Many people don’t start to think about life insurance until they
have gotten older, married, had children, or have settled down.
There are many risks to waiting that long. The older you are and
the more you have put yourself through over the years can come back
to haunt you. A single person in their 20s who doesn’t smoke and is
in perfect health can get a much larger policy at a better cost
than the same person in their 50s, or someone who smokes and abuses
drugs or alcohol. Age and lifestyle habits play a big role in how
much coverage you will get and at what price you will pay. Many
people think they can keep this hidden. Not only is that not always
the case, you can get dropped and in some cases sued if you lied.
Many companies have you get an exam and have all your previous
records sent to them before determining your eligibility.
Most insurance companies want you to be in the best health. This
means you will pay more over time and have less need to use it. So
the company makes a big profit off of you. There are typically
three types of premiums, standard, preferred, and preferred plus.
If you have not had a cigarette in more than five years of never
had one your premiums will be lower than if you have had one in the
last five years or are currently smoking, this would be the
preferred plus program. Being an averagely healthy person and not
smoking in the last three years will buy you the next best rate,
preferred, at a lower cost than many. The standard is for those
individuals who might have some health issues and have not smoked
in at least 12 months, they are still pretty good rates as well.
Then, you have the rate for smokers, which is about three times
higher than those who haven’t smoked or in the last 12 months. This
is what makes many people lie about whether they smoke or not. But
you have to think if you are being treated for multiple bouts of
, pneumonia, and upper respiratory infections each year,
they will get suspicious. Plus, your doctor will be able to smell
it on you and has to inform the company if they think you smoke or
live with a smoker. Some insurance companies will require a urine
sample to see if you have nicotine in your system. It is harder
than you think to lie to them. It is possible to cheat if you stop
smoking for 72 plus hours before your urine sample is taken,
nicotine is gone by then. But you never know when they will ask for
another sample unannounced. There of plenty of insurance companies
that don’t care if you start smoking after you got the policy as
much as lying to get it.
Alcohol is another reason your insurance premium can go
skyrocketing out of control. Even just moderate drinking can cause
some companies to up your cost or deny you a plan. Some don’t care how much you indulge as long as you don’t need
treatment or sought treatment for alcoholism. can
cause many health issues and reduce a person’s life by a minimum of
10-15 years or more in some cases. The insurance companies will
also want to know great lengths about your medical history and
probably demand records as well. This can give them plenty of
insight to your alcohol use. They will be looking for specific
alcohol related diseases that you might be treated for. They will
also look at your driving record to see if there is any alcohol
related incidents, which would bump you to a higher premium.
As far as age is concerned, usually people under 60 in very good
health can get a good policy for a great price. The prices tend to
go up as people age due to the fact that they are not expected to
live as long and the company won’t make as much money. If you have
other health issues or bad habits that can make the plan rise in
cost too. Now, there are several insurance companies that cater to
the older groups of people for a decent price and all right
coverage. You want to look at several companies to find out what
you need and what works for you.
DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any