What factors are used to determine life insurance premium rates?

There are several factors that are used to determine your premium rates for life insurance.

Among the main factors considered for developing life insurance rates are your age, gender, health, family health history, occupation, hobbies, driving record, if you smoke or not, height-to-weight ratio, etc.

Basically, a life insurance company uses your information you provide on the application and the results of your physical exam to determine how long they expect you to live. The longer you are expected to live, the more money the insurer will receive in life insurance premiums.

If you are expected to live a long time, your rates will be lower. That's why life insurance rates are lower for younger people and those who don;t smoke, since smoking can lead to health problems, including emphysema and lung cancer.

One way to save money on your life insurance is to compare term life insurance quotes from several highly-rated life insurance companies to help you find the most competitive rates for your life insurance policy.

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