A Guide to Life Insurance Quotes for Families

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Brianne Connaughton Brianne Connaughton

The majority of insurance policies provide financial protection for the policyholder in the face of an unexpected event. For example, health insurance provides coverage for medical issues, and homeowners insurance will pay for storm damage to your home. Life insurance, however, is unique in that it is meant to provide financial coverage for your spouse or other loved ones in the event of your death. The monthly premiums for a life insurance policy provide a death benefit for the policyholder’s beneficiaries. The proceeds from life insurance can help take care of final expenses, pay off debt, or provide financial support to your loved ones.

Deciding to get life insurance coverage requires you to look at various factors of your particular situation. Generally, those who have dependents who require financial support should probably consider investing in life insurance. Other factors such as your age, amount of debt, and additional financial obligations will also impact your coverage requirements and how much life insurance you need. If you’re considering life insurance, a few factors will impact your quotes and possible rates.

Everything from your age to your medical history can have an impact on your life insurance rates. It will be important to shop around and compare various companies, plans, and rates. Life insurance quotes will outline your offered rate and coverage amounts. Let’s take a look at some things to consider when getting quotes for life insurance.

Age

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The biggest impact on your life insurance quote, offered rates, and potential coverages will be your age. When issuing quotes and policies, insurance companies look at the risk associated with insuring specific policyholders. The older a person is, the more likely the insurer will have to pay out the policy. As a result, insurance rates increase with age. When it comes to getting life insurance, the younger you are, the lower your rates. When you purchase life insurance as a young adult, you lock in those lower rates for the duration of the policy.

Gender

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The gender of the policyholder is another risk factor that life insurance companies consider when offering quotes and policies. Similar to age, insurance carriers consider the specific factors that impact the health and longevity of each gender. Insurance underwriters use historical data to approximate how long someone might live and how healthy they might be based on their gender and specific profile. Statistics show that women, on average, typically live longer than men. As a result, women will usually have slightly lower life insurance premiums.

Lifestyle Choices

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Depending on your answers to questions about your lifestyle, you may experience higher life insurance rates. If your pastime includes racing cars or skydiving, you’ll be seen as a higher risk and may have substantially higher rates. Additionally, if you have a profession that is perceived to be dangerous, such as mining or fighting fires, you might also see higher premiums. If you are a smoker, you’ll also be seen as a higher risk for serious disease and charged more for life insurance.

Medical History

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Most insurance companies will require a medical exam, access to your medical records, and a health survey before issuing a policy. Any quote that you receive will be based on your history of medical conditions and issues. People without a history of any serious medical conditions will have lower rates with lower health risks. On the other hand, people with a lengthy medical history of serious illnesses such as heart disease or cancer will have higher premiums. Other factors such as weight, cholesterol, and blood pressure are also considered.

A life insurance policy can provide peace of mind and financial security for policyholders and their families. To ensure that you get the best rates and options for you and your family, you’ll want to consider several quotes to get the right coverage.

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