What Affects Your Insurance Premiums?

When you purchase insurance, your premium—the amount you pay for coverage—is determined by several key factors. These factors may include your age, health, lifestyle, and the type of coverage you require. Insurance companies evaluate these elements to assess the likelihood of a claim and adjust your premium accordingly.

Your age is one of the most significant factors that impact your insurance premiums. Generally, younger individuals tend to have lower premiums as they are considered less risky by insurance companies. However, your premium may increase as you age due to a higher likelihood of health issues and potential claims. For example, life insurance premiums typically increase significantly after age 50.

Your current health status plays a crucial role in determining your insurance premium. Suppose you have a pre-existing medical condition or engage in high-risk activities such as smoking or extreme sports. You might pay a higher premium or even be denied coverage entirely.

In addition to age and health, other factors that impact your insurance premium include the type of policy you choose, the amount of coverage you need, and your location. For example, you may pay more for homeowners’ or car insurance if you live in an area prone to natural disasters or with a high crime rate.

Insurance premiums can vary significantly between providers, as each company evaluates risk and sets pricing differently. That’s why no two quotes are ever the same. At Brennan & Stuart, we understand that navigating insurance options can feel overwhelming, but it doesn’t have to be. Your premium is influenced by straightforward factors such as age, location, coverage selections, and credit history.

Let us simplify the process for you. Contact Brennan & Stuart at 815-223-0137 for expert advice and personalized insurance solutions that meet your needs and budget.

Brennan & Stuart

222 Bucklin Street

La Salle, IL 61301

815-223-0137

www.brennanstuart.com