7 Factors That Will Impact Your Life Insurance Premium

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What is a life insurance premium? It’s simply the cost of your life insurance policy which is typically paid on a monthly or annual basis.

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Here Are 7 Key Factors That Will Impact Your Life Insurance Premium

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1. Type of Life Insurance Policy

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2. Age

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3. Smoking Habits

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4. Gender

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5. Lifestyle

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6. Coverage Amount

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7 Factors That Will Impact Your Life Insurance Premium

What is a life insurance premium? It’s simply the cost of your life insurance policy which is typically paid on a monthly or annual basis.

Here Are 7 Key Factors That Will Impact Your Life Insurance Premium

1. Type of Life Insurance Policy

2. Age

This has the most significant impact on your life insurance premiums. Typically, the younger you are, the lower the cost of your life insurance.

3. Smoking Habits

Smoking has proven to be a risky habit, and insurance companies know this all too well. Those who smoke or vape are likely to pay significantly higher life insurance premiums, sometimes double that of non-smokers.

4. Gender

Statistically, women live longer and engage in healthier lifestyles. In general, because men are thought to die at a younger age – Canadian men live an average of 80 years – their premiums are more expensive than those of women, who on average live to the age of 84.

5. Lifestyle

How you live your life could be an indicator of risk for insurance companies. From obesity and heavy drinking to high-risk behavior like skydiving or reckless driving, your lifestyle can increase your life insurance premiums.

6. Coverage Amount

The coverage amount is the death benefit. The more significant the life insurance payout, the higher your premiums will be.

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