Premium Life Insurance

For us all, our families are the source of all the happiness in life. We do all we can to make our loved ones happy and take care of their needs. When it is about planning for their future in case of any eventuality, life insurance is the most preferred choice. With an adequate life insurance cover, you can ensure your family’s financial well-being, even in the absence of a breadwinner. 

A crucial part of life insurance purchase is to pay premiums regularly to keep the plan active. There are several factors on which life insurance premium depends. Even if you are planning to buy term insurance – the simplest life insurance plan, you should know how to reduce life insurance premium to save on costs.

Factors That Affect Life Insurance Premium


A policy buyer’s age is one of the primary factors that influence life insurance premiums. From the insurer’s perspective, young individuals in their 20s or 30s are less prone to critical illnesses and are most likely to continue with the policy for the time ahead. This reduces their liability at the insurer’s end.

Family History 

Certain hereditary diseases tend to pass on to the next generations of a family. Similarly, people in a family might become vulnerable to specific diseases because of shared lifestyle choices. All life insurance companies consider these risks as a part of family medical history and then offer life insurance plans at pre-determined rates.

Medical Records 

Along with family history, individual medical records also play a vital role in determining life insurance premiums. To check your health status, the underwriting process of most life insurance plans include medical tests. These tests are meant to highlight a clear picture of your health and pre-existing illnesses if any.