What Affects the Cost of Life Insurance?
Term Period
The term period is the number of years you will have term insurance protection. You can purchase term insurance protection for 5, 10, 15, 20, 25 or 30 years, depending on your needs. The most common periods of death benefit protection purchased, and therefore the most competitively priced, are 10, 15, 20 and 30 year plans.
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How Do I Answer The "Tobacco Use" Question?
Tobacco use can usually be accurately determined through an insurance exam, which includes a urine specimen. Although cigarette smokers generally pay higher rates than non-smokers, occasional smokers can sometimes obtain "non-smoker" rates. Other tobacco or nicotine users (pipe, cigar, chewing tobacco, dip, snuff, nicotine patches and nicotine gum) are also sometimes looked at more favorably than heavy or moderate cigarette smokers. Please answer the tobacco use questions as accurately as possible. We will work with you to find the insurance company with the most competitive rates for your situation.
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Your State of Residence
Many insurance companies are not licensed to provide their insurance products in all states. By accurately indicating your state of residence, you are assuring that you will receive quotes for the most competitive plans of insurance available in your state.
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Your Date of Birth
Some insurance companies calculate their rates based on your actual age while others use your closest age. Our computer program sorts the insurance company rates by your date of birth so we can make sure you receive the most competitive quotes available.
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Your Cigarette Use
Smokers generally pay higher rates than non-smokers to account for increased risk of cancer, heart disease, and cardiovascular disease. Some insurance companies have very competitive non-smoker policies and others have very competitive policies for smokers. An occasional smoker can sometimes obtain non-smoker rates based on other health considerations. We will work with you to find the insurance company with the most competitive rates to fit your situation.
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Your other Tobacco or Nicotine Use
Tobacco Products include pipes, cigars, chewing tobacco, dip, snuff, nicotine patches and gum. Like your cigarette use history, your tobacco use history may also significantly affect your rate class. Each company's position regarding other tobacco use is different. We will work with you to find the insurance company with the most competitive rates for your situation.
