Life Assurance Cost

The factors which .affect the cost of life assurance.

Plenty of factors affect the life assurance cost you’ll incur each month. Some you can’t change (like your age) but you can certainly give up smoking! Rates vary wildly, so keep an eye on the market and do your homework!

There’s no substitute for proper financial advice, but for the purpose of simplicity, your life assurance cost is pretty much dependent on these factors:

The amount of cover you require
The number of persons covered
The type of cover you require- do you want a lump sum when the policy matures, or a regular income?
Your age and sex-older people pay higher premiums, men pay higher premiums
Whether you smoke generally smokers pay a surcharge of up to 50%
Your medical history and current health record
The length of cover required, if term assured.
Your occupation- steeplejacks tend to be a riskier bet and therefore attract a higher life assurance cost than office workers!

But within those constraints, you’re still well advised to shop around: premiums can vary by up to 20% or more; and also change over time, so there’s every reason to re-investigate your life assurance cost every five years or so.