Life Insurance | Policy and Premium scrutiny

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Insurances

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Life Insurance Policies and Premiums

Topics: Financial Added on: Monday, August 10th, 2009 Posted by: yourwealthpuzzle Leave a Comment

PREMIUM CRITERIA:

Life insurance companies and health insurance companies base the premiums on almost the same criteria. The criteria both insurance companies use include your basic health (current and past), your family health history, your age, height and weight.

POLICY ISSUANCE:

The process for issuing life insurance policies is quite extensive because the life insurance companies want to be sure their exposure to risk is as low as possible. When you are healthy, the risk for the life insurance company is lower, so your premiums can be lower.

Health insurance policies go through that same detailed underwriting process as life insurance policies do. The same reason holds true – to lower the risk of exposure. Sometimes health insurance companies and life insurance companies just try to “match” the risk with the premium.

This extensive scrutiny is actually good. It shows you that the insurance company wants to be in business a long time to be there if you ever have a claim that needs to be paid

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