Life insurance policies are considered a must for people who have dependants in their family and are the sole bread winners of the family. This type of insurance plans ensures that the policy holder’s family does not have to suffer financially when something tragic happens to the life of the policy holder.
There are various factors that determine how much life insurance costs, and one of the most important factors is the age of the buyer. People who are older than 50 years of age will be asked to pay a higher premium compared to people who are between 30-40 years. As a general rule, the older the buyer is the higher the premium he will have to pay since older people have pre existing health conditions and are at risk for other health problems as well. The other factors that will influence the cost of the selected life cover policy are the gender of the buyer and the health status of the buyer. Men are usually asked to pay a higher premium than women, since men are usually considered as high risk candidates.
In addition, the smoking status of the buyer also affects the cost of life insurance plans. People who smoke can expect to pay 10-30% more than people who do not smoke. People who have pre existing conditions such as diabetes, heart problems or have a family history of life threatening diseases will be charged a higher premium. The insured amount also affects the cost of the premium and usually the higher the insured amount the higher the premiums are.
Some insurance companies also consider miscellaneous factors such as the occupation of the buyer and how much he travels since people who have high risk jobs and travel a lot fall into the high risk category. Depending on the factors mentioned above buyers can expect to pay $20 -$50 a month on life insurance protection plans.
Buyers should remember that better plans that offer better features cost more than policies that offer limited coverage. Buyers should also remember that a few insurance companies offer easy to apply insurance policies that cost a little more than regular policies since to get approved for easy to apply policies, buyers do not have to fill in questioners or take many medical tests. Remember, by comparing quotes online you can save on life insurance cost by getting the best deal.