The key factors that contribute to determining your term life insurance costs, include the following:
- Age: the younger you are, the lower the premium rates for life insurance. As you grow older, term life insurance costs increase.
- Sex: Women usually are eligible for slightly lower premiums because their life expectancy is higher than that of men.
- Medical history: your health matters, so if you have had any serious health conditions in the past, you need to provide evidence that you have controlled them.
- Weight: applicants who are overweight cannot qualify for preferred premiums.
- Tobacco use: this is one of the major factors that affect term life insurance costs. A smoker is likely to pay up to four times more than a non-smoker for the same amount and type of life insurance.
- Lifestyle: This includes habits such as drug or alcohol abuse, driving record, hazardous hobbies and activities and travel.