Life Insurance Advice: Factors Which Affect Your Policy

Taking out a life insurance policy is extremely important as it ensures that those who depend on you financially will be taken care of after you die, providing financial stability to them in place of an income. It is never too early or too late to take out a life insurance policy, but one needs to be aware of a few factors which may affect your premium. Take a look at our life insurance advice so you’ll be prepared in the future.

Life Insurance Advice For Young And Old

Age:

The age of the policy holder is a big factor when it comes to life insurance, as the younger you are, the higher the chances of you paying your insurer for many years before they have to write your dependents a cheque. The sooner you start taking out a policy, the better as it will give you more control over your future.

Gender:

Women are generally seen as living longer than men, so insurance brokers take this into account when working out an insurance premium.

Also, females usually pay their premiums for a longer period of time than males, which gives them the benefit of paying slightly less than males.

Lifestyle:

Your lifestyle will also affect your life insurance policy, as those with more healthy and active lifestyles tend to live longer. Many life insurance companies will even require you to have a medical exam where your height, weight, blood pressure, cholesterol, as well as other key metrics will be recorded.

Medical history:

If you have a family history of strokes, heart attacks, cancer, or other ailments, this could affect your life insurance policy by leading to higher rates. You need to be honest with your insurance company and disclose all of this information. Not all companies put such an emphasis on it, so it shouldn’t be something which you feel the need to hide.

For more information on how you can find the perfect life insurance company for your needs, use LikeMoney’s comparative platform to weigh up your options.

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Life Insurance Advice: Factors Which Affect Your Policy
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Taking out a life insurance policy is extremely important as it ensures that those who depend on you financially will be taken care of after you die, providing financial stability to them in place of an income.
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Likemoney.co.za


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