Although it may seem slightly odd to be talking about rates when it comes to insurance policies, each insurer has a table of rates and discounts and has certain conditions which would either decrease or increase the rates of a policy holder. In this section we will detail the most important factors that have a direct influence on the life insurance quote that you receive. 

The very first factor that will throw you life insurance rates through the roof is if you are a smoker. Insurers will always increase your life insurance rates astronomically if you are a smoker. Some people think that it will be wise to simple state on the application form that you aren’t a smoker; an admirably dim-witted thing to do. The last thing you need to happen is when your beneficiary wants to claim your life insurance when you die to have the insurance company invalidate the policy due to a breach of contract because they found evidence that you were indeed a smoker.

Nowadays insurance companies are also increasingly looking at other health factors to determine your life insurance rate. The next highest determinant for many insurance companies is your cholesterol levels, specifically the ratio of your good cholesterol versus your bad cholesterol. Individuals who have a higher ratio of bad cholesterol versus good cholesterol will naturally receive a life insurance rate that is higher than those who have favorable ratios.

The next important factor in determining the rate you will receive for your life insurance is your lifestyle risk. What this means is that the level of risk that you will endure on a day to day basis. An example will be a coal miner with a sky diving hobby will be rated much higher on the risk profile than an accountant with a hobby of chess. It is thus important to understand that what you put on your application papers will greatly affect your risk profile and thus your life insurance rate.

Your immigration status also plays a vital role in determining your life insurance rate. Insurance companies have a significantly high preference for born citizens and will regard new citizens or permanent residents with a higher risk profile and thus raise the rates your life insurance policy accordingly. These rules have basically been legacy regulations from each insurer and stand a large chance of being changed in the future.

Another good gauge of risk and thus the life insurance rate that you will receive is by looking at your driving record. Before writing your policy all insurers will have a look at your driving record as a determinant of your risk appetite and offer you your life insurance rate that is appropriate to your risk profile. Naturally the more summons and traffic offences you have the worst it will look.

Below are some of our recommended insurers that have offer policies at already discounted prices, each has been rated with their sensitivity to the above factors so you get a better indication of the cost of your policy.

Firstly here is our pick of the cheapest life insurance provider:

Another budget insurer that we like is 2insure4less with details below: