What’s up with my age and life insurance?
We know it’s impolite to ask for someone’s age, but when it comes to life insurance, we really need to know.
Your age is one of the main things used to calculate your life insurance premiums. As you get older, you or your family are generally more likely to make a claim (whether it’s for a death, terminal illness, or any other mishap covered under your policy), so insurance providers need to balance this risk by adjusting premiums.
But don’t go wishing you could roll back the years just yet – there are other things that come into play when calculating your premiums too. Read on to find out more.
First up, it’s important to remember that life insurance policies are all different. This means that your specific policy will look different to someone else’s, which is why premiums often vary as well.