Factors that can affect your life insurance premium

Factors that can affect your life insurance premium

Article by Best Deal Insurance

Taking out life insurance is only common sense in an unpredictable world, and is essential if you have loved ones dependant on you. While we all don’t like to think of the worst happening, it can and does, so taking out adequate protection on your life is essential.

Basically a life insurance policy pays out a predetermined sum of money in the case of the death of the insured.

However there are many clauses which can affect and cause the policy to become void should the cause of your death be linked to them. There are also many factors which apply to policies in general regarding premiums and cover.

This is why it is important that you understand what you are covered for and what exclusions apply to your policy. While these can vary there are some common factors:

Not mentioning an illness you already have at the time you take out the policy can have a serious affect on whether your loved ones can make a successful claim. It is essential you always give honest information at the time of taking your policy out and declare any illness you have or have had when applying.

The premium you are quoted when you consider taking out life insurance is dependant on many factors. As an example, how old you are at the time of taking out the policy is a big factor in how much the policy will cost per month as will your height and weight.

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