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Factors that affect health and life insurance coverage

by Jayant Harde Our associates have a rich corporate experience of
You have to pay premiums when you buy a life insurance policy for yourself in order to keep it in force. Knowing the reasons that may affect your premium costs is important for you to pay the insurance company higher premiums. Life Insurance is a great way to help and protect your loved ones, which can also be a huge investment. A lower premium paid over a period of a few years can yield a good amount of savings.Life insurance premiums are based on a number of factors, and some people may find it quite tedious to understand why and what the charges are, and why they are paying a rate that may not be the same as others.Many factors are considered by insurance companies while pricing their plans, which may not be a variable under your power. Yet your life choices can also contribute to factors that can affect your premium for life insurance.

The factors that affect your premium towards Life Insurance are:

  • AGE
  • This is an obvious and not surprising factor that affects the policyholder's age of your Life Insurance premium. If you're young, the rates are going to be lower than someone older. It is very unlikely that a young person will be able to contract a life-threatening disease or pass away in their youth. Insurance companies believe you're going to make a lot of premium payments before they have to write a  cheque for your family.

  • Gender
  • Insurance companies are not opposed to gender equality, but they believe that different genders have a different life expectancy. According to the studies and statistical findings, it is believed that women are at least 5 years older than men. Hence affecting the premium they pay, making them pay the premium for a longer period of time but at a lower rate, a plus point for women.

  • Smoking
  • Smoking puts the policyholders at a higher risk of all illnesses, so if you're a smoker that's as good as raising the insurance companies ' red flag. Most smokers pay a premium twice as much as they do not-smokers have a huge impact on the premium.

  • Medical history
  • There's not much to do with the gene pool from which they come. If a policyholder has a medical history of serious diseases such as cancer, heart disease, or any other, this makes them susceptible from an hereditary perspective to these diseases. Which increases the individual's premium by a greater margin than if they were not in their gene pool.

  • Health records
  • You will also have to provide your own health records as the policyholder. Those reports will ensure that you have no chronic diseases or potential health issues and will also keep your premium in check instead of making a difference.

  • Drinking
  • Alcohol consumption is harmful to health in more ways than one. This can influence your premium at higher insurance rates if you are a large user of alcohol as the policyholder. Insurance companies make sure that the client is asked whether they are smokers or drinkers.

  • The Policy
  • The policy itself also affects the premium you pay, the longer the policy's tenure, the greater the amount of the benefit at the time of death, as you pay it for that period. Short-term strategies are more expensive than long-term policies.

  • Profession
  • Your profession also plays an important role in the premium you end up paying, any policyholder working in the mining, oil and gas, fisheries or any other dangerous profession will increase the premium quantities you pay for the policy you choose to adopt.

  • Lifestyles choices
  • To people who love to take risks for the fun of it, most insurers have a higher premium. Climbing dangerous mountains or other high-risk things, including speeding cars. Increasing your premium far more than others.

  • Obesity
  • Obesity is another factor that affects your premium as a policyholder, being obese can lead to a number of health concerns such as osteoarthritis, high blood pressure, diabetes, stroke, coronary heart disease, which will cause overall health problems in the future and raise your premiums as well.

    To know more about Health and Life Insurance, you can visit our website http://www.jayantharde.com or contact our representative at +91 712 2282029 or meet us at 51, Gurukripa, Old Sneha Nagar, Wardha Road, Nagpur – 440015.

    Source: https://hardejayant.blogspot.com/2019/12/factors-that-affect-health-and-life.html


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    About Jayant Harde Innovator   Our associates have a rich corporate experience of

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    Joined APSense since, June 21st, 2019, From Nagpur, India.

    Created on Dec 11th 2019 07:14. Viewed 216 times.

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