Top factors that affect your life insurance premium.

Apart from factors such as age and gender, there are many other factors as well which affect the life insurance premium. Here are five such factors

Life insurance is the most important financial product. It helps to secure the financial future of the loved ones in case of an unforeseen event such as the policy holder's untimely demise. It is advisable that one should buy life insurance from the day one gets his or her first job. The policies with shorter tenure are expensive as compared to that of the long term.

However, there are a number of factors that affect the premium of the life insurance policy. Apart from factors such as age and gender, there are many other factors as well which affect the life insurance premium. It may be noted that insurers consider many factors when pricing out their policies.

Given below are top factors that affect your life insurance premium-

Personal Habit:

IF you are into smoking then it may be noted that health risks such as cancer and other fatal diseases lead to increased premiums. Smokers tend to pay more premium as compared to non-smokers for the same coverage.When you buy insurance, insurers check whether you smoke or not, if you don't then you will have to pay a lower premium.

Occupation:

The profession of the policyholder is another major factor which decides the premium amount. Insurers charge higher premiums for the policyholders whose profession is riskier to life such as Pilot. If your profession requires you to perform dangerous activities then you have pay higher premium.

Built:

When you buy life insurance, the insurance company makes you go for a medical exam. It checks your height, weight, blood pressure, cholesterol, etc. If you are suffering from obesity then the insurance company will decide a higher premium amount for you. It is because obesity leads to health problems such as cancer, stroke, osteoarthritis, etc.

High-Risk Hobbies:

If you like activities such as skydiving, car racing, mountain climbing or other activities which are high-risk hobbies then it will lead to a higher premium. 

Hereditary Disease:

If you have any hereditary disease, you will have to pay a higher premium for the life insurance policy. Insurance companies check medical history as well so as to ensure that you don't have any chronic disease.