Life Insurance Rates and Quotes

Life insurance rates are the payments consumers make towards their life insurance policy in exchange for the coverage the policy provides. You’ll pay for your life insurance policy in monthly premiums: the amount you pay every month to have your life insurance coverage. You may also have the option to pay for your policy annually rather than monthly.

When you request a life insurance price quote from a provider, they'll provide an estimate of how much you can expect to pay for the amount of coverage you’d like. However, many factors go into calculating the final amount, which could be more or less than your original life insurance quote.

Here, we'll run through how life insurance rates are calculated and offer a roundup of the life insurance products AIG Direct has to offer along with their price variances.

How Are Life Insurance Rates Calculated?

Life insurance rates are not only calculated according to the product you choose but also on the length and amount of coverage as well as your specific demographics. Life insurance companies will seek information on your age, medical history, and other lifestyle choices, which are all factors that can impact your life insurance premiums.

Additionally, medical underwriting is a customary practice among life insurance companies. They'll take a look at your medical background, lifestyle, habits, demographic information, and may ask you to take some medical tests. Then, they'll perform statistical analysis to assign you a rate class, which will help shape your life insurance rates.

For example, when calculating life insurance rates, providers will take a variety of health and wellbeing factors into consideration, such as:

• Age:
  Calculating life insurance rates by age is commonplace. The longer you wait to secure life insurance, the higher your rate is likely to be.
• Gender:
  Women may have lower monthly premiums than men because they are more likely to live longer.
• Medical history:
  More often than not, providers require medical screenings to assess your general health and any pre-existing medical conditions. Certain life insurance products, such as Guaranteed Issue Whole Life Insurance, don't require you to meet any health qualifications to be eligible for a policy.
  – To get a complete picture of your health, life insurance providers also examine the health of your immediate family. Providers will usually ask about any history of illness in your family so that they can understand and evaluate any risks to your health over time.
• Body Mass Index (BMI):
  Calculating a person's BMI is a common method of gauging their measure of body weight and is often used by providers when evaluating life insurance monthly premiums.
• Lifestyle choices:
  Life insurance providers will also evaluate your lifestyle choices, such as your profession and its associated risks, the health of your driving record, your hobbies, and your smoking habits.

How Much Are Life Insurance Product Rates?

Here's a breakdown of AIG’s life insurance products and how their rates* compare:
*Rates below reflect pricing in the Preferred Plus rate class