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How is the Cost of My Life Insurance Policy Determined?

The cost of your term life insurance policy is dependent upon several factors, including but not limited to, your age, health, lifestyle habits, and family heath history. Based on this information, your rate class is determined.

Your life insurance underwriting classification defines how much you will pay for your premium. Because people are unique, they have different rate classes, based upon health and lifestyle characteristics. Some of the specific factors life insurance companies consider are:

  • Tobacco usage
  • Blood pressure
  • Cholesterol level and ratio
  • Family medical history
  • Hazardous activities
  • Driving record
  • Travel

The more accurately a life insurance company can assess your level of risk, the more accurately they can assign your rate class. The appropriate rate class means you will pay a term life insurance premium that is specifically suited to you.

Furthermore, underwriting guidelines may vary between life insurance companies so it is important to speak with a licensed life insurance agent to find out which policy is best suited for you.

Get started on your free term life insurance quote now or speak with a licensed AIG Direct life insurance agent today.

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