Thinking about your mortality can be stressful on many levels, and one of the more common stressors relates to what life will be like for your loved ones after you pass. The emotional impact of your death can be difficult for your loved ones to bear, and their grief can be compounded by financial stress. You understandably have numerous financial obligations, and these obligations may continue after you pass. Buying life insurance is a convenient way to provide for your loved ones' financial needs, but you understandably may be concerned about the cost.
Numerous factors impact life insurance rates. For example, how much coverage you buy and the type of policy selected play a major role. Your age, gender, lifestyle habits and more also affect insurance rates. One of the more critical factors that may work in your favor is your health. Life insurance for fit people may be much more affordable than insurance for those who are unhealthy in various ways.
How Health Impacts Life Insurance Rates
Your physical health will be reviewed when you apply for new coverage. An initial review is based on the answers that you provide in a health screening questionnaire. You may answer questions about your height, weight, activity level, smoking and drinking habits and more. Underlying or pre-existing medical conditions are also considered. With many life insurance policies, applicants are also required to submit to a health physical. This physical may be completed in your home, your workplace or another convenient and private area in most cases. The physical often includes a review of your weight, height, blood pressure and pulse. Blood and urine samples may also be collected.
Through a health physical, the life insurance company can get a clear and accurate picture of your health. When you are physically fit and lead an active lifestyle, all of the factors reviewed may indicate superior health. This means that you may qualify for the best rates offered for your gender and age. Remember that a life insurance rate is typically locked in at the time of purchase for the life of the policy. This means that your rate today may hold steady throughout a 20 or 30-year policy or even longer. For this reason, buying life insurance for healthy people is always a good idea, especially if you are an athlete looking for life insurance.
When to Buy Life Insurance for Fit People
Fit, active adults understandably may view death as a very remote possibility for the near future. Buying life insurance may seem like a relatively minor goal that can harmlessly be overlooked. However, when you buy life insurance now, you may qualify for better rates than you may qualify for at any other point in your life. In addition, you can enjoy the peace of mind associated with locking in financial benefits for your loved ones if you pass away.
While maintaining an active lifestyle may decrease your risk of developing some serious health issues, at least a minor risk remains. In addition, some health issues are genetic and are not dependent on your fitness level. You could also pass away because of a serious accident or for various other reasons. Nobody is immune from death, so it makes sense to prepare for this inevitability as soon as possible.
Common Types of Life Insurance Policies
If you are ready to buy a new life insurance policy, you should begin by addressing your needs. Ask yourself these questions so that you can determine which policy type and benefits amount are right for you:
- How long do you need coverage for?
- Will your coverage needs increase or decrease within the next decade or two?
- How much money does your family need to pay off debts or to make ends meet?
- Will your family need additional financial support to pay for a spouse's retirement, a child's college education or other major life situations?
The two primary types of coverage are term and permanent life insurance. Term coverage remains active for the term length selected, which could be as long as 30 years. This coverage type is more affordable than permanent insurance. Therefore, if you need ample coverage for a limited period of time and need to keep the premium as low as possible, term coverage may be suitable.
Permanent life insurance is usually more expensive because it remains active throughout your life. It also often has a special cash accumulation feature. This feature enables your policy to accrue money in an interest-bearing account over the years. If you have lifelong needs or if you want the added benefit of a life insurance policy that is a true financial asset, permanent coverage deserves a closer look.
There are many other types of coverage as well, such as a small burial expense or final expenses policy. After determining your coverage needs, analyze rates for several policies so that you can make a smart purchase. See an estimate of what you might pay by getting a free quote.