Here's How Your Lifestyle Can Impact Your Life Insurance Rates

This article is sponsored by Assurance.

Life insurance is an investment in your family's financial future. Having coverage essentially means that if you were to die tomorrow, your beneficiaries would receive an income. That money could replace what you'd been bringing in, pay off debts or cover future expenses.

Having this kind of financial protection in place can help your loved ones tremendously down the road — but many people make the mistake of waiting until later in life to buy life insurance. This not only leaves their families vulnerable, but it can end up costing the policy holder more when they finally do purchase life insurance.

There are a number of factors that affect life insurance premiums. We're breaking down six of them below, but as you'll see, now may be the best time to find a life insurance policy that works for you.

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1. Age

With very few exceptions, the older you are when you buy a life insurance policy, the more you can expect to pay. If you purchase coverage when you're younger, you'll most likely pay lower premiums and save big bucks over the life of the policy.

2. Health Conditions

Many life insurance policies will require a medical exam that includes records of your height, weight, blood pressure and other vital health stats. If you're physically fit and maintaining a healthy weight, you may qualify for policies with lower premiums.

If you have a preexisting condition or illness, though, your premiums will likely be higher, and insurers may even refuse to issue you a policy. Many health conditions arise as people get older, which is why it's typically better to purchase a life insurance policy when you're younger and in good health.

According to Investopedia, there are some companies that offer "no exam" policies, but with these, you can expect to pay higher premiums for the convenience of a policy issued with no hassle.

3. Smoking

Most of us know smoking is terrible for your health. According to the American Cancer Society, smoking cigarettes "kills more Americans than alcohol, car accidents, HIV, guns and illegal drugs combined."

For obvious risk reasons, smokers pay higher premiums for life insurance than nonsmokers. In addition to lower life insurance premium rates, nonsmokers often enjoy better overall health. If you're a smoker, the American Cancer Society offers a variety of resources to help you quit the habit.

4. Gender

Males are typically charged higher life insurance premiums than females simply due to the fact that men have a lower average life expectancy than women. When a male policy holder has a shorter lifespan than a female policyholder, he pays insurance premiums for a shorter period of time than a woman. To account for this, insurers often increase the premiums for male policyholders.

5. Lifestyle

If you have a high-risk profession (like a professional stuntman, race car driver, deep-sea fisherman, etc.) you will likely have to pay higher life insurance premiums than someone working at a desk job. Some carriers will apply higher premiums to policyholders who have dangerous hobbies (such as hang gliding or motocross).

6. Driving Record

If you have a safe history on the road, you can expect lower premiums than someone with a dangerous driving record. According to Nerdwallet, LexisNexis uses motor vehicle records and other publicly available data to produce a driving score that life insurance providers can use to help price their policies.

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What This Means for You

These factors help determine the life insurance coverage you'll qualify for. But you'll also want to find the right amount of coverage for you and your family, and that's where Assurance comes in.

As one of the world's leading insurance platforms, Assurance uses highly advanced technology and data science to determine the coverage that's right for you. They provide a unique experience for every consumer that quantifies their risks, resources, and preferences, then guides and motivates them to a better place for their life.

Assurance takes the guesswork out of finding the perfect life insurance plan for you. They're also experienced and ready to help you find plans for health insurance, Medigap insurance, auto insurance and home insurance.

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These materials are for informational and educational purposes and are not designed, nor intended, to be applicable to any person’s individual circumstances. It should not be considered as advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. Assurance, and its affiliates, have a financial interest in the sale of the products they offer.

Life insurance products contain fees, such as mortality and expense charges and may contain restrictions, such as surrender periods.

Some life insurance products may not be available in all states.