Whole life insurance rates are determined by the level of risk that you present to an insurance company. The less likely you are to reach the average life expectancy, the higher your costs will generally be. However, insurance companies do not necessarily place the same weight on the criteria that are used to determine your rates. You may receive different rates from different providers, so it's worth your time to compare whole life cover quotes from a number of insurers.
Unlike term life insurance policies, which pay out only if you die within the coverage period established in your policy, whole life insurance policies guarantee death benefits to your loved ones, no matter when you die. Because death benefits are guaranteed, your rates may be higher for this form of permanent assurance than for a policy that provides protection only for a limited period of time. If you are searching for a permanent solution to your estate planning needs and a way to protect your loved ones until your death, a whole life policy may be ideal for you.
Some providers may review your whole health history when you apply for a policy, complete with a medical screen or documentation from a physician to verify your medical condition. Your application may be reviewed by an underwriter to determine your whole life insurance rates. Your age, gender, weight, the danger level of your occupation and your history of tobacco and alcohol use are factored into your rates, as well.
Tobacco use is one of the primary factors that affect your whole life insurance rates. Statistically, smokers have a higher risk of early mortality. The potential health complications of tobacco use have been documented in clinical studies and in the statistics that insurers use to determine whole life insurance rates. By completing a smoking cessation program, you may be able to extend your life and achieve lower rates on your protection.
Losing weight or maintaining a healthy weight may help you achieve lower whole life insurance rates. Insurers associate a high BMI with higher rates of heart disease, diabetes, stroke and some forms of cancer. Measures that you take to improve your health may also help you reduce your medical costs and make it easier to find affordable protection for your loved ones.
Seeking affordable cover if you are in a high risk group may make the whole process of searching for affordable coverage disheartening. However, in today's competitive economic climate, insurers are going out of their way to offer specialised policies for consumers who are costly to insure. If you are considered a high risk to providers, one of these alternative policies may help you and your loved ones find the cover you deserve.
If you have a family history of heart disease, kidney disease, cancer or another potentially critical condition, investing in a critical illness policy may help you overcome high whole life insurance rates and protect you against severe financial losses in the future. Upon your diagnosis with a critical illness, you would receive a lump sum benefit that could pay off your mortgage and other debts and provide financial support for your family when you are no longer able to work. A critical illness policy meets an important need for consumers who have potentially terminal health conditions.
Older adults between the ages of 50 and 80 may have difficulty finding reasonable whole life insurance rates if they're applying for new policies. The older you are, the more risk you present to an insurer, which results in higher costs to the consumer. An "Over 50s" option can pay out a lump sum to the beneficiaries of older adults if they die within the coverage period. In many cases, you won't need to pass a medical screen to receive this form of protection.
When you purchase whole life assurance, your rate generally won't increase over the course of your contract. With certain payment schedules, you may pay a fixed premiums throughout your lifetime, even when you reach your senior years. As you grow older, permanent assurance plans may relieve your worries about whether you will be required to pay higher premiums for your protection after a certain age.
When you're evaluating your options for protection, compare whole life insurance rates offered by multiple providers before you make your decision. Many providers are keen to have your business, so it pays to request a number of free quotes. Use the features on our site to find the information you need and request quotes free of charge. Regardless of your whole life insurance rates, you can find some form of affordable cover by coverage if you consider all of your options thoroughly.
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There are several benefits to taking the time to find a quality life insurance policy.