How Does My Credit History Affect My Life Insurance?

Life Insurance and Your Credit Score 

When insurers are determining your life insurance premiums, they will look at a range of factors. Your income, finances, family’s needs – and credit history. That’s right, your credit history reveals a lot of information about how you handle your financial responsibilities, and life insurance agents make the most of this.

Why might life insurance companies check your credit history?

During the underwriting process, many insurers analyze self-reported lifestyle and health information and pair it with third-party data sources that provide insights about your previous applications for life insurance, driving records, and more. Insurers will look at your credit history specifically to see if you have ever filed for bankruptcy. Although this happens for many reasons behind your control, it could indicate to insurers that individuals have gone bankrupt because of medical bills.

Your credit history impacts not only your life insurance premium, but your loans and financial opportunities. With that in mind, it is good sense to take the time to look over your credit history yourself to see if there are any mistakes. Dispute errors as soon as possible before you apply for life insurance coverage.

When you are looking for reliable life insurance at an affordable rate, don’t hesitate to contact the team at UniVista Insurance Hialeah|Cutler Bay. Your needs are our first priority, and we look forward to working with you!

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