How Your Health History Affects Your Term Life Insurance Quote
There are certain things that insurance companies look for when providing you with term life insurance quotes. Health is a big deal for life insurance companies. These companies want to make sure that you’re going to live a long, healthy life. If you have a shorter life span due to the way their current activities affect their health, you will automatically pay more for their life insurance. Something else that these companies look for is the health history of the applicant. By knowing your past, as well as your family’s past, helps companies decide how much you should be paying. Family history, driving record and credit history can all affect your term life insurance quote.
Family History’s Affect on Term Life Insurance Quotes
Everyone knows the saying: “It runs in the family.” Because of genetics and family history, insurance companies take serious interest in the history of the applicant’s family in terms of health. If your family has a bad medical history, it could raise your term life insurance quote. If someone close to you, such as a parent or sibling, has had a major medical issue prior to the age of 60, it will show up on your record and factored into your rate.
On the other side of the coin, if your family has a clean medical history, and has a history of longevity, this can help you out. Having a positive family health history will help you to keep your term life insurance quotes low.
How Your Driving Record Can Affect Your Term Life Insurance
A major thing that insurance companies look for when considering term life insurance quotes is alcohol consumption. Many think, however, that this is the only reason that life insurance companies look at the individuals driving record. This is untrue, unfortunately. If someone has a bad driving record, they can be looking at higher life insurance rates. When insurance companies see a bad driving record they see someone is a risky driver. When they see a risky driver, they see someone who has a higher risk of getting hurt in an accident. If you get caught speeding a few times, that can be enough for the company to classify you as a risky driver.
Credit History Can Affect Your Term Life Insurance Quotes
Credit history is one of the things term life insurance companies may look for. They are not necessarily looking for payments for medical per se. They are looking for how well an applicant manages his or her money. If someone has bad credit history, or a bad history of attempting to make payments, they may have trouble paying their insurance premium. This can cause a major issue for both sides and therefore, is something that can raise term life insurance quotes. If a company believes that you will be unable to make payments, they may raise your premium. An important thing to note, however, is credit history is something that can be fixed. Applying for short term for term life insurance can allow you enough time to fix your credit rating. You can then shift over to another type of life insurance with a better rate.
The present is not the only thing that life insurance companies look for. When looking for term life insurance quotes, be sure to understand your history, so you are not surprised by any hikes in premiums and ensuring you are provided the best term life insurance quote. Knowing your history and how it will affect your term life insurance quote can help you understand what kind of insurance to apply for and for how long.