Younger people pay lower monthly life insurance premiums than older adults. Seniors in their 80s have a hard time finding a life insurance company that offers them a policy.
Since females have a longer life expectancy than males, insurers often give lower rates to women. At the same time, life insurance companies usually don’t make gender a barrier to application acceptance.
Certain life insurance policies involve taking a medical exam so that the insurer can learn your current state of health. The insurer needs to know if you have a disability or life-threatening condition.
Since many medical issues are hereditary, your life insurance cost will be directly affected by your family’s medical history. If diabetes, for example, runs in the family, it results in higher premium.
The lifestyle choices you make impact your life insurance cost as well. People who engage in dangerous sports and other high-risk activities can expect to pay a higher life insurance premium.