Top 5 Factors that are Used to Compute for Monthly Life Insurance Premiums

There are certain occupations insurers consider to be high risk than others. For instance, pilots, soldiers, and off-shore workers most commonly pay more than those who work under safer environments and settings. Apart from nature of job, here are the other five risk factors that insurers take into serious consideration during the underwriting process!

  • Extracurricular Activities

If your sports and hobbies are high-risk in nature, such as in the case of rock climbing, dirt bike racing, surfing, skiing, and horse riding, your premiums will be automatically more expensive than those who have simpler, safer hobbies.

  • Tobacco Use

Tobacco smoking is a culprit in the development of many deadly medical conditions such as emphysema, lung cancer, and chronic obstructive pulmonary disease to name a few. As smokers are statistically more likely to die sooner than non-smokers they are usually assessed with higher premiums.

By rule, insurers will consider you as a smoker if you have been using tobacco in the last 12 months. This is not limited to smoking tobacco cigarettes, but extend to those who use electronic cigarettes and products that contain high doses of nicotine.

  • Alcohol Intake

Excessive intake of alcoholic drinks and beverages is considered risky behavior too. When alcohol consumption is more than the recommended safety guidelines, you are more likely to develop alcohol-related diseases such as liver cirrhosis.

  • International Travel

Insurers assess the places you usually visit during international travels. For instance, if you frequent countries that are commonly associated with certain types of diseases, you are sure to be assessed with higher than usual premiums.

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