Life insurance – how is the premium calculated
In order to maintain the policy, the insurer needs to pay periodic insurance premiums. It can be paid yearly, monthly, half-yearly or quarterly. Tenure of the insurance policy is also one fact that affects the premium amount.
To look for the best life insurance policy around, it will be wise to visit an insurance comparison website. Here, you can find different insurance policies, its cover and the benefits it offers. In order to maintain the policy, the insurer needs to pay periodic insurance premiums. It can be paid yearly, monthly, half-yearly or quarterly.
How the insurance premium is calculated?
The insurance premium is calculated based on different factors, including -
This is one of the major factors that determines the insurance premiums. The older the insurance applicant is, the higher premiums he/she needs to pay. Tenure of the insurance policy is also one fact that affects the premium amount.
Habits like drinking and smoking can adversely affect a person's health. Due to these factors, a person who smokes or drinks will have to pay higher insurance premiums. Whether you are exposed to risks, dangerous hobbies or any kind of physical harm in your workplace, you will be required to pay higher amount of insurance premiums. This is especially true in case of individuals who work on a construction site or similar occupations, including fire fighting and deep sea fishing.
General health and medical issues -
After applying for an life insurance policy, the prospective insurer will be required to undergo health examination. The medical test will involve checking for health related issues by taking urine and blood samples. It will also involve checking blood pressure, weight, ultrasounds and X-rays for a more comprehensive medical report.
These examinations will also scan for serious conditions and diseases like, high cholesterol, HIV, diabetes, drug dependence and any evidence of nicotine in blood. If your family has any history of heart disease, diabetes or any other kind of medical condition, the insurance provider will also take these factors into an account.
Considering the above factors, you can get the best life insurance cover in Stillwater, MN, at reasonable costs.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Life Insurance Stillwater, MN -Are you looking for life insurance agency in Stillwater, MN? Contact McGarry-Kearney Agency, providing life insurance and supplemental health benefits to families.