Have you ever wondered why insurers increase your insurance rates? What personal information accurate are the insurance companies want and say, here is a risk, that person is likely to make a claim, so we will increase his / her insurance premiums to compensate our potential losses. You could save money by making some changes to qualify for the best rates keeping in mind the following:
Your life insurance rates can be affected by ...
driving violations - Have you had more than two moving violations in the last 3 years or a DUI in the past in the past 5 years? This is enough to make most insurers increase premiums. Bad driving puts your life in danger, posing more risk to insurers. But unlike, bankruptcy, do not wait until your licensed driving violations on your record before purchasing a life insurance policy. Leaving your loved ones without a policy is a greater risk and that you do not want to play on
Your weight -. What is important to the underwriters is the number of illnesses linked to excess weight that could shorten your life. Height, weight and body mass index (BMI) have always been important factors in the calculation of individual insurance rates, but the standards for assessing health change. "In 1994, a man who was 6 feet high would weigh up to 260 pounds and still qualify for relatively low rates, says Byron Udell, founder and CEO of AccuQuote on Kiplinger," Now a candidate to 6 feet height should weigh no more than 0 to 205 pounds to qualify for the best rates. "
And even if you lose weight, do not be too quick to ask for lower premiums. most insurers want you to keep that weight off for at least one year prior to deploying the best premium rates for you
history of family health . - Is a member immediate family died of cancer or any other type of hereditary disease before age 60? your medical history of the family shows insurers which diseases go through your family, even the lifestyle diseases that can be a threat to you live a long and healthy life. Some insurers hike your rates even if your parent did not actually die of these diseases
Your co-workers -. If you have a life insurance from your workplace, your premiums are based on the average health and age of your colleagues. If it is a healthy group in their early 30s, you are probably enjoying a good rate on your insurance in the workplace. On the other hand, if most of your colleagues are in their mid 40s and 50s, with diabetes or health problems related to age, there is a good chance that you pay more than you should. Find out how much it would cost you to buy an individual policy for yourself
Credit history -. Your credit report reveals a lot about your spending habits, but that life insurance companies are interested is if you have declared bankruptcy. If you do have bankruptcy show up on your credit report, you should avoid buying a policy until your bankruptcy was fully discharged. Those who went bankrupt, especially in the recent past, are considered a high-risk proposition. There are a few carriers that can offer you a long term policy for 10 years, but with extreme caution and rates are incredibly high. However, once your credit report was deleted from bankruptcy, you can qualify for lower premiums to be sure to ask your insurer to reassess your rates at that time
Interests -. Hobbies such as skydiving, hang gliding, motor racing, rodeo riding and even some types of diving may disqualify you from getting the best life insurance rates. Even a trip abroad in dangerous or adventurous places can decrease your chances to qualify for the best rates.
Each insurance company has its own set of underwriting rules. This means that some companies will give some factors a heavier weight than others. So a good way to save money is by taking advantage of these small nuances in the insurance underwriting. Look at the insurance quotes from as many companies as you can before making a final decision. AccuQuote will help you find the best life insurance quotes from highly rated insurance companies in the country.
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