Facts & Articles On The Different Types Of Insurance

What Makes Life Insurance Premiums Rise?

Life insurance is cheap for those with good health and low risk lifestyles. But if you don't fall into either of those categories, you can expect to pay anywhere from a few pence to many pounds more per monthly for your premiums. Several factors contribute to the amount you pay-some are factors you can control, and some are not.

The Falling Cost of Life Cover

According to analysis by Life Search, the costs of term assurance have been cut by as much as 50% over the past ten years. For ?100,000 worth of life cover, a 35 year old male non-smoker can expect to pay around ?8 per month, while a female will pay just ?7 per month.

The falling cost of life insurance is due in part to the increased life expectancy of both men and women, with women's higher life expectancies giving them access to slightly lower premiums.

So Why Do Some People Pay More?

General population trends such as the tendency to live longer affect insurance premiums across the board. For individuals, much more specific factors affect the monthly cost of life cover, and even though the cost has decreased in general, certain lifestyle and health factors can increase the costs considerably.

For life insurance companies, determining your premium is about assessing your level of risk and assigning a monthly premium cost to match it. In very general terms, the more likely the insurance company believes you are to die while the policy is in effect, the more they will charge you for insurance. Your age, health and lifestyle all affect how much your premiums cost.

Age and Sex

Men pay slightly more than women due to their lower life expectancy. Life insurance premiums also increase with age so the sooner you get your life cover sorted the less it will cost you.

Health & Medical History

Factors such as hypertension, high cholesterol, obesity, diabetes and smoking all influence how much you pay for life cover. In all cases these conditions translate into a higher level of risk for the insurance company because these conditions reduce life expectancy.

Obesity and smoking in particular are expensive in insurance terms. A 35 year old male smoker will pay around ?13-?15 per month for ?100,000 worth of life cover, and obese people can expect to pay around 50% more for their life insurance.

Your family's medical history, as well as your own health, will play a part in determining your premium costs. If conditions such as heart disease, cancer or diabetes are prevalent in your family your insurance costs will rise, even if you yourself have not developed these diseases.

Occupation and Hobbies

The price of your life cover will be higher if your occupation is risky, or if you have any high-risk hobbies such as mountaineering or motor racing.

Overall

Your unique combination of health and lifestyle factors will determine the price you pay for life insurance premiums. If your lifestyle and occupation are low-risk, your health will be the most important factor that determines how much you pay.

Finally, note that being thoroughly honest about your health and lifestyle is crucial when applying for insurance. While factors such as smoking or a family history of diabetes will increase your costs, false information will invalidate your policy.

To learn more ways to keep your life insurance premiums down and get access to discounted cover, visit http://www.life-saver.co.uk.

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