Almost everyone could benefit from having life insurance, but many people are unaware of the ways in which their lifestyle would raise the monthly cost of their life insurance plan. Determining the total cost of life insurance is all about calculating an individual’s risk. Sometimes those risks are unavoidable, but others can be prevented. Here are the top 5 things to consider when you are searching for the best life insurance deal.
- Smoking or Using Illegal Drugs and Stimulants
Due to the increasing evidence that smoking is associated with an exacerbation of – or higher risk of initially contracting – certain life-limiting diseases, smokers will always face significantly higher insurance payments than non-smokers. If you have smoked in the past but have since quit, then your payments will fall somewhere between the two. One of the simplest ways to reduce the monthly cost of taking out an insurance policy is to quit smoking. Drug users are also charged a higher rate due to the dangers associated with the substances, and their physical and sociological legacy.
- Dangerous Pastimes
Smoking is not the only pastime which is considered to be hazardous when determining life insurance requirements. While being active and healthy will work in your favour, participation in extreme sports or any other risky activities may mean that your needs would be best met by purchasing a protection plan from a specialised insurer. If your hobbies include climbing or mountaineering, caving or potholing, organised motor-cross, drag-racing, sky-diving, paragliding, aviation, sailing, scuba-diving, equestrianism, or snowboarding then you will need to ensure that you are protected against accidents which include these activities. Your driving history will also be taken into account when the price of your life insurance policy is being decided.
- Dangerous Occupations
Perhaps your social life is free of the thrill-seeking associated with adrenaline-fuelled pursuits, but similar risks are unavoidable in your work life? Certain occupations are considered to be high-risk by most insurance companies. They include anyone serving in the military, workers of oil and gas rigs, trawler fishermen, fire-fighters, police officers, anyone who works with explosives (on a building site, for example), pilots, professional athletes, lorry drivers and anyone who regularly drives long distances for commercial purposes, war correspondents, and commercial deep sea divers.
- Family History
As well as your own general fitness, the medical history of your family will have a bearing on the cost of your life insurance. If you have close relatives with genetic conditions to which you may also be prone, your payments will be slightly higher. If there is a known family history of heart disease, diabetes, or certain cancers then you can expect to pay more for your life insurance.
- Pre-Existing Medical Conditions
The leading cause of inflated life insurance costs is your own medical history. Serious, life-limiting conditions will raise your payments the most, and some insurers will not accept new cover purchases from anyone who is less than 2-3 years into their recovery from cancer. Your weight and BMI, blood pressure, pulse and blood sugar will all be tested in the medical examination required by most insurers before taking out a policy, and a set of standard blood tests to check your overall wellbeing may also be requested. If you suffer from heart disease, diabetes, severe allergies, epilepsy, HIV, cancer, Inflammatory Bowel Diseases such as Colitis or Crohn’s Disease, or blood clots then you are likely to find it more expensive to find comprehensive life insurance or critical illness cover.
Whatever your circumstances, life insurance can offer peace of mind to you and your loved ones. Knowing the ways in which your lifestyle may put you at greater risk of illness or injury will help you find the most affordable life insurance policy for your needs.