Life Insurance premiums can vary depending on the policy and your personal details at the time of taking out the policy. Your insurance premium will be calculated taking into account factors such as your age, weight and medical history.
Similarly, your life choices will also be taken into account. An important consideration is the job that you do. For example, someone who spends their days working in an office will likely pay a lower premium than someone, such as a construction worker who has a high risk job and should probably invest in disability cover. The same applies to life choices you make on a daily basis. If you’re a smoker, you’ll pay a higher rate than you would if you don’t smoke.
It’s good to bear in mind that because you can change your life choices at any point, your premiums are just as flexible. If you change your habits, then your cover and premiums could be affected. So, if you start or stop smoking, join or stop a high risk sport or activity, or change from one type of occupation to another, be sure to inform your insurance provider.
More and more companies are now offering insurance quotes directly to the public. This is advantageous because you can speak directly to the company that’s providing your cover to ensure that you understand exactly what you’re buying. The provider of your choice should be able to inform you of their different insurance portfolios such as critical illness cover and help you choose the best option for you as well as premium.