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What are the factors that determine how much life insurance will cost?

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What are the factors that determine how much life insurance will cost?

This interesting question is from Insurance topic

The question was asked during an internship interview.

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What are the factors that determine how much life insurance will cost?

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Right answer is: Age and gender are the primary pricing factors. With the help of actuarial statistics, these determine your life expectancy. The death benefit you need is the next greatest factor. If you need $25,000 in coverage, you'll pay a much different premium than someone who needs more than $1,000,000.

The title of my answer can be The Hidden Factors That Determine Your Life Insurance Rate

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asked Feb 26, 2022 in Insurance by Jefem (82.5k points)
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