Learning from Health IQ — Factors that Alter Your Life Insurance Rates

Life insurance does not have a uniform cost. Instead, it varies based on several factors. The five most important of these factors are age, gender, coverage amount, coverage type, and whether or not you smoke. Since smoking is known to cause various health problems that can cause an untimely death, including lung cancer and chronic obstructive pulmonary disease, it increases your insurance rates.

Additionally, since women live longer on average than men, their rates are slightly less. Lastly, the older you are when you get life insurance, the more it will cost, as your likelihood of passing away is greater than that of a younger person.

The way you live your life can also affect your premiums. If you engage in high-risk activities, such as rock climbing, your costs might go up since this increases the chance of early death. Additionally, getting moving violations on your record can negatively affect your rates. However, these only matter if they happened in the last three to five years. DUIs, on the other hand, have a permanent effect on your premiums.

The good news is that once you’ve locked in a life insurance premium, it can’t go up. You’ll pay the same amount as long as you keep your account active and pay your bills on time. That’s why choosing life insurance from Health IQ is such a good idea, as you’ll get low premiums for the entire duration of your policy. Ready to test your knowledge of the various factors that go into calculating life insurance rates? If so, take the following quiz and see how well you do.

About Health IQ

Health IQ’s mission is to improve the health of the world by celebrating the health conscious through financial rewards. Health IQ delivers better rates and underwriting, and was recently featured in sites such as CNBC, Venturebeat, and TechCrunch.  and partners with top-rated insurance carriers such as SBLI, Ameritas Life Insurance Corp. and Assurity Life Insurance Company, and reinsurer partner Swiss Re to offer health conscious people between 4 and 33 percent lower rates on life insurance. Founded in 2013 by a team of health conscious entrepreneurs, the company is a licensed life insurance company in all 50 states and has helped tens of thousands of individuals secure a total of $5.3 billion in insurance coverage.