Factors That Can Affect Your Term Life Insurance Quote

No matter the type of insurance we're purchasing, we all know that there are several factors that can impact how much our insurance costs. Auto insurance is affected by our driving record and the type of car we drive. Homeowner's insurance rates go up if we live in a historic home or one in an area prone to storms. Health insurance can cost more if we have chronic health conditions. Well, term life insurance rates can be affected by a variety of factors, too.

While some of these issues are outside our control, we also can find savings on our insurance costs by being aware of them. One of the best ways to ensure that you're getting your term life insurance at the best price is to get competitive quotes and review them carefully. We can help put you in contact with reputable insurance companies, all at no cost to you. Be sure to fill out our questionnaire to get started.

What affects my life insurance quote?

• Do you smoke? Perhaps the Number One cause for life insurance premiums to rise, or for life insurance applications to be denied, is whether the applicant smokes or has a history of smoking. When life insurance companies calculate the overall likelihood that the policyholder will live to be a certain age. It might sound cruel, but the insurance company wants to make sure it's insuring someone who will live long enough to pay the premiums. Smoking has been long associated with health conditions and young ages of death. But if you show that you've recently quit smoking or are under doctor's care to quit smoking, it can help with your application.
• Do you have a history or depression? Similarly to smoking, insurance companies are hesitant to insure someone who has a history of depression. Many policies will not cover suicide, and some won't even be written if the policyholder is in danger of causing harm to himself or herself. The best approach in this situation is to be straightforward. Acknowledge your history of depression, explain the medications you're on (and how long you've bee on them). Usually, people with a demonstrated good history of dealing with their depression are more likely to be approved for a life insurance policy. You can discuss this more with your company as you go through the application process.
• Are you healthy? You will be asked for your health records, and most likely will need to have a physical to get your life insurance application approved. Be sure to be completely forthright when you fill out your application.