Age is one of the most important aspects that determines your premium - but other important
aspects include the level of cover you want, whether you are male or female, whether you
are a smoker, your occupation and health record.
When an Insurer considers whether it will insure you, it makes an assessment based on
the likelihood of you making a claim. Their business is after all to make a profit, and
naturally the less people that make a claim, the more profit they will make.
Obviously, the older you are, the more likely you are going to make a claim on your life
insurance. So when Insurance Companies calculate your premiums, they look at your age from
two viewpoints - the age you are when taking out the policy and your age at the end of
the policy. The longer and older the age range, the more chance of you making a claim,
and this is reflected in higher premiums.
You will find it difficult to get life insurance beyond the age of 65. Some will insure
you to 70 years of age but the premiums will be extremely high.
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