5 Things That Could Cause Your Life Insurance Premiums to Rise

These factors could make life insurance more expensive.

If life insurance were free, everyone would probably have it. But unfortunately, there's a cost to procuring life insurance, and that cost can vary based on a number of factors, some of which may be out of your control. Here are five things that could leave you stuck with higher premium costs for your life insurance policy.

1. Your age

The older you are, the more likely you'll be to get stuck with higher premiums on a life insurance policy. That's why it often pays to apply when you're relatively young.

That doesn't necessarily mean you should rush out to get a policy in your early 20s if, at that point, there's no one in your life who depends on you financially. But could it pay to get a policy in your mid-20s if you're married or help support your parents or siblings? Absolutely.

2. Your health

Being in poor health could result in higher life insurance premiums. That's because poor health makes it more likely that your insurance company will actually have to pay out on your policy.

There are steps you can take to improve your health and potentially snag lower premium costs. These include losing weight if your current weight is higher than what your physician recommends, quitting smoking, and taking steps like exercising to lower your cholesterol.

3. Your job

Some jobs are more dangerous than others by nature. If you work in a field that's considered hazardous, it could result in higher premium costs.

Say you're an accountant who works in an office crunching numbers. That probably won't cause your life insurance costs to rise. But if you're a construction worker, that's a different story.

This isn't to say you should quit your job and find a new field to work in because the potential for higher life insurance costs exists. Rather, you should be aware of the costs you might face.

4. Your family medical history

If you have health issues in your family, you may get stuck with higher life insurance premiums. Unfortunately, there's not much you can do about that situation. But what you can do is focus on presenting yourself as a healthy candidate to help compensate for a family medical history that makes higher costs more likely.

5. Your gender

Women, statistically speaking, are likely to outlive their male counterparts. As such, women are also often privy to lower life insurance premiums because they often end up paying those premiums longer. And so if you're male, you may get stuck with higher costs by virtue of your gender.

While life insurance may seem like yet another expense you have to pay for, it's an important one to prioritize in your budget. Without a policy, you may end up leaving the people you care about in a financial lurch in the event of your untimely passing. And so it's worth buying that coverage, even if it means having to cut back in other spending categories to make it work financially.