What factors are considered when determining life insurance premiums?

When determining life insurance premiums, several key factors are taken into consideration. Firstly, the applicant's age plays a significant role, as older individuals typically face a higher risk of mortality. Secondly, the overall health and medical history of the insured person are assessed, including any pre-existing conditions or lifestyle choices that may impact their life expectancy. Additionally, lifestyle factors such as smoking, alcohol consumption, and participation in hazardous activities are considered. The insured person's gender also plays a part, as statistical data suggests that women tend to have longer life expectancies. Lastly, the desired coverage amount and the length of the policy are taken into account. All these factors collectively determine the premium amount, ensuring a fair assessment of the risk involved for Lincoln National Life Insurance.