Optimal Finance Daily - Financial Independence and Money Advice 3125: Top 5 Non-Medical Factors That Affect Your Life Insurance Rates by Jeff Root with Good Financial Cents
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Apr 29, 2025 Explore intriguing factors that impact your life insurance rates beyond just health. Discover how your credit score plays a crucial role, while high-risk occupations like pilots and fishermen might raise your premiums. Learn how certain travel habits can trigger red flags for insurers. This insightful discussion arms you with knowledge to make better lifestyle choices that can lead to more affordable coverage and ultimately protect your loved ones.
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Non-Medical Factors Impact Rates
- Non-medical factors can prevent even the healthiest people from qualifying for the best life insurance rates.
- Physical fitness alone does not guarantee low premiums if other risk factors apply.
Hazardous Jobs Increase Premiums
- Certain hazardous occupations like deep-sea fishing and bomb disposal significantly raise life insurance premiums.
- Physical fitness doesn't offset the risk level insurers assign to these jobs.
Risky Activities Raise Costs
- Participating in risky activities like skydiving or private flying increases your life insurance costs regardless of your fitness level.
- Insurance companies evaluate frequency, experience, and training in these activities when determining rates.