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How Insurers Calculate Premiums

Ever wondered why your life insurance policy costs as much as it does? Or why the cost of your existing policy might be changing?

We’ll go through the kinds of things that insurance providers take into account when working out the cost of the policies they offer, and in doing so show you how you might be able to keep costs down wherever possible.

Your Health and Age

As with any other kind of insurance, the higher the risk of the company having to pay out, the more the policy will cost.

If you have any existing health conditions, or have had any serious illnesses in the past, your premiums will be more expensive than they would be otherwise. Any potentially hazardous aspects of your lifestyle, such as whether your smoke or whether you regularly involve yourself in any dangerous past times like BASE jumping will also affect your premiums.

Also taken into account will be any family history of serious illnesses like cancer or diabetes, where an increased risk of contracting them can be inherited. Different insurers will approach these in different ways though and some will not be interested in family history at all, so always make sure you read the policy small print.

You should never be tempted to withhold any information about any illnesses or conditions you have or have had though as doing so may invalidate your policy altogether. While insurers will make every effort to ask all of the questions they can to ascertain all of the relevant information, the onus is on you as the policy holder to be absolutely transparent.

Since the older you get, the close you are to the end of your life, life insurance policies tend to cost less if you open them when you are younger. Of course, the longer you have the policy open for, the more you will pay overall in the long run, but if you start it when you are younger you will be paying less each month than if you start it when you are a pensioner, for example.

Length of Cover

If you choose a fixed term life insurance policy for, say, 25 years, then your premiums will be cheaper than they would be on a whole of life plan that assures you a pay-out in the event of your death, whenever this may be.

Most whole of life policies will come with premiums guaranteed for a set amount of time (often 10 years), after which they are subject to review and may increase based on any health problems you may have contracted during the set period.

Size of Pay-Out

Fairly straightforwardly, the more you want your insurance policy to pay out, the more expensive your premiums will be.

One option when taking out a life insurance policy is to opt for increasing or decreasing pay-outs. If you’ve taken out your policy to pay off a loan or mortgage whereby what you have to pay off decreases over time, then you might want to opt for a decreasing pay-out insurance policy.

Joint Cover

Many couples opt for joint life insurance policies that pay out whenever the first partner passes away. Such policies come with higher premiums than others, given the increased risk of a claim, but of course the cost is shared between the two of you, so these policies are often a financially viable option.

Optional Extras

There are various extras you can choose to add on to your life insurance policy that will increase the cover offered along with the cost.

For example, critical illness cover will protect you in the event that you should contract one of any specified illnesses, paying out if you are unable to earn as a result.

The same goes for income protection insurance and other payment protection insurance options.

Compare Life Insurance Quotes Online

All of the things mentioned above will affect the cost of your life insurance policy, for better or for worse, but whatever your situation, whatever your age and whatever you choose to add on to your policy, one sure way to make sure you get the best quotes around is to compare policies online.

By using our life insurance comparison service, you’ll have your pick of some of the best quotes on the market at no extra cost to yourself, allowing you to get the peace of mind associated with a solid life insurance policy without having to break the bank.

Why do I need Life Insurance?

Life Insurance is designed to pay out a lump sum to your relatives or other beneficiaries in the unfortunate even of your death, offering peace of mind and financial security at the most difficult of times.

  • Mortgage Protection
    Peace of mind that if the worst happens to you, your family won’t lose their home.
  • Income Protection
    Maintain your family's standard of living by replacing any lost income.
  • Funeral Expenses
    Don’t let your loved ones shoulder the burden of funeral expenses & medical bills.
  • Your Children's Education
    It's never been more important to have money available for your children's future, even if you are not there to see it.

General Advice

Life insurance is an important product and when you're searching around for policies, it's important that you get it right.

Read through our comprehensive guides to find out all about what life insurance entails, as well as about the different types of policies and optional extras that are available.