiving is. At Prutting Insurance Group, we will be happy to help individuals in the Scottsdale, Arizona area get the best rates for life insurance. Talk to an independent agent today to get a quote and find ways to reduce your risks.