Life Insurance Quotesuser2024-02-24T13:19:39+00:00
Life insurance protects your family for when you are not around. Compare Insurance will search the market and find the best possible quote for you to assure your family are in the best possible position.
Don’t wait until it’s too late, get in touch today for a free life insurance quote.
What factors influence the cost of life insurance?
The type and amount of life insurance that is right for depends on your personal circumstances and it is not always best to be guided by price alone. However, these factors will affect how much you pay for your life insurance policy.
Premium prices are affected by the level of life cover you choose. The amount of the lump sum you wish to receive, as well as whether your policy covers one or two people ie. single life cover, joint life cover, or dual life cover will affect the price you pay for life insurance.
If you chose additional options with , for example convertible cover or indexation you will pay more for your life insurance policy.
Generally, a level term cover will cost more in monthly premiums than decreasing term cover. Level cover means that your policy will pay out a fixed amount whenever you die during the term. Decreasing term cover means that the policy pays out less as the term goes on.
Whole of life insurance, or life assurance, which guarantees to pay on your death as long as you pay your premiums, is generally more expensive than term life insurance.
Additional cover like specified illness cover or income protection insurance, bought in conjunction with life insurance cover, will also increase the amount you pay.
Generally, the longer the term of your life insurance , the more you are likely to pay. This is because you will be older will the term ends in the policy. The term you choose depends on your circumstances, like for example, the ages of any children you have and when they may be financially independent, or the age at which you expect to retire.
You will need to mention any pre existing health conditions to your insurer and they may ask about your personal medical history as well as your family history as well. Having recovered from cancer, for example, will affect whether you are offered cover and your monthly premium.
Chronic long- term conditions you have been diagnosed with will also affect the price you pay for life insurance and you may also face exclusions in your cover.
If you are smoker, even an occasional smoker, or you vape, you can expect to pay significantly more for life insurance than a non smoker. Generally, your premium will be double that of a non smoker. It is also wise to be honest about your smoking, as your cover may be invalidated if you give your insurer false information.
Life insurance pays a lump sum which will help your family or dependents with immediate financial concerns eg. funeral costs, as well as provide financial support with ongoing expenses in the short or medium term eg. education fees.