How are policy premiums calculated?
The cost of your premium will be worked out by the sum assured, the length of term, the cover you want and any extra add-ons.
After this, each provider has its own set of criteria which determines how your premiums will be calculated. When you apply, you’ll be asked a series of questions designed to help providers identify the risk they are taking on – i.e. how likely they are to pay out.
The main areas the provider will look at are your age, weight, medical history, occupation, hobbies, smoking and alcohol consumption.