Your premiums depends on the level of cover you want, how long you want to be insured
for, and whether the Insurance Company considers you likely to make a claim.
The likelihood of you making a claim (the 'risk') is governed by your age, sex, occupation,
health record and lifestyle.
When you obtain quotations from various insurance companies, they make assumptions about
you in order to quote - for example they assume you are in good health for your age, and
that you are not exposed to above average risks in your job or lifestyle.
So if you decide to proceed and make a formal Application, you will be given a more detailed
Application form to complete. This can be done over the phone and will usually only take
a few minutes.
Using your full application details the Insurance Company will calculate your premiums
using Actuarial tables and a great deal of experience to decide what level of risk you
represent as an individual.
If they decide that you represent a higher risk than they originally quoted you for, they
will ask you for a correspondingly higher premium - this is called 'Rating' your premium.
In the vast majority of cases you will end up being charged exactly the same as you were
first quoted, so don't worry too much.
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