When you are looking to buy life insurance you first have to decide if you need term life or whole life. If you want permanent coverage with premiums that will never go up and a policy that will never be canceled (as long as you continue to pay), then permanent life insurance is best for you. Before you compare permanent insurance rates, you should learn a little bit more about what life insurance companies look at when they rate you.
Insurance carriers base your permanent insurance rates on a number of factors. The most obvious is your age. The older you are, the higher your premium is. Another factor that is heavily considered is whether or not you smoke. If you are a smoker, then expect to pay 3 to 4 times more for life insurance than a non-smoker. A third category that plays a major role in what premium you pay is your health status. This can mean a lot of things. Life insurance carriers want to know your height and weight, your blood pressure readings and cholesterol levels, as well as any health history you have. We’re talking about a history of cancer, heart attack, stroke, diabetes, and many other health conditions. If you have no health issues then you will most likely receive a preferred plus rating, while someone with high blood pressure or a history of diabetes might receive a standard rating or less.
One last thing that you should consider when you compare permanent insurance rates is the strength and rating of the life insurance carrier. A highly rated carrier is more likely to be around in the long run, which means your beneficiaries won’t have to worry about getting a death benefit if something happens to you. Get a free quote to compare multiple rates today.
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