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September is ‘Life Insurance Awareness Month’! If you are considering getting life insurance you’ve probably wondered at some point what is taken into account when determining the rate you pay. Some of the factors are pretty obvious, your health records, age, and current medical condition are the biggest contributors. Your gender, family’s medical history, and whether or not you smoke/drink are also some common things that are looked at when deciding what your insurance rates are going to be.

But what else goes into that number you’re paying?

You might be surprised what some insurance providers look at when determining your figures. Your credit score, hobbies, and driving record may also be playing a role into your insurance rates.

Insurance providers look at credit score because it will give them an idea of whether or not you’ll be at risk of not paying bills. If your credit score isn’t the greatest, this doesn’t mean that you’ll be turned down for life insurance. The better credit score you have the chances of you getting a lower premium will be increased.

Your hobbies are also something that some insurance providers may look at when determining your rates. They may ask what you do when not at work to determine if you’re at a higher risk of death because of your recreational activities. Just because you enjoy extreme sports won’t automatically determine you getting higher rates. If you’re licensed or certified in your activities then this probably won’t be too big of an issue.

Last, but not least, your driving records will also be a contributor to how much your insurance rates will be. Some insurance providers look at your records through the Department of Motor Vehicles to find your history of accidents and/or violations.  Don’t worry though, most providers are usually only concerned with the past 3-5 years of incidents.

So if you’re curious about what your life insurance rates would look like or interested in finding cheaper rates, contact one of our knowledgeable agents today and we will help you find the best life insurance coverage for your money!