Age and health
Younger applicants and more favorable underwriting classes generally have different pricing than older or higher-risk applicants.
Guardian Life & Wealth
Life insurance education
What affects the cost of life insurance?
Premiums can vary based on age, health, tobacco use, coverage amount, duration, product design, underwriting class, and carrier pricing.
Cost factorsWhat affects the cost of life insurance?
Common pricing inputs
Coverage and duration
Higher death benefits, longer terms, and permanent coverage structures can materially change premiums.
Product design
Term, whole life, and other permanent policies are priced differently because their benefits, guarantees, and cash-value mechanics differ.
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Educational content only. Insurance products, underwriting, premiums, contract provisions, exclusions, riders, availability, and guarantees vary by carrier, product, state, and applicant. Guarantees depend on the claims-paying ability of the issuing insurer.