Fairview Heights, IL Health and Life Insurance Factors
What factors affect rates for life and health insurance?
Your may notice that your life insurance and health insurance premiums have changed recently, or perhaps your term life policy has come to an end and your premiums have gone up. The fact is that everything from your age to your lifestyle can affect your life insurance rates, as well as how much you pay for medical insurance, irrespective of whether you have whole life, universal life or another type of policy entirely. Here are the main determining insurance factors that decide exactly how much you end up paying:
Although most of us may think of age as just a number, it is extremely important when it comes to life insurance and health insurance. Younger individuals will receive lower rates as there is less risk of death, that’s why it’s usually recommended to purchase a life insurance policy while you are young.
Pre-existing medical conditions
Quite often, you will receive higher rates if you have a pre-existing medical condition. Even if the insurance doesn’t cover it, in the eyes of the insurer you are more likely to have additional issues which may be related to the condition. Depending on what plan you require, you may find insurance hard to come by if you have a specific pre-existing condition.
Weight, or specifically your BMI (body mass index), has a big impact on both your medical and life insurance rates. On average, people with a high BMI have higher premiums than those lower on the scale. Additionally, people with a high BMI can suffer from or develop conditions such as heart problems, sleep apnea and diabetes, among others. For health insurers, those with a high BMI carry additional risks as providing standard treatment for occurrences such as pregnancy may require specialized equipment.
Your job can affect life and health insurance rates too. If your work is particularly stressful, or you have to perform dangerous duties, it’s highly likely that you will pay higher rates. The same can also be said if you are exposed to chemicals or materials which are known to have long-term health effects.
Health and life insurance rates are all about risk and, if you smoke or drink regularly, you’re more likely to suffer from ill health and be at a higher risk of dying. Smoking in particular is known to have numerous risks which can lead to fatal diseases. Cutting down on drinking and quitting smoking altogether is not only beneficial to your health, but it could see you qualify for lower premiums.
For more information on any of our policies or the insurance factors that guide them, get in touch with KMK Insurance’s experienced and knowledgeable Fairview Heights-based team.
*The information on this page is not intended for educational purposes. Please consult an insurance professional before making any decision regarding insurance or investments.