Factors that influence the price of life insurance
Factors that influence the price of life insurance. When you acquire a life insurance policy, you protect your spouse and children from potential financial difficulties they would face if something fatal were to happen to you.
A life insurance policy can provide your family with a predetermined sum of money, known as a death benefit, in the event of your passing. This amount is tax-free, allowing your loved ones to have access to, for example, $250,000 or $300,000 if you unexpectedly leave this world and have a life insurance policy in place.
Some people interested in these policies may wonder, “How much does life insurance cost?” The price actually depends on several factors: the type of life insurance, the age of the insured, gender, health, lifestyle, driving history, and occupation.
A young, healthy individual with a low-risk lifestyle may have a life insurance policy with a death benefit of over $200,000, paying around $25 per month.
However, for a 50-year-old, smoker, firefighter, and skydiving enthusiast, the scenario would be very different.
There are various types of life insurance policies that can be tailored to the needs of each individual and their family. Moreover, many of these policies can be cashed in without the need to pass away.
If you are considering getting a life insurance policy, we recommend calling a specialist at Univista Insurance. They will clarify all your doubts and guarantee that you find the best protection for you and your family. Factors that influence the price of life insurance.