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  Category: Articles » Finance » Insurance » Article
 

Life Insurance Rates




By Matthew Bourne

Life insurance at the present time is very affordable. Competition in the life insurance market together with the cost savings that life companies are making by operating on the Internet has depressed insurance rates, bringing them down to historic low levels. For a healthy non-smoker in their 20s, life insurance rates can in fact be as cheap as £5 per month!

However, there are many factors that influence the final outcome of the life insurance rates for any one individual. Everything from hereditary diseases to diet will figure and, depending upon the answers that we give to the insurance company, will see our life insurance rates climb higher or drop lower than the average rates for our age.

So, just what factors will affect the insurance rates that a life company will quote for life insurance? Here is a summary of the most important elements to consider: -

Age - The younger you are the lower your life insurance rates; the older you are the higher your insurance rates. Young people are seen overall as less of a risk to the life insurance company than older people. This is because the life company simply anticipates that young people with live longer than older people over a finite time from the current date forward. As a result, young people will contribute a higher number of monthly insurance payments before they die than will older people over the same timescale.

If you're in your 40s or 50s and lead a very active and healthy lifestyle this age-bias may seem a little unfair. However, given that a 25 year-old may clock up more than fifty years of monthly repayments to reach the age of 75, you on the other hand would only complete twenty-five to thirty-five years worth of repayments to reach the same age. When factored in with the increasing likelihood of death the further we get to our life expectancy limit - so heightening the risk that life companies take on paying out - it is quite easy to see why life insurance rates are bumped up to compensate as we get older.

Smoking - Non-smokers have lower life insurance policy rates than do smokers. In fact, should a smoker quit and then take out life insurance they could save as much as 50% on their insurance rates. If you are thinking of quitting though it is important to check your life insurance policy, as some insurers will not reduce the rates if you quit during the life of the policy, forcing you to change insurance company if you want to benefit from non-smoker rates.

Pre-existing Health Conditions - Hereditary diseases, especially those that run through both sides of the family, may have a significant impact on rates quoted for life insurance. Also, if you are required to attend a medical and are found to be less healthy than the 'average' for your age, then insurance rates are likely to be more expensive.
 
 
About the Author
Matthew Bourne has been working in the loans, mortgage and life insurance industry for over 10yrs and is currently working for http://www.loansgalaxy.com/mortgages/

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  Some other articles by Matthew Bourne
Loans For Bad Credit
Personal debt in the UK has soared to record levels over the past few years. The Bank of England has recently confirmed that personal debt on a national level now amounts to more than £1,065 ...

Loans
The cost of borrowing money in the UK is at its lowest level for some years. Interest rates as set by the Bank of England have stabilised at a low lending rate, enabling consumers to take out ...

Used Car Loans
Want to buy a used car but just don't have the funds sat in your bank account? If so, why not consider taking out one of ...

Unsecured Loans
When looking for a personal loan, borrowers normally have two options to choose from - unsecured personal loans or secured personal loans. Unsecured loans ...

Home Mortgage Loans
Getting rid of the mortgage early is something that many home owners in the UK aspire to achieve. Being free of the principal financial debt in most people's ...

Discount Life Insurance
Life insurance is a type of insurance policy that provides financial security and peace of mind for you, your family ...

  
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