As you consider which life insurance option to purchase, you may ask yourself; what makes up the cost of the policy and the monthly premiums? Our Sales Operations Leader, Eric Mojica, can explain to you the basics.

TRANSCRIPT:

Eric Mojica: “All across the country, people are trying to secure life insurance for their loved ones. So what goes into the cost of a life insurance policy? Insurance is a way to protect yourself and your loved ones against the risk of uncertainty or lost. And your cost is based on how likely you’re going to suffer that loss or not. For example, if you’re shopping for auto insurance, you’ll pay more if you’ve had a lot of speedy tickets vs. if you’ve had a spotless driving record?

Get it? Okay, so life insurance is not that much different. Your cost is primarily based on how much money you want to leave behind for your family, and how long you’d want that coverage to be effective. So for example, a 30-year term will cost more than a 15-year term, because the odds of you dying within 30 years are a lot greater than in 15 years. Other factors considered are age, height vs. weight, driving history, personal medical history, and your family’s medical history. Credit reports may not matter at all, but something as simple as regular check-ups with your doctor may help you qualify for the best rates.

There no simple, one-size-fits-all premium quote. So the best thing you can do is call the licensed agents like the ones here at MyInsuranceExpert.com. Visit us online or call us at 800-732-5569. Let’s find a policy you can afford, because you can’t afford not to.