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Top Reasons Why You Have to Pay Higher Premium for Life Insurance


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May 31, 2022

By : Bajaj Allianz Life

If you're just starting to look for life insurance plans, you may be wondering how much money you'll have to spend for the coverage. There are several criteria that go into determining the premium you pay, and it might be difficult to understand why you must pay a higher rate for life insurance than others.

 

Reasons for paying higher premium for life insurance plans

 

● Higher Age –

Life insurance rates are determined by your age; the older you are, the higher your premiums will be. If you acquire a policy while you're younger, you'll pay lesser premiums for the term of the coverage than if you wait until you're older. How? Because as you become older, your health is more likely to deteriorate, and the insured event may occur much sooner than expected.

● Gender -

Women are more likely to spend less for life insurance. This isn’t because they are more favored, but because women usually live longer lives than males.1

● Smoking –

Smokers live shorter lives and pay higher life insurance premiums because of the documented association between smoking and illnesses including lung and throat cancer. As a result, if you prefer to smoke, you're at a greater risk for a variety of health problems, which is a red signal for insurance providers.

● Higher Sum Assured –

The higher the amount of life cover and the longer the policy period, the higher the premium. In addition, the higher the amount of life cover that will be paid out to your nominees, the higher the coverage premium will be.

● Medical Examination –

If you weigh more than you should, live a sedentary lifestyle, or have medical reports that reveal unfavorable symptoms, you are considered a greater risk and, as a result, are paid more premiums than an active person of appropriate body weight. Pre-existing medical conditions may also raise your life insurance premiums as well. You may seem to be in excellent health, but your family history reveals diabetes, cancer, heart disease, hypertension, and a variety of other diseases. This indicates to the insurance provider that you may be a higher risk since you may inherit the same medical issues as your parents, resulting in a higher rate.

● Failure to Evaluate Plans –

Life insurance companies, like the rest of the world, are progressively moving towards a virtual environment. Premiums for online plans are frequently less expensive. This is mostly due to the absence of a middleman/agent in the transaction. Furthermore, if you do not compare the various plans online, you may lose out on reasonable options.

● Occupation –

Some professions are riskier than others. This is another aspect that contributes to increased insurance prices.

Note: Remember that this is not an exhaustive list, and there may be more reasons for paying higher premium for life insurance depending on the insurance plan and their underwriting

 

Wrapping Up

 

Having life insurance coverage is critical and should not be delayed. Today, your life insurance premium may seem to be a payment, like your mortgage. However, if your family confronts financial hardship because of your untimely death, the premiums you pay may be more than simply another monthly payment. In a nutshell, your life insurance policies will provide financial security for your loved ones.

 

Sources:

 

1Why Do Women Live Longer Than Men? | Time

1Why do women live longer than men? It's more complicated than you think. (advisory.com)

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3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.