You want to buy a whole life insurance or term life insurance. How do you determine the monetary value of the insurance you are buying, I mean how much money should you insure for your term life or whole life. Let say you are insuring your house or a car, how do you determine how much coverage should you get. Well, the protection amount is determined by various factors. For life insurance, your age and health conditions are most important factor, and for non life, the condition of the subject is important. How much premium you should be paying depend on the value of your insured item and the coverage you choose. You pay more for full coverage, and pay less for partial coverage.
How To Determine Your Insurance Premium Cost
- Thread starter Mika
- Start date
There isn't a uniform or a universal way to determining the cost of insurance and different insurance have different metrics they use to determine your insurance costs.
For example a health insurance will be determined based on your age, medical history and your credit score, while if you're getting an auto insurance it will be determined based on your car model, your driving history, where you live that is your whether it's urban or a rural area and also your credit history.
Your type insurance determines the requirements that'll be asked for your insurance, it might overlap but they're quiet differe nt.
For example a health insurance will be determined based on your age, medical history and your credit score, while if you're getting an auto insurance it will be determined based on your car model, your driving history, where you live that is your whether it's urban or a rural area and also your credit history.
Your type insurance determines the requirements that'll be asked for your insurance, it might overlap but they're quiet differe nt.