Does your age affect your premium?

Yes, your age is one of the most important aspects that determines your premium. (Other important aspects include the level of cover you want, whether you are male or female, whether you are a smoker, your occupation and health record.)

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

Why are the insurance prices on the Internet so low?
The Internet is undoubtedly the cheapest marketplace to buy insurance. There are two main reasons: -
If my premium is “Rated”, what does that mean?
If your premium is “Rated” it means that the insurance company will only agree to insure you if you pay a higher premium than the one they originally quoted. This happens because, following receipt of your Application and any follow-up information they required, the insurance company believes you to represent an above average risk. (In extreme situations they will simply decline to insure you.)
If your insurer asks for a higher premium because you are Rated, is it worth applying to another insurance company?
We do not think so. Why? Read on.
Can life insurance be arranged quickly?
The short answer is that the speed depends upon your personal details.
What causes delays and can delays be reduced?
The most common cause of delay is enquiries about your health.
When an Insurer considers whether it will insure you, it needs to assess the likelihood of you making a claim. After all, their business is to make a profit and they will only do that if they receive more in premiums than they pay out in claims.

Clearly, the older you are, the more likely you are to die or to become critically ill. Therefore, the Insurance Companies looks at your age from two viewpoints - the age you are when you first take out the policy and your age when the policy is due to terminate. This represents the age range during which the insurance company is at risk of having to meet a claim. Basically, the longer and older the age range, the higher the risk to the insurance company and this is reflected in higher premiums.

Almost all life insurers will insure you up to the age of 65 but very few will go beyond. Some will insure you to 70 years of age but if they agree their rates will be extremely high.

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -