Life insurance4/6/2023 ![]() Amount of coverage: A higher sum assured would result in a higher premium and vice versa.For instance, term life insurance is the most affordable form of life insurance In addition to this, the type of life insurance plan you select also impacts the premium. A longer policy term can also result in a higher premium compared to a shorter term. If you add any riders to your plan, the premium would increase. Type of coverage: The type of coverage you opt for can increase or decrease the life insurance plan’s premium.Therefore, insurance companies charge a high premium for individuals who smoke or drink alcohol Smoking and drinking alcohol: Lifestyle habits like smoking and drinking alcohol can impact your health and lead to multiple health issues.So, if any hereditary illnesses run in your family, you may have to pay a higher premium Family health history: The chances of suffering from a disease that runs in your family are considerably high.If you have any pre-existing illnesses or have suffered from an illness in the past that may resurface or affect your present health, you would be charged a higher premium ![]() Health conditions: Your present and past health conditions can determine the premium for your life insurance plan.Therefore, the life insurance premium is lower for women as compared to men Gender: Studies have shown women live longer than men 1.The life insurance premium is lower for younger people and gradually increases with age Age: One of the prime factors that affect the premium for a life insurance plan is your age.Now that you know what is life insurance and why you need it, find out the factors that can affect the life insurance premium: Factors that affect life insurance premium
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