Life insurance premium payments can be as affordable or as expensive as you want it to be. It all boils down to how much cover you need, and the other miscellaneous benefits or advantages that you want it to have as well. If you are a high-risk policy owner, you simply can’t take out the first life insurance option that you see. It always pays to invest your time on shopping around to make an informed decision!
- How much is a life insurance policy?
The monthly premium payments will be determined by the amount or extent of coverage needs. Another factor that affects the amount of payout to your beneficiaries is the likelihood that you will die in the near future. The older you get, the higher the premium payment will be!
Here are a few things that play major roles in the calculation of an insurance policy!
If you purchase an insurance at a young age, you are sure to get lower premium payments. People over the age of 50 will be assessed with higher insurance premiums assuming they are more likely to die soon, or they are already suffering from poor health.
- Marital Status
Married individuals are more likely to be assessed of lower premium payments. The household’s income may be divided into two individuals, thus insurers will assume the cover won’t be as much as single policy owners.
- Smoking habits or history
Cigarette smokers are always assessed of higher premium payments due to their likelihood of developing illness more than non-smoking individuals!