Getting life insurance means financial security for your family after you pass. However, many times, people think that life insurance is costly and thus put off getting themselves life insurance. But this will put your family at great risk in case something happens to you. Knowing what factors will affect your premium will help you prepare for future payments. Here are some factors that affect your premium.
- Age
The number 1 factor your insurance agent will tell you is age. The younger you are, the cheaper your premium payments are because insurance companies assume you’ll be paying premiums for a long time. The older you get, the higher the premiums. - Gender
Before availing of your life insurance in Alabama, you have to know that gender plays a huge role. Insurance companies consider the statistics that women tend to live longer than men. That’s why men often have to pay higher premiums than women. - Medical History
If you try and visit an insurance company in Montgomery, Alabama, and check out how much premium you’ll pay, they’re definitely going to check your medical and family history. The healthier you are, the cheaper the premium because you’re expected to be paying premiums longer compared to sickly individuals. - Occupation and Hobbies
If you’re in a high-risk occupation or if you’re interested in high-risk activities, you’ll be paying high premiums as well. In fact, life insurance can even be quite difficult to avail of because of certain risks to a job or hobby.
Insurance offers individuals added protection. From life insurance, prepaid legal, or preneed burial insurance, make sure you find what’s right for you and your family. If you need assistance, we at Jackson Insurance Company are always ready.
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