How are Life Insurance Premiums Determined?

How do life insurance carriers determine how much they charge you in premiums for your life insurance policy?

When it comes to premiums for life insurance, insurers use the information they develop to determine your life expectancy - how long you are expected to live, and keep paying premiums for your life insurance.

There are several factors that insurers consider, including your age, gender, health, tip and amount of life insurance.

In addiiton, other important risk factors include your lifestyle, tobacco use, driving record, family health history, occupation, hobbies, etc.

The insurer uses your health information to select your health rating or classification and apply a specific rate per $1,000 of life insurance coverage to develop the premium you pay for your life insurance policy.

Learn more about how life insurance premiums are determined.