Underwriting factors are often a mystery for the general public. “Why is my life insurance premium so expensive?” Of course, you want to know what influences the rates that you incur in purchasing life insurance. Your curiosity is natural. We all want to find ways to save money. While many factors are beyond one’s control, you will be happy to learn that you can make a change by taking care of yourself.
The following are some of the major underwriting factors that underwriters look for while evaluating life insurance coverage:
■ Blood Pressure: Elevated (above the preferred criteria) without treatment: 140/85 (ages 18-50) and 145/90 (ages 51-70)
■ Cholesterol: Elevated up to 250 (ages 18-50) and up to 270 (ages 51-70); cholesterol ratio up to 5 (ages 18-50) and 5.5 (ages 51-70)
■ Personal History: No personal history of cancer, coronary artery disease, TIA (Transient Ischemic Attack), CVA (Cerebral Vascular Accident), or diabetes
■ Family history: No death of parent or sibling prior to age 60 from coronary artery disease or cancer
■ Alcohol/drug abuse: No abuse or treatment within the past 10 years
■ Motor Vehicle Record (MVR): No driving while intoxicated or reckless driving conviction within the last five years; no more than one conviction ever
■ Moving Violations: Maximum of two violations within the last two years
■ Sport/Avocation/Aviation: No ratable activities
■ Obesity: Pay special attention to height and weight
You have to start somewhere. Request an initial estimate for life insurance and we can discuss what steps you might need to take to minimize costs.