If you are thinking about getting life insurance, you should be aware that there are several factors that impact how much you will pay for it. While the premiums can vary depending on the insurance company, there are some criteria that are common to all of them. 


Age

Intuitively enough, the younger you are the lower your life insurance premium will be. Insurers will generally be less likely to pay the benefits any time soon, therefore you can get cheaper insurance if you do it earlier in life. This is one of the most determining factors in getting good insurance at a low price.


Gender

Because on average women tend to live longer than men and they tend to engage in less high-risk activities, they usually get better insurance premiums. Men will need to pay a higher premium which makes it more important to get the insurance earlier. 


Personal health history

Your health history is important in determining the insurance premium as it determines whether you are more or less likely to live a longer life. Many insurance companies will require some medical exams to prove your heart condition as well as other health issues like high cholesterol or diabetes. 


Family health history

While you may be perfectly healthy, life insurance companies will also look into your family’s health history for conditions such as cancer or heart disease. Some diseases are hereditary and if they are present in your family they may raise your insurance premium since you are considered more at risk of contracting them. 


Smoking

Given all the health problems associated with smoking, insurers will take this habit into consideration when selling you life insurance and will likely increase your premium. If you needed any other incentives to quit, this may be one. 


Occupation

Some professions are riskier than others. Your occupation is also an important factor when getting life insurance as it may determine whether your life is at risk while doing your job. active military personnel, police officers, firefighters, and even construction workers are considered at higher risk therefore the premium may be higher. 


Lifestyle and hobbies

Do you engage in extreme sports like skydiving, rock climbing, or bungee jumping? If so, you present a higher risk for your insurance company, therefore you will need to pay a higher insurance premium. 


 Driving and criminal record

This may be unexpected for many but some companies will look into your driving record. If you caused an accident or had major speeding infractions, this can affect your insurance premium. This also depends on the frequency of the infraction and how far in the past they happened. 

Finally, having a criminal record may also indicate a tendency towards risky behavior, therefore it can impact your premium.

Having all these factors in mind, getting life insurance is an important investment for many reasons so it’s worth considering.