What Are the Factors that Affect Life Insurance Premiums?

medical practice insuranceAlthough there are many factors that affect the price of life insurance, the most prominent ones are age, health and lifestyle. Risks to these elements of your life are always considered when determining premiums in life insurance. Your age, existing medical problems or habits that are injurious to your health are viewed as risks and will affect premium cost. If eligibility for life insurance is a concern, talk to a New Jersey Insurance specialist. They will explain the differences in policies, and talk about the risks you have that will affect your cost.


Personal Habits That Affect Life Insurance Premiums


Smoking is one of the most adverse habits that affect life insurance premiums. Excessive alcohol consumption and other overall risky behavior are also major factors. Purchasing a life insurance policy when you are young will be less expensive than when you are older. Certain health concerns such as high cholesterol, obesity, and any existing medical issues will affect the determination of eligibility and price.


Details That Affect Life Insurance Premiums


Life Insurance cost is affected by the length of coverage. Usually a longer term is going to cost more than a shorter term. A longer-term policy takes into consideration the probability of death within that period of coverage and the premiums will be higher. Other factors affecting life insurance premiums are gender or occupation. A Bergen County Insurance Agent can discuss the factors in your life that will affect the premiums of life insurance with you.


What are Life Insurance Options?


NJ Life Insurance options include:

Whole Life Insurance

Whole Life Insurance covers you for the rest of your life. This type of Life Insurance provides death benefits and additional cash value which grows during the life of the policy. Usually you must qualify with a health examination. It takes a number of years for a cash value to accumulate. Whole Life Insurance can cost more at first, but will eventually save you money if it stays in force for a long time.

Term Life Insurance

Term Life Insurance provides only death benefits, and pays only if you die within the term limits of the policy. This is the most affordable Life Insurance option. Term Life is purchased for a certain time period – 5, 10, 15, or 30 years, which is a “term”.

Combined Term and Whole Life Coverage

This type of policy combines the ability to build lifelong value, while supplementing certain specific times of your life (such as during children’s education, when you have a mortgage, etc.) with the protection of a term policy.  Combined Term and Whole Life coverage offers the best of both worlds.


Call Bogle Agency Insurance for guidance


Bogle Agency Insurance is an authority on Insurance in Bergen County and throughout all of New Jersey. Get in touch with us today to learn about Life Insurance and the factors in your life that will affect premiums. Our agents are knowledgeable and are able to answer all of your questions in this regard. Our team will ease your mind about the Life Insurance options that are available, and the cost involved. Helping you choose the right Life Insurance for yourself and your family is our main concern. Call Bogle Agency Insurance at (201) 939-1076 or come in for a consultation at 200 Stuyvesant Avenue, Lyndhurst, NJ.