More often than not, insurance companies are afraid of covering people that are past 50 years old.They are afraid of the many odds that these people are faced with. Therefore, this limits certain age brackets from obtaining a cover or paying super high premium costs. This therefore makes it hard for the aged to be able to cater for the life style of their beneficiaries when they get out of picture. However, good news is that this age discrimination is becoming unheard with time. However, the premium rates differ from one person to another depending on the following factors:
Age still remai8ins a constant factor in the issue in insurance. People in different age brackets are charged different premium payments. For instance the premium charges of the people that are below forty are different from those that are forty and above. This is because the people in the higher bracket are faced with more odds than the latter. They are said to be highly susceptible to a good number of diseases. At the same time, the question of death is not way far from them. Therefore, the life insurance company has no two choices but to play it safe.
Weight factor is a major determinant of the entire health of a person. In fact, it is among the measurements that are taken during the paramedical test that is done by the medical specialists on the insurance behalf. The term life insurance company compares the weight that they have obtained with the stipulated standard weight. In case it is found to be less than the standard value, the person is likely to be charged high premium rates. This is because, the insurance company finds that person subject to ailment at any given time.
Blood pressure level
This is a test that has to be carried out as an indicator of the health status of a person that is just about o take the cover. Reliable research reveals that the high number of deaths among the people past 40s has been contributed by a high blood pressure. Following this, the insurance companies find it a major risk insuring a person before taking their blood pressure levels. In case a person is found to have an extremely high or low blood pressure, they are considered to be unhealthy and thus are charged high premiums.This is unlike the case of people that have normal levels of blood pressure whose premiums are relatively smaller.
The job that the senior person does may determine their viability to diseases as well as life span. For instance, people that carry out white collar jobs that are less involving are not likely to get ill in the event of work. On the other hand, the seniors that do manual jobs that are risky are highly prone to diseases or even death in extreme cases. Therefore, these two categories of people are charged differently. While the latter are charged cheap premiums, those that do had manual tasks are charged super expensively. This is believed to cover the odds that are there.
The issue of gender may sound too meager to be considered. Nevertheless, it plays an integral role in determining the lifespan of an individual. Following the history and the conducted research, the male gender has been found to die pretty early unlike the female gender. Therefore, the life insurance quotes online in Canada companies have taken it upon themselves to consider gender factor in determining premiums. While the female individuals wishing to take the policy are charged fewer premiums, the men are charged relatively high premiums.
The above factors are a clear indicator that highly risky situations are more expensive to insure than the less risky ones. The high cost serves to cover the odds that are involved.