No matter how we lead our lives, no matter we keep worrying about uncertainties or certainties in our life, but we can never ignore the inevitability of death.
While death is certain, what is not certain is when we will meet the unfortunate end. But, what we can do is, to ensure, leading a fulfilling life comprising proper financial coverage for ourselves and our loved ones till the time we walk on the earth. And, life insurance is one-stop solution for all such problems.
There are multiple life insurance plans available in the market with various premium rates based on the features and risks involved. However, there are several methods to control the price of such insurance products, especially to acquire them at a budget friendly price. One must also keep in the mind that life insurance plans are long term and most plans offer a minimum term of 10 years tenure. Life insurance premiums remain same throughout the policy term.
Its a thumb rule that life insurance plans for young individual is less expensive. Age is one of the factors in determining life insurance premium. Younger policyholders pay lower premium and verse versa. For instance, a 25 years old policyholder will pay lower premium. If the same person buys insurance after 10 years he or she is likely to pay higher premium.
In case of high sum assured most of the life insurers ask to undergo medical check-up before buying life insurance plan. According to the medical reports insurer will decide how much premium to charge. A person with high blood sugar and obesity affect life insurance premium. On the other hand a healthy person will pay less premium compare to person with pre-existing illness.
Drinking and smoking are the two main factors that affect your life insurance premium. If you are looking to buy a life insurance plan either you pay high premium or quit drinking and smoking. Life insurers charge high premium for smoker because smokers have a higher risk of death than non-smokers. Some of the diseases caused by smoking are lung cancer, heart disease, stroke, chronic obstructive pulmonary disease, asthma, diabetes, oropharyngeal cancer. Your habit of smoking or drinking will lead to expensive insurance premium.
Most of the online insurance products are cheaper compared to offline. Online portals remove the involvement of a middleman between the insurers and policyholders hence offering lower premium rates for online buyers. And this advantage one would enjoy throughout the policy term. Always do some research, compare and buy the best deal online.
So, next time before buying a life insurance plan you will know what factors make you to pay more premium. Understand the factors, which affect your premium and choose a suitable life insurance plan at an affordable price. Your life insurance premium is in your hand and it is up to you how you deal it.