Managing your money goes beyond handling your assets and investing your wealth. Management of your finances also includes smart insurance policies to give your family extra protection beyond what they may inherit later. Investing in life insurance now can give you important peace of mind knowing that your loved ones will receive care in the future.
Although the choice to get life insurance is an easy one, navigating the available options is a bit more complicated. Life insurance isn’t an off-the-shelf purchase that’s the same for everyone. Insurers consider a broad range of factors from your health to your habits when determining what insurance is available and how much it will cost you. If you’re a thrill seeker with equally thrill-seeking hobbies, you’ll pay more for your insurance package than a comparable candidate who prefers crosswords to rock climbing.
Factors such as your age and gender come into play as well. Statistically, women enjoy a longer lifespan than men, so their policies are usually less expensive. The older you are when you take out your policy, the higher your premium becomes because of the increased risks that come with age.
While you can’t control all the factors that go into your life insurance determination, understanding them better will allow you to easily pick the best option. Brush up on your understanding of the life insurance landscape so that you can choose the best protection possible for your family. With one quiz from Health IQ, you can check your knowledge of life insurance and learn more about how health-conscious decisions can help you get a more affordable plan.