Calculating Life Insurance Premiums
If you’re applying for life insurance, you’ll likely be asked a variety of questions about your health and medical history. You will also likely have to undergo a physical exam before an insurer will issue you a policy and final quote. This is because life insurance premiums are calculated after looking at an individual’s health risk factors, such as tobacco use, cholesterol level, obesity, diabetes and family history. Modifying controllable health and lifestyle factors will reduce your life insurance premium, in addition to making you healthier. 
Ways to Keep Your Costs Down
Do you have family members who nag you about exercising more, eating healthier, quitting smoking or lowering your blood pressure? It might be time to start listening to them. After all, living an unhealthy lifestyle and being diagnosed with preventable complications (e.g., smoking-related asthma) will only increase your premium.
There are health factors that you can alter to lower your premium. For instance, you could:
- Limit your alcohol consumption
- Maintain a well-balanced diet
- Improve your cholesterol levels
- Take your medications regularly
If you have taken the steps to improve controllable health factors since obtaining your life insurance policy, such as quitting smoking, you should contact the insurance company and ask about lowering your premium.
What Happens If You’re Not Truthful?
If you are not completely truthful about your medical history, you may lose your policy or, when you die, your dependents may be denied benefits. Therefore, it is imperative that you tell the truth throughout this process.
In regards to the examination process, a medical professional hired by the insurance company will typically conduct the exam. This person will check your weight, blood pressure and other vital signs. After this process, the insurance company will determine your premium.