ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The younger you are, the lower your payments. Gender is also a key factor in life insurance cost as women generally live longer than men. Insurance companies consider your health, lifestyle, family medical history, driving record, and whether or not you smoke.

Detailed explanation-2: -Gender disparities exist throughout society and can even appear in the life insurance industry. On average, men carry life insurance policies worth nearly twice as much as their female counterparts, according to a Haven Life survey.

Detailed explanation-3: -What age group buys the most life insurance? Young adults aged 18 to 34 are the most likely to buy life insurance, followed by 35-to 44-year-olds. This may be because young adults are starting families and want to ensure their loved ones are taken care of financially if they die prematurely.

Detailed explanation-4: -Answer: Married couples should consider purchasing sufficient life insurance so that the surviving spouse can continue paying living expenses, pay off or pay down debt, pay off the mortgage, fund your children’s college education, and invest for the surviving spouse’s retirement.

Detailed explanation-5: -Age. Your date of birth is the top factor affecting your life insurance premium. Gender. Women tend to live longer than men. Health History. Family Health History. Smoking. Hobbies. Occupation. The Policy. 04-Aug-2020