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Factors That Affect Your Life Insurance Cost

life insurance cost

When you get a life insurance quote, the cost is based on your age, health, lifestyle and policy details like term length, coverage amount and whether you add any riders. These are add-ons to a standard life insurance policy that give you more flexibility and coverage options.

Your age is the life insurance cost factor in determining your life insurance cost. The younger you are, the less your premium will be. This is because you have a lower risk of dying in any given year than older people, so insurers charge less per month for the same coverage.

Your occupation also plays a role. If you work in a high-risk job, your premium will be higher because of the increased chance of death. This is especially true if you are in the military, an active firefighter or a scuba diver.

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The amount of debt you have (like your mortgage and credit card balances) is another important consideration. You should have enough coverage to pay off any outstanding debts and also provide your family with the money they need for daily living expenses if you die.

Other factors can affect your life insurance cost, including sex and tobacco use. Men typically pay more than women because of their shorter life expectancy. Similarly, smoking raises your life insurance costs because it increases the likelihood that you will need a larger death benefit to cover burial and other end-of-life expenses. Your weight is also taken into account when calculating your life insurance cost, as being overweight puts you at a greater risk of certain illnesses and may lead to higher premiums.

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