Mortgage/Life Insurance Rates
The rate you may end up paying for mortgage life or regular life insurance rates are determined by a number of individual factors indicated below. Be sure to choose an licenced independent insurance broker in order to understand the importance of questions
about your health.
In many cases with the insurance offered by agents at the bank, credit union or big insurance company, all you qualify for is to pay premiums. That is their goal, to get you to buy life insurance so you'll be paying premiums, not to get you proper coverage
. Answer even one question wrong by accident or misunderstanding and all your life insurance premiums are just wasted money.
Can you afford that kind of useless cost? A licenced independent insurance broker
will help you be sure and understand every aspect of your application so that you are actually covered and your family and/or home is protected. Call today to get a quote and discover how to pay a lower rate and get proper coverage.
Factors Affecting Your Insurance Rate
: Rates increase each year. Most Insurers use a “closest to” age, not an “attained” age for rating purposes.
: Females’ rates tend to be about 25% less than males’, due to their longevity, and the fact that they tend to have a greater concern for their personal health and well being.
: Smokers may pay up to almost 2 ½ times the premium paid by a non-smoker. To qualify for non-smoker rates, an applicant must be cigarette, and smoking cessation products free, for at least 12 months. Occasional marijuana users will be rated as a smoker.
If a smoker ceases use of tobacco and/or nicotine products for 12 months, they may re-apply for a “non-smoker policy”. Applicant’s current health status will also be considered prior to re-issuing a non-smoker’s policy.
- Height, weight
- High blood pressure, cholesterol
- Personal health history – from medical records
- Family health history
- Alcohol or substance abuse within 10 years
- Driving history, foreign travel
- Hazardous sports such as skydiving, scuba diving, mountain climbing, car racing
- Occupations, some of which are uninsurable
Policies may be issued preferred, standard or “rated” based on all the underwriting information gathered from personal interviews, doctor’s records and paramedical results.