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Mortgage, Life Insurance Rates
by Matthew Bourne
Life insurance at the present time is very affordable. Competition in the life insurance market together with the cost savings that life companies are making by operating on the Internet has depressed insurance rates, bringing them down to historic low levels. For a healthy non-smoker in their 20s, life insurance rates can in fact be as cheap as £5 per month! However, there are many factors that influence the final outcome of the life insurance rates for any one individual. Everything from hereditary diseases to diet will figure and, depending upon the answers that we give to the insurance company, will see our life insurance rates climb higher or drop lower than the average rates for our age. So, just what factors will affect the insurance rates that a life company will quote for life insurance? Here is a summary of the most important elements to consider: - Age - The younger you are the lower your life insurance rates; the older you are the higher your insurance rates. Young people are seen overall as less of a risk to the life insurance company than older people. This is because the life company simply anticipates that young people with live longer than older people over a finite time from the current date forward. As a result, young people will contribute a higher number of monthly insurance payments before they die than will older people over the same timescale. If you're in your 40s or 50s and lead a very active and healthy lifestyle this age-bias may seem a little unfair. However, given that a 25 year-old may clock up more than fifty years of monthly repayments to reach the age of 75, you on the other hand would only complete twenty-five to thirty-five years worth of repayments to reach the same age. When factored in with the increasing likelihood of death the further we get to our life expectancy limit - so heightening the risk that life companies take on paying out - it is quite easy to see why life insurance rates are bumped up to compensate as we get older. Smoking - Non-smokers have lower life insurance policy rates than do smokers. In fact, should a smoker quit and then take out life insurance they could save as much as 50% on their insurance rates. If you are thinking of quitting though it is important to check your life insurance policy, as some insurers will not reduce the rates if you quit during the life of the policy, forcing you to change insurance company if you want to benefit from non-smoker rates. Pre-existing Health Conditions - Hereditary diseases, especially those that run through both sides of the family, may have a significant impact on rates quoted for life insurance. Also, if you are required to attend a medical and are found to be less healthy than the 'average' for your age, then insurance rates are likely to be more expensive.
About The Author: Matthew Bourne has been working in the loans, mortgage and life insurance industry for over 10yrs and is currently working for http://www.loansgalaxy.com/mortgages/
These articles on lifestyle and more
Return to the selection of mortgage
You may want to try these articles on mortgage
Mortgage, Mortgage 101 - What You Need To Know About A Home Loan by Brad Stroh Approximately 1507 Words
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You may want to try these websites for additional information
http://www.freddiemac.com/pmms/
http://www.mbaa.org/
http://www.hsh.com/today.html
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
Life insurance at the present time is very affordable. Competition in the life insurance market together with the cost savings that life companies are making by operating on the Internet has depressed insurance rates, bringing them down to historic low levels. For a healthy non-smoker in their 20s, life insurance rates can in fact be as cheap as £5 per month! However, there are many factors that influence the final outcome of the life insurance rates for any one individual. Everything from hereditary diseases to diet will figure and, depending upon the answers that we give to the insurance company, will see our life insurance rates climb higher or drop lower than the average rates for our age. So, just what factors will affect the insurance rates that a life company will quote for life insurance? Here is a summary of the most important elements to consider: - Age - The younger you are the lower your life insurance rates; the older you are the higher your insurance rates. Young people are seen overall as less of a risk to the life insurance company than older people. This is because the life company simply anticipates that young people with live longer than older people over a finite time from the current date forward. As a result, young people will contribute a higher number of monthly insurance payments before they die than will older people over the same timescale. If you're in your 40s or 50s and lead a very active and healthy lifestyle this age-bias may seem a little unfair. However, given that a 25 year-old may clock up more than fifty years of monthly repayments to reach the age of 75, you on the other hand would only complete twenty-five to thirty-five years worth of repayments to reach the same age. When factored in with the increasing likelihood of death the further we get to our life expectancy limit - so heightening the risk that life companies take on paying out - it is quite easy to see why life insurance rates are bumped up to compensate as we get older. Smoking - Non-smokers have lower life insurance policy rates than do smokers. In fact, should a smoker quit and then take out life insurance they could save as much as 50% on their insurance rates. If you are thinking of quitting though it is important to check your life insurance policy, as some insurers will not reduce the rates if you quit during the life of the policy, forcing you to change insurance company if you want to benefit from non-smoker rates. Pre-existing Health Conditions - Hereditary diseases, especially those that run through both sides of the family, may have a significant impact on rates quoted for life insurance. Also, if you are required to attend a medical and are found to be less healthy than the 'average' for your age, then insurance rates are likely to be more expensive.
About The Author: Matthew Bourne has been working in the loans, mortgage and life insurance industry for over 10yrs and is currently working for http://www.loansgalaxy.com/mortgages/
These articles on lifestyle and more
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Return to the selection of mortgage
You may want to try these articles on mortgage
Mortgage, Mortgage 101 - What You Need To Know About A Home Loan by Brad Stroh Approximately 1507 Words
Mortgage, Use Your House To Pay For Your House by Lin Ennis Approximately 813 Words
Mortgage, Why Using A Mortgage Broker Can Save You Money by Joseph Kenny Approximately 549 Words
Mortgage, Racial Inequity When It Should Be Irrelevant by Ed Jeffry And Luke Currier Approximately 993 Words
Mortgage, Mortgages. An Interest Only Mortgage: It Could Cost You More by Michael Challiner Approximately 733 Words
Mortgage, Citizens Advice Bureau Alert To Rising Secured Loan Mortgage Crisis by Lyn Hill Approximately 531 Words
Mortgage, Advantages And Disadvantages Of A Reverse Mortgage by Geoff Spencer Approximately 343 Words
Mortgage, Qualifying For A Bad Credit Mortgage - An Inside Look by Shelby Ryan Approximately 478 Words
You may want to try these websites for additional information
http://www.freddiemac.com/pmms/
http://www.mbaa.org/
http://www.hsh.com/today.html
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
