Today's working environment is very hectic and full of physical and mental stress. Many young people above 30 years old are prone to experiencing various health conditions such as heart diseases and hypertension.
Everyone knows that life is unpredictable and in case of any unfortunate incident, the family may face financial problems. A good insurance policy can help the family overcome these issues. It can also provide them with an umbrella to manage their financial situation. In case of his or her early demise, the insured's family can be financially protected. The insurance company has to pay the pre-determined sum assured to the beneficiaries.
Young people's mortality rate tends to be lower than that of older individuals. They should therefore consider getting a good insurance policy as it can provide them with a huge amount of protection against various health conditions. At a young age, an individual has a very low chance of developing major diseases such as heart diseases or hypertension.
The premium rate of an insurance policy can change with age. For instance, if the policy's premium is around Rs. 10,000/- at 25 years old, it can go up to Rs. 15,000-20,000 at 35 years old.
Apart from being an excellent investment option, life insurance can also provide you with a financial cushion against any unfortunate incident. In addition, lower premiums can help you save a lot of money in the long run. There are various factors that can affect the premium of an insurance policy, such as an individual's age, gender, health conditions, lifestyle, and blood pressure.
The premium of life insurance is mainly decided by a person's age. At a young age, an individual is not at risk of experiencing any major health conditions, such as heart diseases or hypertension. Also, the mortality rate tends to be lower than that of older individuals. Individuals starting their careers should consider getting a good insurance policy as it can provide them with a financial cushion against any unfortunate incident.
The premium of life insurance is also influenced by gender. According to a study, women tend to live almost five years longer than men. This is why they pay lower premiums for extended tenure life insurance policies.
Other than food, the consumption of alcohol and tobacco products can also increase the premiums of life insurance policies. These products, due to their side effects, can put an individual at higher risk of experiencing health issues.
Your family medical history may affect the premium of insurance. Unfortunately, there is a high likelihood that a person will pass on a genetic disease to their children, which can lead to higher premiums for life insurance. If the grandfather of a person has a major disease such as cancer, then the likelihood that the same illness will affect the person's premium can increase.
Life insurance's premium can be affected by your lifestyle. If you are an adventure lover, then your high-risk activities could increase your premiums. These activities can expose you to an increased likelihood of getting injured.
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