Term life premiums

How high should your term life premium be?

When it comes to term life insurance, changing jobs, getting healthier and adopting new hobbies can all work to your advantage. Those are some of the criteria insurance company actuaries use to decide how high your premium should be. Term life insurance gives your beneficiary a predetermined death benefit if you die within a certain period of time, usually 10, 20 or 30 years. Annual premiums depend on the classification you’re assigned. “Classifications are pools of policyholders who represent different levels of risk,” says Chad McCloskey, president of Vivo Livre, a financial planning and consulting firm in Newbury Park, Calif. “The more risk you represent, the worse your classification...

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