Life insurance rates are primarily based on age. Your date of birth is needed to calculate your premium.
There are endless reasons to need life insurance. However, coming up with the amount of coverage you need can be hard. Here are some common items many people consider when calculating the amount of coverage they need.
Assign an amount for each item that you’d like coverage for, and any others you can think of, and then total it up. Then select the closest coverage amount above that total.
– Funeral Expenses (Average Cost $10-12K) – Personal Debt (cars, mortgage, student loans, credit cards, etc.) – Business Debt – College Funds For Children – Childcare For Your Spouse – Funds for Surviving Family – and More
In addition to age, ones medical history is used to calculate premiums.
Another factor used by insurance companies in their rating is the applicants use of nicotine products. Most carriers require a ParaMed (medical exam) where they’ll discover if you use nicotine products so it’s best to be honest up front.