Cost Of Term Life Insurance

Term Life Insurance Premium Cost

What is the cost of term life insurance? Let us look at some of the things that help life insurance companies determine term insurance cost.

There are 4 things which determine the cost of term life insurance.

In fact, these 4 things are taken into consideration when determining the cost of any life insurance policy whether it be a term policy or a permanent policy.

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Examine The Cost Of Term Life Insurance

The 4 things are the age of the applicant, the health of the applicant, the occupation of the applicant and the length of time the life insurance company will be at risk.

• Age Of The Applicant
  
  The older you get the more life insurance costs. Why? As people get older their health tends to deteriorate. Eating the right foods and doing regular exercise may slow the process some but as you get older your body still deteriorates little by little. Age is an important consideration when determining premium cost.
• Health Of The Applicant
  
  Life insurance companies want to know the condition of your health at the time of application for term life insurance. They also want to know your health history as well as the health history of your immediate family whether the members are still alive or are deceased.
  
  They want to know about any condition that your family members had that you are likely to have. With medical science advancing constantly many diseases you may inherit can be avoided if special care is taken to discover the problems early and treat them. Life insurance companies want to know if you see a doctor regularly and why.
  
  Health answers are verified with your doctor as well as the Medical Information Bureau.
  
• The Occupation Of The Applicant
  
  What you do for a living is important to cost. If you are a coal miner or if you have a job that will put you through extreme stress on a daily basis they want to know about it. If you engage in any hazardous avocation, like sky diving or deep sea diving, they take these things into consideration when calculating your policy cost.
• The Duration Of The Policy
  
  The length of time the company is at risk for your policy is important as well. If you buy a 10 year level term policy, all things being equal, it will cost less than a 15 year level term policy simply because the company is at risk for an extra 5 years.

There are 3 levels of premium costs in some life insurance companies. These are standard, select and preferred. They take into consideration health and occupation to determine where an applicant should fit.

Most carriers start each applicant off with a clean slate when making a determination as to what the cost of term life insurance should be. They make deductions based on the health, medical history and occupation of the applicant.

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