How to pay and qualify for life insurance

You may have wondered how you can qualify for life insurance and what factors may affect the premium that you will be required to pay to obtain such coverage. For many reasons, you may have put the option to purchase life insurance on hold, not realizing that it could be too late. Many factors are taken into consideration before insurance companies determine eligibility and premiums.

Age makes a difference

Unlike most products that you purchase, your age will affect the premium that you will have to pay for a life insurance policy. The formula for premium determination when taking out a life insurance policy based on age is quite simple-the older you are, the more you will have to pay. When you purchase a life insurance policy at a young age you will be expected to pay premiums for a much longer time period, which will make your monthly premiums smaller.
Insurance companies also understand that age may be a reflection of the quality of your health, and that the older you get the more likely that they will have to pay out on a policy if you develop serious health problems.

Health affects qualification and premium

Wherever you go and whatever insurance company you deal with, when applying for a life insurance policy the quality of your health makes a big difference. You will be asked to fill out questionnaires concerning your health, and may also require you to see a doctor. Doctors may ask you to undergo physical examination and tests to determine whether you will suffer or currently are suffering from a serious illness. If you use tobacco or consume alcohol, you will have to be transparent about the level of usage or consumption. These factors will affect the premium that you will be charged or may determine whether you will receive coverage or not.

Your lifestyle

What you do on a day-to-day basis will affect your chances of obtaining life insurance coverage. If you engage in a job or a hobby that is considered high risk, you will face obstacles. Even with a healthy mind and body, if you occasionally skydive or race in a motocross competition, your chances of getting coverage on your life may be slim. (Pacifica Insurance)

For more information on how to pay and qualify for life insurance, call Pacifica Insurance Underwriters, Inc. at 234-6267 or visit their office located at Joeten Center in Susupe. You may also visit HYPERLINK “http://www.pacificains.com” www.pacificains.com or send an inquiry via email to HYPERLINK “mailto:piui@pacificains.com” piui@pacificains.com. Pacifica Insurance Underwriters, Inc. is a general agent for Pacifica Guardian Life.