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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2020
The Cost of Life Insurance
Many factors affect the cost of life insurance. While you can minimize some of these costs, others are out of your control. Either way, understanding how life insurance is priced can help you make a more informed and less expensive buying decision. And as this year’s turmoil has shown, adults of every age should consider their need for life insurance.
The Basics
Two factors have an outsized effect on life insurance premiums. The first is your age. Simply put, life insurance becomes more expensive as you age, dramatically so later on. The second is how much insurance you buy.Life insurance can either be underwritten or not. The cost of group life insurance you get through your employer is typically not underwritten but based on the insurer’s experience with a particular group of insured people. Other life insurance policies, especially some that you buy individually, are underwritten. Underwriting is as simple as a questionnaire about your health or as complicated as a blood test or medical exam. The latter is usually reserved for the highest life insurance amounts.
Finally, some types of life insurance offer options, called riders. They can pay premiums if you become disabled, increase your life insurance benefit over time and more. Some cost extra, others are free.
Other Factors
One factor dramatically affecting life insurance premiums is the health of the insured person. Some health conditions can increase premium costs a little or until they are almost unaffordable. Other factors, like occupation, can also affect costs. For example, insurers may consider a librarian a safe job, but not cover a professional skydiver for an on-the-job accident.There are things you can do to reduce costs and some of these steps revolve around health. If you smoke, find a smoking cessation program and try to stop. In time, this will lower your premiums and could improve your health. If you have health conditions you can correct with a good diet or exercise, take action to improve your health. And if your driving record factors poorly into your life insurance premiums, become a safer driver.
These and other steps can help you save on life insurance premiums. Talk to a life insurance professional to learn more.
GE-3047904(9/20)(exp.9/22)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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