3 min read
Updated on Aug 08, 2023
Term insurance has become a vital part of modern-day life. When you compare insurance plans, you will find that term insurance is the most affordable of them all. However, it is important to choose a term insurance premium that is as low as possible without compromising on life insurance coverage.
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Here are the different factors that affect your term insurance premium and coverage:
This is perhaps the most crucial factor of them all. Insurers categorize the general population according to their age group and rates of mortality. The rate of mortality will determine the premium amount that is applied to your coverage. The older you are, the higher your premium amount will be. To make the most of your coverage, it is advisable to buy term insurance as early as possible to enjoy lower premiums.
Regional rates may vary which will impact the overall term insurance premium. For example, if your residential region is in a flood-prone or earthquake-prone area, then your insurance premium is likely to be higher. When you compare insurance plans, look for one that offers the best affordable premiums for your region.
In general, it is considered that women have longer life spans than men. Due to this fact, a woman’s term insurance premium amount will likely be lower than a man even if they are of a similar age and share other similar factors.
Your occupation can have a major impact on your lifestyle and health. Some occupations are more physically taxing than others. Or your occupation could put you at a higher risk of danger than other occupations. Insurance providers categorize occupations into three groups:
If you want to enjoy lower premiums, then it may be time to give up or reduce habits such as drinking alcohol and smoking. These habits often impact your health and thus, to mitigate this risk, insurance providers increase the premiums for smokers and drinkers. A pre-existing health condition or a health condition that runs in your family such as diabetes will also result in higher premiums.
Riders are an additional benefit that can be availed on the payment of added premiums. For example, if you work in a high-risk occupation, you can avail of an Accidental death benefit rider or an accidental disability benefit rider. These riders will ensure that you and your family are taken care of in case of any major accident.
Keep the above factors in mind when you compare insurance plans. Read the fine print and look for one that offers you the best term insurance premium along with the best coverage.
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