How Does The Insurance Company Determine My Life Insurance Premium?
submitted by Irvin in Lexington
There are actuaries who assess your risk of dying based on certain factors and calculate your premium accordingly.
Life insurance companies have different rate classes and group people into these rate classes according to certain criteria. The rate class you are classified into will determine your premium. Some of the factors that determine your rate class include height & weight, tobacco use, family history, driving record, etc. The higher your rate class, the lower will be your premium.
Denise
submitted by Denise in Wheeling, US
@ May 05, 2011 - 06:19 AM
Life insurance companies have different rate classes and group people into these rate classes according to certain criteria. The rate class you are classified into will determine your premium. Some of the factors that determine your rate class include height & weight, tobacco use, family history, driving record, etc. The higher your rate class, the lower will be your premium.
Denise