INSURANCE AGENCY NETWORK Blog
People with dangerous jobs, people who survived cancer and those guilty of drunken driving charges, all have something in common – they might need to pay more for life insurance. The age, vices and health status affect the rates they get from insurance companies: the risk of dying can incur an extra charge on premiums. The length of these “imposed charges” can be permanent or temporary depending on your insurer.
To give you an idea, here are some common reasons that can raise your life insurance policy.
According to studies by the National Cancer institute, at least 40% of the world population will be diagnosed with cancer at a point in their life. This is why insurance companies lately started selling policies to cancer survivors. The premium will depend on the diagnosis, the treatment and how long you’ve been a survivor.
There are different terms and conditions depending on the insurer that you choose. For example, you may have to wait five years before buying a life insurance policy to comply to an insurer’s T&C. Generally, cancer survivors are charged extra by insurance companies for being in the high-risk category. The duration and amount of this charge varies depending on the insurer.
Having Dangerous Hobbies
According to statistics, people who engage in dangerous sports also have a higher chance of getting into fatal accidents. This is why people with dangerous hobbies are charged extra for their life insurance. These hobbies also include mountain climbing, skydiving, car racing and many more.
There are different charges for different hobby, but essentially, the more your practice safety, the lower your extra charge is. For example, if you join safety seminars, you might avail of a discount. The smartest thing to do is to schedule an appointment with an insurance agent to know more about the specific charges.
A History of Drunken Driving
If you were convicted with drunken driving, you are expected to pay extra for your life insurance policy. This can be temporary depending on the number of years it has been since you were convicted, however, it can also be permanent depending on your circumstances. The reason behind these charges is due to high-risk of untimely death. In fact, studies say that drivers convicted of 2 or more DUI’s are more likely to get into a road accident.
Having higher rates for your life insurance policy is not an excuse to skip it. You just need to find a good insurance company to take care of everything for you. At Insurance of the West, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.