When you apply for a final expense insurance policy, the insurer will evaluate several personal factors to determine your risk level and the likelihood of you making a claim. These factors will impact the insurance rates you are quoted. Here are a few common factors that insurers consider:
- Age: Generally, younger people are considered at higher risk than older people. It is particularly true for regular auto and commercial auto insurance, where younger drivers are statistically more likely to be involved in accidents.
- Health: If you’re applying for health or life insurance in Miami, Florida, your current health status will be a major factor in determining your rates. People with pre-existing medical conditions may be considered higher risk and pay higher premiums.
- Driving record: Your driving record is a major factor in determining your auto insurance rates. If you have a history of accidents or traffic violations, you may be considered a higher risk and pay more for coverage.
- Credit score: In some states, insurers are allowed to consider your credit score when determining your rates. People with lower credit scores may be considered higher risk and pay more for coverage.
- Location: Where you live can also have an impact on your insurance rates. For example, people who live in areas with high traffic may pay more for auto insurance in Hialeah, Florida.
It’s important to note that it’s always a good idea to shop around and compare quotes from multiple insurers. By understanding the personal factors that impact your insurance rates, you can make informed decisions and find the right coverage at the right price. J.E. Insurance Associates DBA Amco Insurance will help you get there.
We also assist with Obama Care in Homestead, Florida.