When you purchase life insurance, you'll be required to pay premiums. The exact amount charged for life insurance will vary considerably based on several different factors. Some of the factors that may affect the price of your life insurance include:

The Amount of Coverage Purchased

The amount of coverage you purchase will always have an effect on the price of your policy. Policies that provide a higher level of coverage may come with higher premiums, while policies with less coverage may require a lower premium.

The Duration of the Policy's Term

The duration of the life insurance policy's term is another factor that may impact your policy's price. Longer term policies usually come with a higher premium, while shorter term policies may come with a lower premium. Whole life insurance tends to cost significantly more than term life insurance.

Your Age

Age has a significant impact on the price of your life insurance policy. In general, the younger you are, the lower the cost of your life insurance policy may be. For this reason, it's usually advised to buy life insurance at a young age if you can. This may allow you to lock in a lower price and pay less for your coverage.

Your Health and Family History

Another important factor that may have an impact on the price of your life insurance policy is your health. Before deciding on your premium, many life insurance companies will require information about your health history. You may also be required to submit to a medical exam. The better the results of your medical exam, the lower your insurance premiums may be. Likewise, a history of certain medical conditions or procedures may raise your life insurance premiums.

Use of Tobacco Products

Use of tobacco products is associated with many different health problems and a shorter lifespan. As a result, reporting that you use these products may raise your life insurance premiums. Even if you no longer use tobacco, a history of tobacco use may still impact your life insurance premiums. However, some insurance companies may consider you a non-smoker if you have abstained from tobacco for a significant amount of time (usually at least 3-5 years). If you're an ex-smoker, Sproutt automatically matches you with the best carriers for ex-smokers.

Your Career

Certain riskier careers may cause your life insurance premiums to increase since they can raise your risk of dying unexpectedly. For example, if you report that you work as a police officer or race car driver, or that you work in another profession that carries considerable risk, you may have a higher premium than you would have with a different profession.

Lifestyle Choices

Certain lifestyle choices may raise your life insurance premiums if they are deemed risky by the insurer. For example, you may pay a higher price for life insurance if you spend time scuba diving, skydiving, skiing, parachuting or hang-gliding.

Travel

Most types of travel will have no effect on your life insurance premiums. However, if you frequently travel to countries considered risky by insurance carriers, such as those with a high incidence of disease or war, you may pay higher premiums.
Based on the factors above, as well as other factors, the insurance company will place you in a class and calculate your premium. Keep in mind that your class rating may vary from one insurance company to another.
No matter what your lifestyle may be, there's an insurance match for you. Sproutt can find the life insurance policy that fits you like a glove.