A simples guide

Do life insurance premiums go up with age?

Life insurance can be a bit of a daunting subject and we know that it’s not nice to have to plan for a life that might not have you in it, but it’s important to think about how your loved ones would manage if you’re gone. Our research shows that the average insurance premium rises with age, but it’s important to understand why…


woman and girl

So why do life insurance premiums go up with age?

As morbid as it sounds, the obvious reason that life insurance premiums tend to rise with age is because the older you are, the more likely you are to pass away. So for any provider who is offering life insurance, the age of the policyholder is a very important risk factor. From their point of view, the older you are, the greater the likelihood is that somebody will need to make a claim against your policy. 

over 50s

What other factors could affect the price of your policy?

Life insurance is a very personal product so naturally your personal circumstances are likely to have an effect on the price you pay for your policy. Different insurance providers are likely to take different things into account when calculating your policy so there’s no definitive answer as to what factors will definitely influence how much your life insurance policy costs. Our site uses standard pricing, but other services and providers may want to know more about you before they provide you with a price. Below are just some of the things they might want to take into account:

  • Weight: Whilst it might not be that nice to have to disclose this type of information, some insurance providers will want to know. Why? Well, as has been widely publicised, your weight is likely to have an effect on your lifespan. If you fall within a healthy weight range for your age and height then this is likely to have little effect on your price. If, however, your weight is above or below where is expected, you may be seen as a higher risk.
  • Lifestyle: Some insurance providers will ask you about your drinking and smoking habits, and anything else that may suggest that your lifestyle is anything less than healthy. Again, as these types of habits are proven to result in loss of life, insurance providers are likely to charge higher premiums to cover people who do drink and/or smoke.
  • Occupation: This one is probably self-explanatory. Some professions are naturally a little more dangerous than others. Manual occupations such as roofing, mining, farming and construction are probably more likely to affect the price of your life insurance policy more than occupations which are largely desk-based.
  • Medical History: Some providers will ask you about your medical history before providing you with a quote. That’s because they’ll want to calculate how much of a risk you are. So, if you’ve had any previous medical issues or have been diagnosed with a particular condition, your insurance provider is probably going to want to know (and may even request a medical).

A note from our experts...

Jody Baker, our Head of Life Insurance, says “Life insurance is unique to every person- you’ll have different things to consider and your personal circumstances will dictate the price you pay. The most important thing is that you find the right level of cover at the right price for you.”

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