Some factors that affect the rates for Lincoln Heritage life insurance include age, medical history, gender and occupation. Lincoln Heritage specializes in providing life insurance coverage to American families, notes the Lincoln Heritage Life Insurance Company.
Each insurance company makes initial assessment of its clients and sets the premium rates, depending on the following factors.
Seniors are often required to pay more than individuals who are still young. This is because young people are likely to live longer, meaning they are likely to pay their premiums for an extended period of time.
Female customers are likely to pay lower premium rates because statistics show they have a longer lifespan than men, notes Insurance Hotline. Lincoln Heritage life insurance rates are bound to be higher if the client has a medical history of serious diseases. Health issues are considered high risk because they can lead to death much faster.
Individuals that engage in activities, such as smoking and frequent alcohol consumption, may be required to pay higher rates. Both of these activities endanger the life of the client, which is why the premiums go up.
In certain instances, the occupation of the client is likely to affect the premium rates. If the work involves high-risk activities, the company may charge higher rates.