Thursday, July 23, 2015

9 Factors that Influence Your Life Insurance Premiums

The cost of Lake of the Ozarks life insurance will differ from person to person. Premiums are based on your own needs and lifestyles, as well as those of your family. It's important to remember that life insurance isn't for you, its to benefit those you'll leave behind. Therefore, the needs of your family are one of the largest determining factors on the amount of life insurance coverage you need. Besides the amount of coverage, there are 9 other important factors that can influence how much your premiums will be.

1. Age 


The number one factor behind how much you'll pay for your life insurance premiums is your age. Think about it - if you're young, you'll most likely be paying the Lake of the Ozarks insurance company for years before they need to write your family a check. Therefore, it's probably better to take out a life insurance policy while you're young.

2. Gender 


While gender equality is important, statistics show that your gender does play a role in your life expectancy. In general, women live longer than men; therefore, they are more likely to get a slightly lower insurance rate.

3. Occupation & Hobbies


If you're job falls into the "risky" industry category, you're likely to pay more for your life insurance. These professions include fishing, mining, construction, forestry, agriculture and transportation. In addition to your occupation, other dangerous activities that you may participate in such as racing cars, skydiving or climbing mountains can also increase your premiums.

4. Health History 


Your medical records also play a key role in determining your life insurance premiums. The more health problems you have, the higher your risk of dying at an earlier age. While major diseases such as diabetes can cause your insurance premiums to be higher, smaller controllable factors such as obesity, high cholesterol and high blood pressure can also affect the cost.

5. Family History


If major health issues run in your family, you're at a higher risk of developing them as well. Serious issues such as heart disease and cancer can be hereditary. This risk of health problems can also cause your life insurance premiums increase.

6. Smoking Habits


Smoking is a red flag for insurance agents at the Lake of the Ozarks because it puts you at risk for all sorts of health problems. It's not uncommon for smokers to pay twice as much as non-smokers for comparable life insurance coverage.

7. Drinking Habits


Heavy alcohol consumption can also take its toll on your health. In addition to smoking, insurance companies will also ask about your drinking habits. Those who drink more are more likely to pay more for their life insurance premiums. An occasional glass of wine is typically not an issue, but if you're consuming alcohol daily, it could be.

8. Driving Record


Speeding tickets can end up costing more than just the fine. If you have a poor driving record, life insurance companies see that as being at a higher risk of dying in an automobile accident. Keep those points off your license and keep your life insurance rates down!

9. Type of Policy


Obviously the more coverage you have, the higher your premium is going to be. The length of the term policy as well as the amount of the death benefit will affect the price of the policy. Short term policies are more expensive than long terms and whole, or permanent life insurance is generally more expensive than any length of term.

For all your Lake of the Ozarks insurance questions, contact Insure the Lake at 573-348-2794. When it comes to protecting your and your family, we're here to help you with every aspect of insurance from home and auto to health and more!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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