Healthy Outcomes: What Affects Your Life Insurance Premium
The dreams and goals you have for yourself and your family are worth protecting, especially if you are the breadwinner of the household.
If you die, what happens to their financial security? Will the mortgage get paid, will your child’s college dreams go unfulfilled?
It is not morbid to think that way – it is prudent planning for peace of mind.
Life insurance and annuities can be an important part of your long-term financial planning.
While there are different types of life insurance, they have one thing in common – they are designed to pay money to your named beneficiaries when you die.
Your policy premium – the amount you pay to the life insurance company generally every month – can depend on several factors including:
- Overall health: Life insurance companies typically will ask about your medical history and may request to access your medical records and ask you to take a blood and urine tests.
- Pre-exiting and/or chronic health problems, like diabetes, heart disease and cancer: Some conditions may place you in a high-risk pool with greater costs or even prevent you from getting life insurance.
- Your age: The older you are when you bought the policy, the higher the premiums.
- Dangerous hobbies such as skydiving or rock climbing.
- Your driving record. Life insurers check the DMV for speeding tickets, accidents and DUI arrests, which can reflect a risky lifestyle.
If what matters most to you is worth protecting, work with a trusted financial advisor to understand the life insurance options that suit your needs, goals and budget.
Peace of mind is priceless.
If you have questions or concerns, contact the Connecticut Insurance Department at 860-297-3900 or email at insurance@ct.gov