When it comes time to purchase health and life insurance coverage, it can be difficult to know what aspects of your life are going to be taken into consideration when insurance companies offer your coverage. There are obviously many different factors that are going to affect what kind of coverage you can get and what you are going to pay for that coverage. Here’s what you need to know to make sure you get the very best possible coverage:
Age
Age is always going to be a significant factor when it to comes to life insurance coverage. As we age, we naturally have more health problems. Even individuals that live healthy lifestyles will have health problems at they grow older. There is nothing you can do to stop the march of time. If you want this factor to affect your coverage less, start looking for a policy immediately.
Health
Most insurance companies will want to look at your health history and at your current health. Depending on the policy, you might need to have a physical or even have your doctor fill out a form specifically for the insurance company. If you have had a health problem in the past but are currently healthy, your current health can overshadow previous issues.
Weight
Weight is a factor that will affect your coverage. Weight is linked to a number of serious conditions, ranging from cancer to heart disease to diabetes. This factor is carefully looked at, as individuals who carry more weight are more likely to need more extensive coverage. Even if you are otherwise healthy and have had no conditions related to your weight, it will still be a factor.
Occupation
In some instances, what you do to make money might be a factor in whether or not you can get coverage, what type of coverage you can get, or how much coverage you need. If you are in an occupation that is more dangerous, you might need more or a different kind of coverage than someone who spends their entire day sitting behind a desk. Often, your employer will offer you a different kind of coverage should the occupation require it, but this is not always a guarantee.
Alcohol consumption and smoking
These are considered dangerous behaviors and ones that affect your health. If you drink or smoke heavily, you are more dangerous for an insurance company to insure and they might restrict your coverage. Reducing or eliminating these behaviors can help to mitigate some of your perceived risk.
Benefits
You do have a considerable amount of control over how much insurance you ultimately get, especially when it comes to life insurance. For example, you can choose a larger death benefit for your life insurance. The benefits that you want or need will obviously affect your coverage.
Lifestyle
Leading a more adventurous life might affect your coverage (or how much you have to pay for insurance). For example, if you often engage in skydiving or base jumping, you might need more extensive coverage for the injuries that are common associated with these kinds of activities. Most people don’t spend a lot of time taking part in dangerous activities and therefore wouldn’t need any additional coverage.
