Life insurance is meant to transfer your financial risk of death to a life insurance company. For the premiums you pay the company promises to payout your family to cover particular expenses and requirements. So that the process can proceed financially to your insurer, the insurance company asks for higher premiums from riskier customers. Anything that acts to increase your chances to die also increases your personal risk factor. Thus it grows the price of your premiums.
Your age is an important factor to determine the amount of your life insurance premium. Life expectancy of older people and younger people are not the same, so the chances of death over any term for them is more- some life insurance premiums are charged purely on age. Older people, in spite of being in good health, will always have to pay more than a younger person, all else being equal.
Your health plays a key role in deciding the cost of life insurance, especially when you get older. If you are in poor health condition, or you are at an elevated risk of poor health, you will be charged higher premiums. Common risk factors include your smoking status, body weight, past medical conditions, and family history.
Of any health risk factor, Smoking is one the most important factors for your life insurance premium. If you are a smoker the fact can significantly increase your premiums, in fact the amount of premium may even become double. It is very important for any life insurance company in Canada to know about your smoking status. If you can spend 12 months without smoking you can register as a non-smoker.
Gender is also important when it is about your life insurance premiums. Women have a longer life expectancy compared to men, so they have a lower level of risk to life insurance companies.
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