The underwriting of a life insurance policy is serious business. You want to make sure that you’re getting everything you need to protect your family if you pass away. At the same time, you don’t want to get a huge amount of life insurance if it’s not really needed. At that point, you’d just be wasting money paying high premiums. There are several different types of life insurance you can buy, and it’s best to ask your independent agent about the types of policies and the companies that offer them before you make a decision.
Whether you’re in Marlborough, West Hartford, or elsewhere in Connecticut, there will be specific factors that will play a role in underwriting when it comes to your life insurance policy. One of the primary considerations is your age. The older you are, the more likely you will be to pass away, statistically. Because of that, life insurance for people who are older is higher than the same amount and type of insurance for people who are younger. Usually, there are age brackets that are used, and when a person moves from one bracket to another the insurance premiums will rise.
Other factors for your life insurance are whether you have health conditions and whether you smoke. Both of these matter, and it’s very important that you’re up front and honest. If you pass away and it comes out that you lied on your life insurance, the company may not be obligated to pay the benefits to your survivors. You don’t want to risk that for a few dollars difference in the monthly premiums on your insurance policy. Where you live generally doesn’t affect your life insurance, but how you live can. Things like your weight and the results of a physical examination may be factors in your policy premium, as well.