River Valley Insurance Agency Inc Blog |
While your health and age are major factors that affect your life insurance rates, these also determine if you are eligible for coverage. However, there are many other factors that have an effect on your life policy. You may be surprised with some of them and if you’re currently shopping for life insurance these will be good to know: Gender
Yes, insurance carriers consider gender as a major factor in determining your life insurance rates. Here’s an example, A woman in her thirties and does not smoke is likely to pay about $214 of life insurance a year. But, a man of the same age and also does not smoke would have an annual rate of $244 for his term life insurance. Employment Status If your job has a high risk of putting yourself in harm’s way, you will likely pay a high rate for life insurance policy. So, law enforcement officers, bridge builders, firefighters, armed guards, and pilots are types of workers who have higher coverage rates compared to administrative assistants, bank employees, and other office staffs. Driving Record Many consumers are not aware that their driving record is a contributing factor to the rates of life insurance. If your driving record has a few marks, the insurance firm may charge you higher. But, if you have a DUI offense, you may not qualify at all. In general, it all depends on the insurance company, if they want to review your driving record. Hobbies If insurance companies consider your hobby as risky, you may not be eligible for life coverage. So, what is your favorite pastime? If it is rock climbing, skydiving, hang gliding, or hot-air ballooning, then expect to have some difficulty with your life insurance application. In fact, if you are into scuba diving or rodeo exhibition, many insurers may completely deny giving you coverage. Credit History Insurance companies usually review your credit history when applying for homeowners and car insurance. Now, it would also be difficult for you to get qualified for life insurance if you have a bad credit rating. For example, the insurer will not offer you term life coverage unless you are given a bankruptcy discharge for about two years. The firm will also not qualify you for coverage if you have filed for bankruptcy a couple of times, not unless you get a bankruptcy discharge for five years. These are factors that can affect your life insurance rates. But keep in mind that there are many insurance companies out there, and each of them has their own guidelines. What you need to do is look for a company that will give you a reasonable price. At River Valley Insurance Agency, we take pride in making sure that our clients are well-protected at prices they can afford. To learn more about how we can help you, please contact our agency at (616) 301-9500 or Click Here to request a free quote.
1 Comment
1/29/2020 11:48:34 pm
Remarkable things here.Thank you for sharing your perspective on life Insurance factors. I hope the rest of your posts are just as informative.
Reply
Leave a Reply. |
Contact Us(616) 301-9500 Archives
February 2018
Categories
All
|