Life Insurance Rates
Understanding the ins and outs of term life insurance rates can often be confusing and time consuming to understand. There are multiple things that can affect the rates and terms of your policy. Unhealthy lifestyles, such as smoking, drinking and being overweight are all considered when trying to formulate a quote for someone who is looking for life insurance. These are not the only unhealthy habits that are taken into account, however. There are other things that can be found through medical exams or the questionnaire that can help term life insurance companies determine what the rate you receive should be.
Mental Health Affects Term Life Insurance Rates
If you are on medication for mental health issues, such as antidepressants, it can unfortunately lead to higher rates. As morbid and unnerving as it may sound, life insurance companies consider the risk of suicide when giving out term life insurance rates. Therefore, if someone has a mental health issue, the company is going to take notice. Many people do not realize that mental health can play an important aspect on the rates that they receive.
Generally, however, this is only considered if it is something that is long term. There are people who take antidepressants or other medication for mental health, after a particularly traumatizing event. This stay with medication usually lasts for a few months. Because this was only a one-time event, and the person is not considered a long-term risk as far as depression goes, companies will generally not increase your term life insurance rates. If it has been considered, and assumed, that the person taking mental health medication is at risk, premiums may rise. Find out more about term life insurance rates by visiting http://chalyza.blogspot.com/2008/05/life-insurance.html.
Foreign Travel and Term Life Insurance Rates
For those who love to travel, you may notice higher premiums with regards to your term life insurance rates. People who travel often to foreign places are considered a greater risk. If someone is traveling across the country, that isn’t considered nearly as much of a risk as someone who is traveling to other countries. The insurance company will know this information from your questionnaire.
Personal Hobbies and Term Life Insurance Rates
It seems that personal hobbies are something that you find on personal ads and websites. Most people would not think that questions on personal hobbies are something that they would find on a life insurance questionnaire. Insurance companies, however, want to know as much as they can about your lifestyle. There are many hobbies that could be considered dangerous. Extreme sports and other major hobbies, like flying small planes and mountain climbing, are considered dangerous enough to potentially cause a rise in term life insurance rates. Many insurance companies do not waver on this idea. Extreme sports are known to be more dangerous and therefore, can be a health issue. As with other personal health issues, insurance companies take them seriously. Check out http://surigaobabe.blogspot.com/2008/05/life-insurance.html to learn more about term life insurance.
It’s always the questionnaire that catches things such as mental issues, travel and personal hobbies. When it comes to term life insurance rates, insurance companies are making sure that they catch any potential hazards to their client’s health. The companies attempt to raise the prices in order to match how long they believe you will be paying into the system. Because things like extreme sports and mental disorders can cause problems, these are seen as potential red flags to life insurance companies.
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www.equote.com Life Insurance Rates Equote.com offers choice in term life insurance policies and competitive rates by the highest rated carriers. Call (800) 354-1666 or visit the Equote.com at 2731 Shelter Island Dr. San Diego, CA 92106 for Life Insurance Rates
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How important is it to get the best rates Term Life Insurance company?About Author
Sharon Taylor writes term life insurance articles and other helpful material for eQUOTE Life Insurance, providing customers with term life insurance, no-obligation quotes, and other useful life insurance resource information.
Article Source: ArticlesBase.com – Lifestyle And Health Can Affect Your Term Life Insurance Rates
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Posted by American Car Insurance on December 7th, 2009 filed in life insurance | 9 Comments »
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9 Responses to “Life Insurance Rates”
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December 7th, 2009 at 4:15 am
It depends.
As new actuarial tables are developed, new mortality and expense calculations are developed. If an insurance company creates a new insurance policy that incorporates these new (lower) mortality expenses, then the premiums of the new product will be lower.
But let’s say an insurance company wants to create such a policy on January 1, 2008 and that company is going to do business in all fifty states. The insurance company will have to get the product approved by fifty different state department of insurance. This process may take more than a year.
Here is the bottom line: if you need [term] insurance to protect your family, buy it today. Then keep your eye out for a policy to replace it at a later date. Don’t use the possibility of a lower rate, at some possible day in the future as an excuse to delay getting protection for your family.
December 7th, 2009 at 4:32 am
Each company has different height/weight charts, so there is no single answer to this question. However, the height /weight charts of several companies are available on the internet, and if you do a search using insure.com and enter your height/weight, it will filter out policies you are unlikely to qualify for.
December 7th, 2009 at 7:44 am
Try http://free-best-life-insures-comparator-usa.blogspot.com/
Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.
December 8th, 2009 at 2:26 pm
You have a lot of variables in that question, most importantly your personal health situation. HMO's are typically cheaper than PPO's as they are more restrictive on the providers you can see. To really answer this question. you should talk to an agent.
I always recommend that people purchase insurance locally through an independent agent, as they will educate and help you on these type of questions. The best way to do this is to get a quote online using a company like http://www.2insure4less.com/?s=233450 or http://www.netquote.com.
You should get a number of calls from local agents who can not only help you save money, but can also answer these type of questions. Local service is a great thing when you have questions or need to call in a claim. Good luck calling an 800 number in who knows where..
Best of luck!
December 8th, 2009 at 4:35 pm
Normally, you should be able to get standard rates or slightly better. The problem with chronic psychiatric conditions, is that they have a tendency to lead to one another. Trich, itself, does not pose an additional risk, but trich tends to increase your chances of developing depression, anxiety, and so on later in life.
If you are not getting standard or better rates, ask your insurance broker to look around for you. If he or she is unwilling or unable to, ask another insurance broker to look "informally" for you without sacrificing any formal offer you already have.
Good luck
December 9th, 2009 at 7:18 am
NO! It couldn't happen. The one (savings account) has no bearing on the other (life insurance).
If you have ANY doubts pick up the phone and ask the insurance agent.
Hope this helps,
Jim
December 9th, 2009 at 1:48 pm
The application gives the life insurance co. access to your medical records from a central databank.
Your best bet is to do what you can to fix whatever the problems are (quit smoking, lose weight, start excercising, get the diabetes under control, whatever), wait a few years, and try again.
December 10th, 2009 at 5:15 am
Life insurance rates does not vary by state. Here are the main factors to determine your rate:
1) Your age
2) Your height and weight
3) Do you smoke?
4) Any medical problems?
5) Family medical history.
6) Do you have any diseases like cancer or AIDs?
7) In some companies, they have different rates for men and women.
So mainly, its all health questions. But for car and health insurance, it does vary by location of where you live.
December 10th, 2009 at 12:06 pm
Funny you should ask – the profession is called "actuaries". In other words "bead counters" These people set up graphs and charts and figure out exactly to the month and year when somebody will die, based on their sex, age, occupation, health & life styles, who their parents are, if they're still living, if not what they died from, how many children they have, where their ancestors come from, how many sisters and brothers they have and their ages and when they died. Its a business but after they factor all the facts in they decide you will live to a certain age, and everything – boom up comes your rate.