Pay a sum of money to an insurance company, and you get a bigger sum in return if bad things happen to you. That’s how insurance works, generally. We previously wrote about the different kinds of insurance premiums there are, and the modes of payment. However, have you ever thought about what affects the premiums for your plans? In this article, fundMyLife lists the factors that affect your insurance premiums.

Age

There’s a commonly touted saying that you should get your life insurance while you’re still young. When you’re young, there is a lower risk that your insurance company will pay you any time soon. On the other hand, once you’re older, there’s higher risk for the insurance company to need to pay out. As such, you would need to pay relatively higher insurance premiums if you get your …

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