Do I Need a Life Insurance Quote?

Our families are the most important part of our life, and we feel it be our utmost responsibility to protect them, especially when we are not going to be present to earn for them. Death is a big reality of life and keeping your dependents taken care of is something that most people are highly concerned about. This is precisely why life insurance was created, and a lot of people tend to get themselves a policy at an early stage in their lives. It is essential that you get a life insurance policy at an early stage as that will help you get a lot of benefits while paying a small premium amount. The older you get, the higher the premium amount gets, so it is best to get a life insurance quote that you can pay easily.

If you are still wondering whether or not you should be getting a life insurance quote, here is the simple answer; if you have dependents, you should definitely pursue it. And that too at the earliest possible time! One thing that would be of particular importance when you get a life insurance quote is the factor that influences the premium that you will be asked to pay against your benefit of choice. While there are a lot of different factors involved, you can start your analysis by asking, what are the top 4 factors that influence my life insurance quote? Some of these factors are based on your own life choices, while others are simply not in your control. However, it is very much important that you take all of them into consideration prior to buying an insurance policy.

Age

Quite often, people ask, what are the 4 factors that influence my life insurance quote? The answer always starts off with the factor that is the biggest and most direct influencer in terms of the type of premium you are asked to pay by the insurance company; age. A lot of companies have their own different factor rankings when it comes to deciding what life insurance quote they should give to you. However, as you will see, age is at the top of every single list. And if you think about it, it makes total sense too since it is an unchanging factor. Life insurance policies are based on a simple concept; you choose a benefit you want, and then you pay the price for it in premium over specific years. The younger a person is, the lower the premium will be for that person since there is a general perception that they have a lot more time to pay owed premiums from their salaries.

You would be quite surprised at how quickly the rates change as you get older and older. The average amount of increment that comes in your premium for the same policy is 8-10% per year and keeps on growing as the years' pass. In addition to the higher rates, while it may be rare, older people may also be asked to pass medical examinations to determine their fitness.

Gender

The second biggest factor in determining the premium one would have to pay for a life insurance policy is the gender of the person! The reaction to this in current days could be very controversial, but even if challenged, this factor would still stand, and there is a very rational reason behind it. Historical data has shown that women tend to live an average of five years longer than men, and this ends up having a direct impact on the life insurance quote they receive from insurance companies.

There are a number of different reasons as well that support this statistic. When you look at them, you do realize that statistically, men tend to have a generally higher level of the risk factor involved in their lives as compared to women. Whether it is their lifestyle choices, their tendency to choose to work in roles with higher risk or holding on to any stress inducing part in their lives. While all the same could be present in women as well, the number of women actually involved in such situations is relatively low. This problem is further strengthened by the fact that men do not tend to relieve all that stress by sharing and talking. In contrast to this, women generally are attracted to social interaction, which helps a lot in reducing their stress through communication with their peers.

Comparing 80 years (average life expectancy for men) to 85 years (average life expectancy for women) may seem futile to an ordinary person, but for an insurance company, that difference has material value. This is especially the case for term life insurance, where benefits are only paid if the policyholder dies while the policy is running.

Health

While it is impossible for anyone to determine the exact time of death for any individual, the most accurate source of estimation for insurers is the health condition of a person. A lot of people ask themselves, what are the 4 factors that influence my life insurance quote? And for anyone who is figuring it out themselves, it is fairly easy for them to count health condition as one of the key factors in determining the premium value. It is a fairly common practice to take the necessary steps to determine the impact of health on the insurance package, and they require a few basic medical steps.

The very first thing an insurer will look at while determining your life insurance quote is the history of your health. They try to find out what sort of illnesses you have had and if there are any hereditary issues that they need to know of. A history that shows possible health issues that could affect your life expectancy is marked as red flags and cause the premium to increase.

The insurance company makes a record of all your statistics when determining your specific policy premium. These factors include things like height, weight, cholesterol level, blood pressure level and other key examinations. These are also done rarely nowadays although passing them only comes to you as a benefit

As a potential applicant, it is highly suggested that you take great care of your health and approach the insurance company as the healthiest version of yourself to ensure the least possible amount of premium charge! There are some companies that offer policies without any checkups, but the premium is much higher anyway.

Occupation

The kind of work you do is a major factor for the insurer in determining what sort of premium you are going to be paying. In addition to the varied exposures involved in different occupations, the nature of work is also recorded to accurately determine the level of risk that is present in each different job. While most office-based workers will probably be provided with a good rating with low rates due to the low risk involved, there are a lot of jobs where the level of risk is high. Take the example of a construction worker or a racecar driver. Both of them work with heavy tools and risky scenarios where a person's life is a lot more at stake.

All the different kinds of coverage that a person can get in such jobs mean the company will provide a higher life insurance quote to the customer due to the high risk involved in their job. There is a much bigger chance of the person dying from an accident a much higher.

Other factors

In addition to the factors above, there are some other key things as well that insurance companies tend to consider while deciding. These include smoking status, the weight of a person, family history, hobbies and more.

With all these things in mind, it would be no surprise if you felt like you are a bit concerned with regard to the process that is involved in getting yourself registered for a life insurance policy. Having a sales rep sit with you for long hours is nobody's preference. Thankfully, there is an alternative online solution that companies such as Emma Life Insurance provide their customers. The service involves a very straight forward process that you can do while literally sitting in your bed. To apply, all you need to do is visit the company's website and choose the package you want. In just a few clicks, you will be done with the whole process and make payments as well. The whole process is completely hassling free and does not require any physical human interaction apart from some information that they may ask over the phone.

It is pretty obvious that getting a life insurance quote should be your immediate course of action. Just as the old saying goes, "better safe than sorry"!