Whole life insurance is a fundamental, basic, and smart option for everyone – married people and single people alike. For married people, whole life insurance means a secured family and no-dependant-left-behind. Unlike a conventional wisdom, single people, too, need a sound life insurance policy, because troubles may always happen and they do not make a difference between old and young, healthy and sick people. So whole life insurance is a wise policy. And because it is a wise option, and also because it is a sound investment option that pays off well better than bonds, details of very specific nature matter a great deal here. Here is how some details may have an effect on the whole life insurance rates.
Consider, for example, the age factor. Normally, although not necessarily, whole life insurance rates increase as the client gets older. Health conditions, including but not limited to-chronic conditions, tobacco smoking, etc, directly effect the premiums paid monthly. Gender, then, clearly matters: from the statistical perspective, women live longer, so normally the costs they pay are lower than those of men. Finally, occupation matters: there is a big difference between being, for example, a hotel receptionist and a police officer, because risks vary, and so do the premium payments. Thus, there are many factors directly influencing the whole life insurance rates and they need to be carefully considered.