How might your life insurance premiums depend upon when you initially purchase the policy?

The age you are when you purchase life insurance is the biggest factor in how much you will have to pay. The premium amount typically increases about 8% to 10% for every year of age. The older you are, the more expensive you are to insure. When you are in your 40s, your rates increase from 5%-8% and when you are over 50, your rates increase by 9%-12% each year.

Step-by-step explanation:

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ankitprmr2 ankitprmr2 · Answer 2 · 2021-10-03T10:36:44+02:00

Answer:

The Life insurance premium totally depends on your age when you will be purchasing it.

Step-by-step explanation:

Age is a significant factor in purchasing the policy. Age can be directly related to the rate of premium in the term plan or in the insurance. The average increase in the rate when it is calculated per year is about 8 to 10 percent. {Told by Ted Bernstien}.

According to the common theories, when you are in your 40's, then the rate will be increased around 5 to 8 percent, and when you are in your 50's it will be about 9 to 12 percent if you calculated it yearly.

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