That is a question most people think about when it comes time to purchase a life insurance policy. Some things that will factor into the rate will be out of your control, such as your gender. Sorry guys, but life insurance rates are less expensive for women because statistically they tend to live longer than men. This makes women less of a risk to the life insurance companies which lower their premiums.

Here are some things you should know, along with some tips to keep in mind to help secure the best life insurance rates possible.

Don’t wait, buy a policy early on – Your nearest age is a primary factor for determining your life insurance rate. You’re not going to get any younger, so get insured when you’re still young (and presumably at your healthiest too).  Life insurance is one thing you do NOT want to put off.

Shop around – Rates can vary from company to company and some life insurance companies are more competitive than others based on different circumstances. Use an insurance broker that has access to many carriers and take advantage of their knowledge and expertise. A broker can help you to find the best fit for your particular needs and circumstances. Insurance brokers get paid by the life insurance companies directly so you’re getting their help and advice for no additional cost; it’s a win-win.

Keep healthy and avoid high risk activities and tobacco products – Life insurance companies are going to determine how much of a risk you are during the underwriting process. The healthier you are the lower your rate will be. Life insurance companies prefer you to have a boring life. Being a stunt car driver, a base jumper or sky diver, a pilot, or even having multiple speeding tickets or car accidents will all increase your rate. If you avoid all these things and have a clean driving record you’re less of a risk which will result in a lower premium. Use of tobacco will surely drive up your life insurance costs. You can’t beat the system by using nicotine gum or a nicotine patch as the tests check for ‘cotinine’ which will still be present in your blood and urine tests.

Be informed about your paramedical exam – The other part of the underwriting process involves medical underwriting. A paramedical examiner will come out to your home and do an assessment involving a blood draw and urine sample which will be sent to a lab. They will also get your height and weight and take your blood pressure all of which will be used to determine your rating. In addition, there will be a series of medical questions asked, including any medications you may take as well as family history questions. This is all done to determine what type of risk you will be.

Here are some tips to help get the best results from your paramedical exam:

• Get a good night sleep the night before your exam
• Avoid working out or any strenuous activity 12 hours prior to the exam
• Avoid caffeine 3-5 hours prior to the exam
• Avoid alcohol 24 hours prior to the exam
• Eat a healthy meal the night before – avoiding salt and high cholesterol foods 24 hours prior
• Fast for a minimum of 4 hrs, ideally 8 hours prior to the exam – the best option is to schedule the exam early in the morning so you have a long fast from overnight
• Drink a glass of water 1 hour prior to the appointment
• Stay relaxed and stress free immediately prior to the appointment

Things to have ready for the appointment include your driver’s license, a list of any medications and the dosage you take, and the names and information of doctors you have visited in the last 5 years.

Knowing what to expect will help you stay relaxed and insure you get the best results possible!

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