Welcome to Quotacy’s Q&A Friday where we answer your life insurance questions. Quotacy is an online life insurance agency where you can get life insurance on your terms. I’m Jeanna and I’m Natasha. Today’s question is: what determines how much my life insurance will cost? Well, when it comes to cost, whether you’re buying a permanent life insurance policy or term life insurance policy makes a big difference. And because permanent policies are far more complex than term let’s just stick to talking about term life insurance today. No two people are the same. So, Jeanna, if you and I were to buy the exact same term life insurance policy chances are we’re going to be paying different premium amounts. The main factors that go into determining your cost are your age, your health, your gender, and your lifestyle. Let’s break these down. Sounds good. Well, age is kind of obvious. The older you are, the more you’re going to pay for life insurance because the older you are, the closer you are to death. So the higher the chances the life insurance company is going to pay out that big death benefit sooner rather than later. Gender plays a part because women pay less than men. Statistically, women live longer than men. So, again, men pay more because the chances are higher that a payout will happen sooner rather than later. Your health is arguably the biggest factor in determining your life insurance costs. The most common factors we see here at Quotacy are sleep apnea, diabetes, depression, and high cholesterol. But just because you have a medical issue doesn’t mean you can’t get life insurance coverage. The severity of your condition and how well it’s managed is going to play a part in what risk class you’re put into. Your family’s health history is also taken into consideration. If anyone in your immediate family your mother, father, brother, or sister has been diagnosed with any serious conditions such as coronary heart disease, cancer, or diabetes the life insurance underwriters are going to take a closer look at your medical profile. And earlier Jeanna mentioned that your lifestyle can affect your pricing. And when we say lifestyle we mean your job, hobbies, whether you use marijuana, your driving record, and maybe if you have a history of bankruptcy. And when we say hobbies life insurance companies don’t care if you needlepoint or play Dungeons & Dragons. The hobbies they care about are the more risky hobbies like rock climbing, backpacking in remote regions, and scuba diving. Because so many factors come into play when you apply for life insurance applying with an agency that works with multiple life insurance companies is going to be your best bet at getting approved at an affordable rate. And not a life insurance companies underwrite the same way. For example, marijuana use is viewed very differently between different insurance companies. While one company may approve a recreational marijuana user with a standard smoker rate, which means you’re paying the same amount as a cigarette smoker, another company may approve you as a nonsmoker. It definitely pays to work with the company that will give you options. Quotacy is a life insurance broker, which means we’re not tied to any one life insurance company. We’ll take a look at your application and make sure the company you want to apply to is going to give you the best options. Thanks for watching! If you have any questions about life insurance make sure to leave us a comment. And if you have any questions regarding today’s topic check out the blog link posted below. Otherwise, tune in next week when we talk about how to buy life insurance to cover your final expenses. Bye!