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How does age affect my Life Insurance premiums?

Age is one of the most important aspects that affect life insurance premiums. (Other main aspects include the level of cover you want, whether you are male or female, your job, whether you smoke and your health record.)

When an Insurance Company considers whether to accept you application it needs to assess the chances of their having to pay out on your policy. After all, their business needs to make a profit and they can only achieve that if they receive more in premiums than they pay out in claims.

It follows that the older you are, the more likely you are to become seriously ill or die. Insurance Companies looks at your age in two ways – your age when you apply and your age when the policy expires. This is your age range during which the insurance company is at risk of having to pay a claim. Basically, the longer and older the age range is, the higher the insurance company’s risk and the higher will be your premiums.

Most Insurance Companies will insure you up to the aged 65 but few will go beyond. Almost none will insure over the age of 70.

The following Frequently Asked Questions are related to the above topic. You may care to read them: -

Will my medical history influence my premium?
Is the quoted price the same as the price I get charged?
life insurance

Questions we get asked about Life Assurance

What is the difference between Life Assurance and Life Insurance? | What is a Whole of Life policy? | When might I want Life Assurance as opposed to Life Insurance? | What are the alternatives to Life Assurance? | How can I cash in my Life Assurance policy? | How can I buy a Life Assurance policy?

Questions we get asked about Life Insurance and other protection insurance

Why are life insurance prices so low on the Internet? | What is the difference between a Life Insurance Company and a Life Insurance Broker? | Can I get a Quote now online? | Is the quoted price the same as the price I get charged? | What is a “Rated” policy? | Can Life Insurance cover be arranged quickly? | What does Life Insurance do? | What is the difference between a Reviewable and a Guaranteed policy? | What are the most common optional extras available on life insurance policies? | What does “Term Insurance” mean? | What does “Level Term” insurance mean? | What does “Decreasing Term” insurance mean? | What does Mortgage Life Insurance do? | What does Mortgage Payment Protection Insurance do? | Redunancy Insurance Cover | What does Family Income Benefit Insurance do? | What does Income Protection Insurance do? | What does Critical illness Insurance do? | What does Terminal Illness Insurance do? | How does age affect premiums? - Will my premiums increase over time? | Will my medical history influence my premium? | Do I need a medical? | Life Cover | Are smokers charged more? | Are there any extras to pay? | If I die, how is a claim made? | Is a UK Life Insurance policy valid if I work abroad?