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DJ Bettencourt: Hidden Factors That Affect Life Insurance Rates

  • darshanshah834@gmail.com
  • March 9, 2023
  • 2 minute read
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Life insurance is a critical financial tool for many families, yet the factors that determine life insurance rates are often shrouded in mystery. As it turns out, there are a variety of factors that can impact the cost of life insurance, some of which are more obvious than others.

This is why through this article, New Hampshire Deputy Insurance Commissioner DJ Bettencourt will uncover the hidden factors that can affect your life insurance rates, so you can make the most of your insurance policy and protect your family’s financial security.

Age And Health

Generally speaking, the older you are and the poorer your health is, the higher your insurance premiums will be. This is because older individuals and those in poorer health are more likely to pass away sooner and thus, the insurance company will have to pay out the life insurance policy.

In addition, certain medical conditions can also increase life insurance rates. For example, those with chronic illnesses such as diabetes, hypertension, and heart disease may see a higher rate due to the increased risk of premature death.

It’s important to note that medical conditions can be controlled with medication and lifestyle changes, so it’s important to work with your doctor to ensure that they are properly managed to keep your insurance premiums at their lowest rates at all times.

Lifestyle And Occupation

People who have dangerous jobs or participate in hazardous activities such as skydiving may see higher insurance rates due to the increased risk of death or injury. On the other hand, those in less risky occupations may see lower rates.

In addition, certain lifestyles can also impact life insurance rates. For example, those who engage in risky behaviors such as smoking or excessive drinking may see higher insurance rates due to their increased risk of premature death. Similarly, those who lead a healthy lifestyle through diet and exercise may see lower insurance rates.

Credit Score

Insurance companies use credit scores as an indication of financial responsibility, as those with higher credit scores are seen as more likely to pay their premiums on time. Those with lower credit scores may see higher life insurance rates due to the increased risk of defaulting on their payments.

DJ Bettencourt believes that it’s important to note that your credit score is not the only factor that insurance companies consider when determining your life insurance rates. However, having a good credit score can help to lower your insurance rates and ensure that you get the best possible insurance deal.

Location

And lastly, insurance owners who live in areas with high crime rates or hazardous conditions may see higher insurance rates due to the increased risk of death or injury. On the other hand, those who live in safe locations may see lower insurance rates.

Other than that, it’s also important for you to note that the cost of living in an area can also affect life insurance rates. In general, those who live in areas with higher costs of living may see higher insurance premiums due to the higher cost of medical care and other services.

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