Senior Living Guide6/9

What actually drives the price up

Four factors matter most: age at application, current health and medical history, how much coverage (face amount) you choose, and tobacco use. Applying younger and healthier generally means a lower rate locked in for longer, which is why waiting rarely helps.

Guaranteed-issue and heavily simplified policies tend to cost more per dollar of coverage than fully underwritten ones, because the insurer is taking on more unknown risk. A policy that looks cheap on the surface can still deliver less benefit for the premium than one that asks a few more health questions.

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