Top 10 things insurance agents look at when you apply

When you apply for any insurance, there are a number of factors that an agent takes into consideration. These factors are what affect the rate of premium, the coverage, exclusions, etc. that are offered in the policy. Some of these factors are not something that you can change or do something about. But it is always a good idea to stay informed about what goes into the making of your insurance policy.

The basic factors that are looked at, when you apply for any insurance policy are:

  • Age: The age of the policyholder is a major consideration in most insurance policies. This factor affects the coverage that is offered, as well as the payable premium.
  • Income: Insurance companies keep in mind the income of any applicant. The applicant’s ability to pay the premiums is an important consideration in this field.
  • Source of Income: Certain occupations are classified as risky by insurance companies. The source of income or the occupation of an applicant plays a major role in the policy coverage that is offered.
  • Gender: A number of policies are available at different rates and coverage for women.
  • Credit Score: The credit score is not just important for money lending institutions. Insurance companies to look at an applicant’s credit history. This history acts as a predictor for any potential payouts.

And what if am buying a certain insurance type?

When it comes to a particular insurance type, there are distinct factors that are applicable to it. For example, your health would not be a consideration if you apply for car insurance. These factors include:

Medical and Life Insurance

  • Health record: This criterion involves a number of aspects like the applicant’s current health, history of health, as well as the weight of the applicant. Health checkups are conducted prior to issuing a health insurance policy to look for any problems that might signify potential health issues.
  • Drinking and Smoking: Considered as ‘dangerous habits’, an insurance agent will always look at the applicant’s smoking and drinking habits. Non-smokers and non-drinkers, as a rule, can avail better premiums for the insurance.
  • Family History: The health history of the applicant’s family is also scrutinized. This is done to rule out the possibility of any hereditary diseases.

Car Insurance

  • Car Type: The major criterion under this insurance is the type of car that the applicant wishes to have insured. This includes the type of car, the year of manufacture, the price of the car, the make, and model, etc. Another factor that is checked is whether the car is second-hand or new.

Property insurance

  • Value: The main thing that is taken into consideration for property/ home insurance is the actual market value of the property, the state it is in, etc. The offered coverage is molded according to the market findings.

Always remember that the eligibility criteria will be a mix of common criteria and factors that are exclusive to the insurance type that you are purchasing. It is these exclusive factors that essentially define your coverage and the premium that you will pay towards your insurance policy.

**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**

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