insurance underwriting    






The Two Most Important Life Insurance Underwriting Factors

When it comes time to consider which life insurance policy is for you, there are several details you'll want to think about. There are factors that are under your control that can reduce the overall amount you'll pay in premiums. These factors are important and can make the difference even on the highest premiums in the market. You can use these factors in combination to achieve even higher savings. Life insurance is an essential part of any investment portfolio. It protects your assets while giving your loved ones piece of mind. By selecting the right policy and reducing your premiums you can ensure that your family will be taken care of now and in the future.

There are several factors that can affect your insurance rates. The factors are universal; all life insurance companies take them into consideration when calculating premiums. Having more of these factors viable when opening a new life insurance policy will greatly reduce the dollar amount you will pay every month. If you are diligent you can realize a savings of hundreds a month on your premiums. This can add up to substantial savings from year to year even when rates go up. If none of these factors apply to you it would be advisable to add them to your current situation so you can realize the significant savings.

  • Quit smoking. Smokers pay higher rates for life insurance. Most life insurance companies agree that if someone is currently smoking they should quit smoking for an entire year before applying for life insurance. If you decide to quit smoking this will go a long way towards repairing existing damage years of smoking has caused as well as helping you get lower rates. The health benefits of quitting smoking are well documented. When you add the incentive of lowering your policy premium and you have a winning combination.

  • Lose weight. Obese people will always pay higher premiums than those who are of a healthy weight. There are numerous health problems connected to being overweight. All of these associated problems are major red flags to insurance agents who then adjust policies accordingly. Things like higher blood pressure increase heart attack and stroke risks are some of the major potentially fatal risks obese people face on a daily basis. Losing weight will remove these risks and help you save lots of money on your policy premiums.

    By fixing these two factors, which you have control over, you can significantly lower your life insurance costs.

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