You might have heard several adverts on how difficult it is to find a good and cheap life insurance and how complicated the whole process is. However, the fact is that it is not that difficult.
Life insurance companies in the US have a lot of competition, especially in terms of cost. There is a huge number of insurance companies that is so cost-oriented that they have actually managed to keep the prices at record lows.
In addition, the previous years have seen the costs of life insurance go down further with the experts in low cost products such as SBLI also offering low priced life insurance. You can get a life insurance plan of $100,000, a term life plan, for only nine or ten dollars a month, if you are young, a non-smoker and have low chances of having any health problems.
However, inspite of all these low price life insurance plans, the premiums do vary. Various factors affect how these variations occur, but some of them are discussed below.
Age
The price of a life insurance plan will depend greatly on the age of the person being insured and naturally so. In other words, the principle is; the lesser your age, the lesser the cost of your insurance premiums. A younger person is observed as a low risk person compared to an older person. After all, a young person is less likely to die tomorrow than a hundred year old person is. Hence, young people can easily get life insurance for lower premiums.
Overall health
The one important thing that matters apart from age is your health. After all, if your health is not good then even if you are young, you will not be able to procure low-cost life insurance. You have to have low risk of any hereditary diseases. Besides, if you are suffering from any disease that is life-threatening such as heart disease or cancer then naturally you will not be able to get a low cost life insurance plan. People suffering from asthma, cholesterol problems or high blood pressure also find it difficult to find low cost life insurance.
Lifestyle
If you lead a low risk or low stress lifestyle then you can get a low cost life plan. If you smoke or drink excessively, practice any extreme adventure or sports then it will be difficult to get a low cost life plan for you.
Even after you have found out the best life insurance plan for yourself that is also cheap, keep looking at other possibilities. The competition is so high that chances are that you might actually get a better deal only after signing up for a plan.
