24 Oct 2019
life insurance binder

Why your habits and lifestyle impact the cost of your life insurance.

After you apply for life insurance, the insurance provider will consider your risks and place you in a specific rate classification.  Risky applicants will be placed in a higher rate classification, which means they will be subject to higher rates.  If you currently pay too much for life insurance, you may be wondering if there are ways to enter a lower rate classification.  Here are some of the factors that you should consider.

  • Health Conditions

Your current health is one of the major factors that affects your rate classification.  Unfortunately, there are certain health conditions that you can’t do anything about.  For instance, if you have been diagnosed with diabetes, a chronic heart condition, or a respiratory issue, then it will be difficult to qualify for an improved classification.  This is because these conditions are unlikely to go away or improve.

  • Smoking

Smoking is one of the worst habits that a person can have.  Regardless if you are an occasional smoker or a pack-a-day kind of person, smokers are always going to be in a higher rate classification than non-smokers.  In fact, smokers often pay up to 200% more for life insurance than non-smokers.  If you want to be eligible for a lower rate classification, then it’s in your best interest to curb this nasty habit.

  • Other Bad Habits

Smoking isn’t the only bad habit that will place you in a higher rate classification.  Drug usage and excessive drinking will also have an effect on your life insurance rates.  In fact, these habits may disqualify you for coverage altogether.  However, if you manage to quit these habits, then you can be reevaluated and potentially placed in a lower rate classification.

This is what you need to know about changing your lifestyle and entering a lower rate classification.  Do you have more questions about your life insurance?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  We are ready to get you the coverage that you need today.