Life Insurance Rates

Life insurance rates are one of the deciding factors for the people who wish to take a life insurance policy. The bubbling competition between major companies has led to the decrease in the life insurance rates of the insurance policies, especially term life insurance.

Life insurance rates can be preferred rates or standard rates which largely depend on your health profile. The truth is many people with good health also will not qualify as preferred rates. For instance, you may have normal cholesterol level, but owing to the increased LDL: HDL ratio, you may not qualify as preferred. Usually a LDL: HDL ratio of 6:1 is considered the threshold for qualifying. Though the ratio may fall within the life insurance’ guidelines, yet you would be considered ineligible because of the risk of CHD
or Coronary Heart Disease.

Similarly, your hobbies, immigration status, and driving record too would act as a deciding factor. An immigrant to the US without a permanent visa would not qualify for preferred rates. You are at a standard risk if you have too many speeding tickets.
You have to learn to look for certain features in life insurance rates that would be flexible rather than stringent. These include the ability to increase your death benefits, the interest rate your cash value account will earn, and the ability to alter your policy premium payments.

You can negotiate with your insurer for low life insurance rates if you have an impressive BMI or Body Mass Index. So if you are over weight, then shedding off a few pounds of fat would assure you a good life insurance rate.

Your occupation is another factor that actually determines your life insurance rates. For instance, the people working in hazardous environment (miners, industry workers, factory labors, construction site labors, nuclear power plants, etc) have a higher rate than people working in normal atmosphere like book shops, offices, schools, etc.

Smoking would be a hindrance for you in getting the most competitive life insurance rates. This is because; smokers are subjected to several pulmonary diseases like COPD, Cardiovascular disorders, lung cancer, TB, etc. So you may have to afford twice the normal life insurance rates, if you are a smoker.

If you need a discount on your life insurance rates, then it is advised that you buy the policy from the same company from whom you got your previous polices.