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  • Top 10 Factors Affecting Life Insurance Premium Costs

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    A great way to help and protect your loved ones, is with Life Insurance which can be a huge investment as well. A lower premium paid can yield to a good amount of savings over a period of few years. Life insurance premiums are based on a number of factors, and it can be quite tedious for a few people to understand why and what the charges are, and why they pay a rate that may not be the same as another. There are some factors that many insurance companies consider when pricing their policies, there factor may not be within your control. But the life choices you make, can also lead to the factors that can affect your Life Insurance premium.

    The factors that affect your premium towards Life Insurance are:

    1. Age: This is an obvious and not surprising factor that affects your Life Insurance premium, the age of the policyholder. If you’re young the rates will be lower in comparison to someone older. The possibility of a young individual contracting a life threatening disease or to pass away in their youth is very unlikely. The insurance companies believe that you’ll make many premium payments before they have to write a cheque for your family.
    2. Gender: Insurance companies aren’t against gender equality, but they believe there is a different life expectancy for different genders. As per the studies and statistical findings, women are believed to live 5 years more than men at the minimum. Therefore affecting the premium they pay, making them pay the premium for a larger period of time but at lower rate which is a plus point for the women.
    3. Smoking: Smoking puts the policyholders at higher risk of all ailments, so if you’re a smoker that that’s as good as raising a red flag to the insurance companies. Most smokers pay a premium twice as much as non - smoker does, thus affecting the premium to a huge extent.
    4. Medical history: There’s isn’t much one can do with the gene pool they come from. If a policyholder has a medical history of serious illnesses like cancer, heart diseases, or any other, then that makes them susceptible to get these from a hereditary perspective. Which increases the individual’s premium by a larger margin than if their gene pool wasn’t.
    5. Health records: You as the policyholder will also need to provide your own health records. These records will ensure that you don’t have any chronic diseases or potential health issues and keep your premium also in check instead of making a difference to it.
    6. Drinking: Drinking of alcohol is injurious to health in more ways than one. If you as the policyholder are a heavy consumer of alcohol this can affect your premium at higher insurance rates. Insurance companies ensure to ask the applicant if they are smokers or drinkers.
    7. The Policy: The policy itself also affects the premium you pay, the longer the tenure of the policy the larger the amount of the benefit at the time of death, since you’re paying it for that period of time. Short term policies are more expensive that long term.
    8. Profession: Your profession also plays an important role in the premium you end up paying, any policyholder working in the mining industry, oil and gas, fisheries or any other dangerous profession increases the premium amounts you pay for the policy you decide to take.
    9. Lifestyles choices: Many insurers have a higher premium for people who love to takes risks for the thrill of it. Like speeding cars, climbing treacherous mountains or other high risk activities. Thereby increasing your premium to substantially more than other.
    10. Obesity: Obesity is another factor that affects your premium as a policyholder, being obese can lead to a number of health problems like Osteoarthritis, High Blood Pressure, Cancer, Stroke, Coronary Heart Disease, causing overall health problems in the future and also increases your rates.

    How these factors affect your rates of premium is dependent on the insurance company and the way they treat these factors and the combination of them. For example: having a history of cancer in your family and still being a smoker can affect your rate in more than one way or being obese and having a history of heart disease also affects your rates of premium. Every insurance policy is based on each individual and premiums are calculated on the insurance company's rules of rating.

    Top factors affecting life insurance premium

    Top 10 Factors Affecting Life Insurance Premium Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
    • ICICI Prudential Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the ICICI Prudential Insurance for a while. Their services are good. I am paying the premium regularly. So far there hasn't been any issues with their services so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 3100 quarterly, I am making payments online. The offers flexibility of loans and their services are friendly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policies, I am paying a premium 50000 per year, I have 2 policies. I am paying the premium via the LIC portal. So far it has been a good experience with the policies and their services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 07, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the SBI life. I am paying a premium of 40000 per year, sum assured is good and the policy features were good. So far it has been a very good experience with the policy and their services.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a money back policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through auto pay. The tenure period for this policy is 20 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Sep 06, 2018
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