Personal Risk Factors Influencing Your Life Insurance Rates

Life insurance is costly as is, and there are many factors that are taken into account when determining your monthly rates.

When you apply for a life insurance policy, your insurance company will want to gather as much personal information about you as they can, and they will give you a quote that’s based on many personal factors.

If you want to get the best life insurance Ontario companies have to offer, keep in mind your own personal risk factors so you’ll know what to expect.

Overall Health Condition

Many insurance companies will ask you to have a full medical and physical check-up when you apply for a specific life insurance policy. You’ll have to fill out a questionnaire where you’re required to disclose any existing or past conditions, and your family’s medical history.

If you have a higher risk of developing certain conditions, your life insurance rates will go up.


Another factor influencing the amount of your life insurance rate is your occupation. Low-risk jobs will usually get more affordable quotes.

If you’re working in a field that’s considered to be highly hazardous or extremely stressful, your premium is likely to be much higher.

Those in agriculture and mining, for example, or people working as aircraft pilots, truck drivers, or construction workers will get higher rates because of the associated risks.

Of course, the insurance company takes into account the risks related to your specific job, so if you’re in the mining industry for example, but work as an accountant, your perceived level of risk is much lower.

High-Risk Activities

If you’re a thrill-seeker, interested in activities like bungee jumping, skydiving, or any other extreme sport, you might not be eligible for a life insurance policy. Many insurers will flat out deny to insure you, or will give you very expensive insurance rates. Some companies do provide coverage for such pastimes, just be prepared to pay more.


One of the more important factors that influence your life insurance rates is your specific lifestyle. Any lifestyle that can come with increased medical costs will get you higher rates. So, if you’re a smoker, drink alcohol, or use drugs, your quote will be much higher.

On the other hand, you might get reduced premiums or discounts if you lead a healthy lifestyle and are in good physical shape.

It’s in your best interest to be honest with your insurer and let them know of any personal risk factors you may have because otherwise they can cancel your policy without a refund or reject the claim even if you’ve been paying your premium.

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