What Affects Life Insurance Premiums?
Many things can affect the price of Life Insurance, but the most obvious ones are age, health and lifestyle. The risks associated with age, health and lifestyle are always considered when Life Insurance premiums are determined. If you are concerned about your eligibility for Life Insurance you should talk to a New Jersey Insurance specialist. Bogle Agency Insurance agents are knowledgeable about how Life Insurance Premiums are affected by various factors, and can help assess your eligibility.
Things That Affect Life Insurance Premiums
Age is of course the most prominent item that influences the price of Life Insurance. If you are purchasing Life Insurance at an advanced age, the premium will be higher. You probably won’t live as long, hence the premium is higher. Your personal habits can be major factors in the price of Life Insurance. Smoking and alcohol consumption as well as other risky behavior have an adverse influence on Life Insurance Premiums. Other health concerns such as high cholesterol, obesity, and any existing medical issue will have an affect on determination of eligibility and on the price of Life Insurance.
Types of Life Insurance
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.
Learn About Bergen County NJ Life Insurance Options For You
Bogle Agency Insurance is a leading authority on Life Insurance as well as all other types of insurance in Bergen County and all of New Jersey. Call us for a consultation with an agent to discuss Life Insurance and the factors that affect premiums. Our team of specialists will help to inform you about the options that are available and the cost involved. Giving you our assistance in choosing the right Life Insurance for you and your family is our main focus. We can be reached at (201) 939-1076 – call us today.