Surveys show consumers understand many of the basics of life insurance, but not the finer details.
For example, people know things like tobacco use and their age will impact their premiums.
But many don't know factors like family health history play a role in determining costs as well.
Other issues, such as their lifestyles or driving records, may also be considered when insurers set rates.
In general, life insurance costs tend to spike between ages thirty and forty, and especially between forty and fifty. That's particularly true for smokers.
As a result, people should seek life insurance at relatively young ages, when they're in good health. Doing so may help them save thousands of dollars over the life of term coverage.