2 Ways Get Lower Rates On Life Insurance

Insurers consider many different factors when calculating life insurance premiums. You have no control over some factors, such as your age and gender. You do have control over other factors, however, and making changes that impact these factors can help reduce your life insurance premiums. If you're shopping around for a life insurance policy, here are two factors that insurance companies will take into account -- and what you can do to keep their impact on your life insurance premiums minimal.

Your Driving Record

Car accidents cause deaths every day, so life insurance companies calculate your probability of being in an accident. In 2012, accidents were responsible for an average of 92 deaths each day.

To determine your personal risk of being in a car accident, insurance companies will look up your driving record. Moving violations and past at-fault accidents, which are both reported to state motor vehicle departments by police, show that you've taken potentially risky actions behind the wheel before -- and you might again in the future.

You can prevent your driving record from increasing your life insurance premiums by driving safely. Following all traffic laws will keep you from having any moving violations, and using defensive driving techniques will help reduce your risk of being in an accident. Driving safely will help you maintain a clean driving record, so insurance companies don't have a reason to raise your life insurance rates because of your past driving history.

Quit Smoking

Smoking causes many deaths each year, which is why life insurance companies ask if you're a smoker when you request a quote. They charge smokers higher rates, because smoking increases a person's risk of dying. Quitting smoking saves men an average of $1,455 on term life insurance each year. Women save an average of $1,071 on term policies. (These figures don't take into account how much people save on not purchasing cigarettes or other smoking supplies.)

If you've never tried to quit smoking, saving over $1,000 on life insurance should be a good incentive to get you started on the path toward a smoke-free life.

If you have previously tried to stop smoking but weren't successful, consider talking with a doctor about trying again. There are several products, such as nicotine patches, e-cigarettes and nicotine-laden gum, that can help you stave off cravings. Switching from cigarettes, a pipe or cigars to one of these might qualify you for at least some savings on your life insurance, even if you don't get the full $1,000-plus savings that people who completely quit usually receive.

For more information about life insurance costs, contact a company like Advantage Insurance Agency, Inc.