Insurance companies are not the same when it comes to rates that they offer for a life insurance. Once you tried to request for quotes from different insurance companies, you will be surprise that they have different statistics when it comes to factors like amount of coverage, rate of premiums, discounts, features, add-ons, and so on. You can see that life plans vary from one company to another and they even vary from state to state in accordance to the differences in state laws. Now, this will give you the idea that comparing quotes is important and this is done by doing insurance shopping.
The price and the features of the life insurance also depend on your own factors such as age, health, and gender. If you will have insurance at an earlier age, you will get a lower premium rate compared to people who are older. People above forty will usually have a higher premium when they apply for life insurance at that very age. When talking about age, health is also a factor that affects the premium.
If you are unhealthy even at a young age and you are living a healthy lifestyle such as smoking tobacco, you will surely have a high premium rate when you apply. At an older age, insurers always require a medical examination and ask for medical records to determine your health.
Gender is also a bit of a factor because females have a lower premium compared to men. This is because of the general belief of insurers that females have a higher life expectancy than males.
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