Life insurance premiums vary enormously from person to person. Insurers price a policy on how likely they are to pay a claim and when. Understanding the main factors helps you get the best rate.
The biggest factors
Age
The single largest driver. The younger you buy, the lower your premium — and it’s locked in for the life of a term policy. Waiting almost always costs more.
Health and medical history
Blood pressure, weight, cholesterol, and conditions like diabetes or heart disease all affect your rate. Many policies require a medical exam; some “no-exam” policies cost more for the convenience.
Smoking and tobacco use
Smokers often pay two to three times more than non-smokers for the same coverage. Quitting can substantially lower your premium over time.
Coverage amount and term length
More coverage and longer terms cost more. This is exactly why sizing your need carefully matters — use the calculator so you buy enough without overpaying.
Lifestyle and occupation
Risky hobbies (like skydiving) and hazardous jobs can raise premiums. Your driving record may factor in too.
How to get a lower rate
Buy while you’re young and healthy, avoid tobacco, choose term over permanent if it fits your needs, buy only the coverage you need, and compare quotes from several insurers — prices for identical coverage vary widely.