How does age affect the cost of my cover?

Age is one of the most important factors that decides the price of life insurance.

Laura and Lorna want to buy Life Insurance to cover them for twenty years. Laura is 20 so her insurance will pay out if she dies before she is 40. Lorna is 50 so hers will pay if she dies before she is 70.

Although Laura and Lorna are each buying 20 years of insurance, the risks they are insuring against are actually very different, so the price for the cover is too. There are exceptions to the rule,but generally the younger someone is, the cheaper their insurance will be.

Whatever your age, there’s likely to be some form of insurance you can benefit from, and it’s always worth finding out what kind of cover is available. The important thing to remember is that Life Insurance is at its cheapest if you buy it now. Most policies allow you to fix prices at the age you start buying cover (or adjust them for inflation) so the younger you are when you start, the cheaper your cover will be. Call us to find out more.

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Words of Wisdom

  • "While a lot of fixed-term plans end by the policy-holder's 70th birthday, more and more insurers are offering great-value specialist products to the over 80s."
  • Amanda Curwood - Senior LifeSearch Adviser

Did you know?

  • While some insurers calculate prices based on your actual birthday, most increase their prices six months after - well worth knowing when you're choosing a policy.