The cost of life insurance premiums in Florida, as in other states, is influenced by several factors.
Insurance companies use these factors to assess the level of risk associated with insuring an individual and determining the appropriate premium amount. Some of the main factors that affect the cost of life insurance premiums in Florida include:
- Age: Generally, younger individuals pay lower premiums as they are considered lower risk compared to older individuals who may have a higher likelihood of health issues.
- Health Status: Your overall health and any pre-existing medical conditions can significantly impact your life insurance premiums. Insurance companies may request medical examinations or review your medical history to assess your health risk.
- Gender: Statistically, women tend to have longer life expectancies and may pay lower premiums compared to men, but it depends on the insurance.
- Smoking Status: Smokers typically pay higher premiums because smoking is associated with a higher risk of various health issues and mortality.
- Lifestyle and Habits: Your lifestyle choices, such as engaging in hazardous activities or having risky hobbies, can impact your premiums.
- Coverage Amount: The higher the death benefit (coverage amount), the higher the premiums.
- Policy Type: Permanent life insurance policies generally have higher premiums than term life insurance policies because they provide lifelong coverage and may have a cash value component.
- Term Length (for term life insurance): The longer the term, the higher the premiums.
- Occupation: Risky or hazardous occupations may result in higher premiums.
- Family Medical History: A family history of certain medical conditions may affect your premiums.
- Underwriting Class: Insurance companies place policyholders into different underwriting classes based on their risk profiles, which can influence the premium rates.
It’s important to note that each insurance company has its underwriting guidelines and ways of assessing risk, so premium rates can vary between providers,” explains Juan Carlos “JC” Doitteau.
When seeking life insurance in Florida, consider comparing quotes from multiple insurers and working with an experienced insurance agent to find the best coverage at a competitive premium rate based on your individual circumstances. Luckily, Insurance Pro Florida can help you with this. Call Insurance Pro at 407.847.7000.
Call Insurance Pro at 407.847.7000.