You may be surprised to hear some of the factors that can affect your life insurance rates. Would you believe that your credit score and driving record can play into your cost? See our list below for some surprising factors that can affect your life insurance rates.
Multiple driving violations in the past few years can make most insurers raise your premiums. Bad driving puts your life in danger, posing more risk for insurers.
Hobbies and occupation
High risk hobbies or occupations like skydiving, rock climbing or racecar driving can disqualify you from getting the best rates.
Your financial history can be investigated to learn more about how financially responsible you are. This is to predict if you are likely to pay premiums. Those who have filed for bankruptcy, particularly in the recent past, are considered a higher risk.
Family health history
Many insurers want to look into your family’s medical history. Your family medical history shows insurers what diseases run through your family.
Height, weight and body mass index (BMI) have always been important factors when calculating individual insurance premiums. Your current health and health history is also considered when rates are being determined.