A more thorough explanation:

Definition: A risk factor is an estimated cost of present and future claims based on a mortality table used in life-insurance ratemaking. It is one of the elements that a life insurer uses to calculate premium rates.

For example, if a person has a high risk factor due to their age, health, or lifestyle choices, they may have to pay a higher premium rate for their life insurance policy. This is because the insurer expects to pay out more claims for that person based on their risk factor.

Another example of a risk factor is a person's occupation. If someone works in a high-risk job, such as a firefighter or construction worker, they may have a higher risk factor and therefore a higher premium rate for their life insurance policy.