Life insurance is always a good thing to be thinking about. Whether you are getting married, about to have a child or learning of a friend who recently lost a loved one who wasn’t insured, life insurance should be on your mind.
Yes, you would rather spend your money on other things that are way more fun, but insurance should not be ignored when it comes to planning for life.
The key is to have life insurance and to secure it at the best rate possible based on your needs. You want to protect those you care about most and you still want to save money, so you have to be smart about how you balance both needs. Ideally, you have insurance, can afford lifestyle items like clothes, gadgets, etc. and live comfortably.
To get the best rate, your lifestyle and health will be a factor. Each life insurance applications will ask you a formulaic set of questions designed to determine how much of a risk covering you will present. Based on your answers, the company will set your premium.
As you start to apply for life insurance, here a few things to consider:
Get it NOW!
The younger you are, the more likely your premium will be lower. The longer you wait, the more it will cost you. If you are young and have no health issues, this is the time to get life insurance. Actuaries set premiums based on how likely you are to pass away while you have a policy in place. Most rates go up and up and up as you get older and are more at risk to get sick and die.
Don’t use tobacco
Smoking or chewing tobacco can cost you more than just $5 a pack, pouch or can. If you are already using tobacco, now would be a great time to quit based on the money you would save in terms of buying tobacco and paying increased premiums on life insurance because of it. In some cases, smoker rates are double to triple those of a non-smoker.
If you have a clean driving record, you have a better shot at a lower premium. It is one thing to have a speeding ticket, but a DUI or DWI could prevent a company from approving coverage. Even if approved, you could pay higher premiums because you are considered at risk due to alcohol use.
Extreme Hobbies matter
Many applications ask if you race cars, fly planes, skydive, rock climb, etc. All these can be considered a liability for coverage. Not doing extreme activities will likely mean lower premium for you.
Being Healthy Matters
We all want to live long, healthy lives. Insurance companies reward healthy behaviors and have a standard for what they deem healthy. If they rate you as healthy, your premium will be lower. Height, weight, health history are all factors they consider when setting your premium. Again, drug and alcohol use, pre-existing conditions, etc. are all factors. You can probably still get life insurance, but it will likely come at a higher price based on your health.
Keep these factors in mind when considering life insurance coverage for you and your family. Make the decision now to get covered so that you don’t waste any time worrying about what will happen to your family in the event that something happens to you.
We offer life insurance policies from several different carriers, so you have plenty of options to choose from. We even have guaranteed issue policies that will provide coverage no matter what health conditions you may have. To learn more about our coverage, check out our term life insurance page, fill out the form on this page or call (786) 307-6155. We look forward to helping you protect your family!