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Different Life Insurance Rates From State To State

Life Insurance | Comments Off

Regardless of your age, life insurance is a necessary investment that will help protect your loved ones financial future. In order to acquire a cheap life insurance policy that provides the appropriate amount of coverage that meets your needs, it is important to understand why life insurance rates vary from state to state.

There are a number of reasons why the cost of life insurance varies among states. Each state has its own insurance codes that regulate life insurance policies. States use the codes to regulate claims and provide certain provisions to protect their residents. Each state regulates such aspects as when a claim must be paid out following a death and the time period that is allowed for a person to cancel a policy without incurring a penalty fee. As well, insurance companies also look at a number of research statistics that will help them assess the risk of death. Such statistics can include: the population rates of such health conditions as obesity, cancer, diabetes, heart disease, strokes…etc. As well, they also look at the rates of external influences causing death that can include the murder rate and car accident rate where one resides. The higher the rates of acquired illnesses causing death, then the higher the life insurance rates will likely be. If you live in a state with a low life expectancy rate, you will pay more for your life insurance premiums.

To counter the low life expectancy rate in order to acquire affordable life insurance, one can take a number of measures that puts them in a low risk category such as eating healthy, exercising, and making sure they maintain regular doctor check ups so as to detect any early stages of disease such as breast cancer and heart disease. No matter what state you live in, it is important to comparison shop in order to find the cheapest life insurance policy.