Affordable Term Life Assurance

Term life cover is as economical as it’s ever been- particularly for women and the young.

If you really want affordable term life assurance, then give up smoking- it affects premiums by up to 25%. You can’t do much about the other factors involved in term life cover pricing: namely your sex, age and, occasionally, profession. On the plus side, term cover is currently remarkably cost-effective.

These days, unless you’re in your 40’s or older, all term life assurance is affordable term life assurance. The cost of these policies has shrunk by up to 50% in the past few years, for two reasons. Firstly competition in this market has pushed prices down. And secondly, people are surviving for longer than the life insurers expected. The battle against key diseases has yielded longer survival rates than previously estimated, and therefore there are fewer insurance payouts.

In later life, premiums do tend to increase dramatically, because of course there is more chance of your passing away by the end of, say, a twenty year term from age 45 than from age 25. Even so, there’s no excuse for skimping on your search for affordable term life assurance- in our tests there was a difference in price of over 50% between just the top fifteen best buys. That 50% is an even wider margin in real terms for older buyers who can expect to pay a little more.

If you really want affordable term life assurance, then give up smoking. Most companies consider you a non-smoker if you have not touched a cigarette for twelve months- your reward will be at least a 25% reduction in premiums; and the very fact that insurers think you’re 25% more likely to die early should be incentive enough for you to give up!