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
 

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Will your premiums increase?
It depends upon whether you have a “Reviewable” or “Guaranteed” policy.
Is it better to have a Guaranteed or a Reviewable premium?
In the medium to longer term we believe that a Reviewable policy will cost you more than a Guaranteed policy. On the other hand Reviewable policies do have the advantage of a lower premium at the outset and this appeals to many people, especially if budgets are tight.
If you’re asked to supply more information or go for a medical, will the premium increase?
No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.
Do I have to pay the Life Insurance Broker a fee?
Absolutely not! ClickLife, our Partners for Life Insurance, purely work on commission.
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.
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