How much will the premium be?

Your premium reflects the level of cover you want and how long you want to be insured for. It also reflects the risk to the Insurance Company that you may make a claim. This risk is conditioned by your age, sex, occupation, health record and life style etc.

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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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.)
Are there any extras to pay?
Definitely not! There are no hidden extras when you buy life insurance through ClickLife our Life Insurance Partner.
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.)
Will you need a medical?
The answer really depends upon your medical history.
What happens If I stop Paying my Premiums?
Your policy will be automatically cancelled. If this is what you want you need take no action and your insurance cover will cease. You have no commitments to make further payments.
When you obtain quotations from various insurance companies, the companies have to make assumptions about you in order to quote. For example, they assume that you are in generally good health for your age, and you have a job and lifestyle that does not expose you to above average risks. For the vast majority of people this is quite true but not for everybody.

Therefore, if you decide to proceed and make a formal Application, you will have to complete a more comprehensive Application form. LifeSearch will help you with this.

When the Insurance Company receives your full application details, they consider whether they still regard you as an average risk. To make this decision they may decide to ask you for more information.

This is when an Underwriter will get involved. They use Actuarial tables and a great deal of experience to decide what level of risk your represent. Actuarial tables represent the Insurance Company’s experience over millions of insurance policies.

If after completing their risk assessment, the insurance company decides that you represent a higher risk, they ask you for a correspondingly higher premium. (This is called “Rating” your premium)

But don’t worry too much. The vast majority of customers end up being charged exactly the same as they were first quoted.

Occasionally, an application will be turned down because the Underwriter judges that the risk is too high. However, this only happens in a very small number of cases.

Frequently Asked Questions related to the above topic.
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