Term life insurance is the economical type of insurance so, people easily can buy. But people no believe in life insurance because its cost three times more than it actually does.
We have talked widely about life insurance and its factors that put in the cost of a policy like Age, Gender, and Lifestyle etc…
A person doesn’t have control over certain factors such as age and gender but they can control on health and lifestyle. Control of these things will give benefit on health long term and these changes also impact life insurance premium.
Tobacco/nicotine use – You can stop tobacco/nicotine product use that will give you health benefits but take much longer time in your life insurance costs. Most of life insurance company guidelines require tobacco/nicotine free person for life insurance.
- Preferred Plus if you haven’t use Tobacco/nicotine for 5 or more years.
- Preferred if you haven’t use Tobacco/nicotine for at least 3 years.
- Standard Plus if you haven’t use Tobacco/nicotine for at least 2 years.
- Standard if you haven’t use Tobacco/nicotine for at least 1 year.
Weight loss – person height and weight factor also impact the cost of policy. You may be able to drop a few pounds on health products and increase your height and weight that will increase your insurance limit.
Determine your term length – your insurance plan also depend on length that means you need to choose long term plans as you can choose that will also help to increase insurance money at end of policy complete but remember that time will be fixed by you because if you cancel you term plan between the policy running that will not give you proper result as you expected.