You can opt for insurance quotes compare and feel that you have chosen the best policy. One thing is for sure, an insurance company considers a lot of factors as far as the payment of premium is concerned. Some of them may include age and the gender of an individual, but in case of others it may not be so simple as it sounds. At times an insurance company is bound to reject a policy based on heath conditions or job profile. Before you plan to purchase any policy read the terms and conditions properly. It is compulsory on your behalf to make all these declarations on route to the purchase of an insurance policy.
You can compare insurance plans but you need to understand what are the factors which are responsible for increasing the premium and how to work towards lowering it.
Do not get into too much Drinking or Smoking
These habits could take a toll on your health and affect mortality. This is a requirement which most insurance companies want you to adhere with. For this reason they want you to disclose these habits when you are purchasing an insurance policy. Some smokers are required to pay more premium than a non smoker. If you feel up the form that you have been consuming tobacco in the last few years, then you may pretty well end up as a smoker. Then the insurance premium that is quoted is going to be on the higher side than a non smoker.
Do not lie about these habits when you are purchasing an insurance policy. There is a risk on loosing the total benefit on the policy. So pay your premium even if it is high to be on the safe side so that you are protected and secured.
Hobbies and risks
For example hobbies like boxing or scuba diving would make the companies apprehensive about the risk aspects involved. These are considered high risk zones and an insurance company has all the liberty in the world to charge you a higher premium if they feel that your health is safe.
Sometimes insurance companies are bound to consider it as an occupation risk or hazard. The nature of the job involved has a huge risk when it comes to occupational hazards. A premium is calculated based on risk factors as higher the risk more the premium amount works out to be. Dangerous hobbies are going to result in higher premiums.
Higher Sum Assured and Long Tenure of Policy
The premiums are charged on the higher side, based on a higher sum assured and a longer tenure of policy as well. When such a situation presents itself an insurance company has to bear the cost of a higher settlement claim as well. In this regard critical illiness is an ideal example of a policy that has a higher sum assured coupled with longer tenure.
All these factors need to be considered when you are about to choose an insurance policy.