Does Age Affect Life Insurance?

Age definitely has an affect on your life insurance policy. We like to say, buy young and buy long!

At Bequest, we believe life insurance policies don’t need to be the head-scratchers they currently are for most people. 🤔 After all, they are just simple agreements that entitle your loved ones to a certain sum of money in case of your death. So does age affect life insurance?

The two main types of insurance are term life insurance, which we currently offer, and whole of life insurance.

But what’s the difference between them? The payment period. 📅

Term: you are required to pay insurance premiums for a set period (mentioned in your policy) and your loved ones will receive the payout if you pass away before the end of the term Whole: the monthly premium pays into the payout which is guaranteed no matter when you pass away

Age is a major factor that influences how much you pay in insurance premiums. Usually, the older you get, the more expensive your premium gets.

Most companies decide the premium amount based on several other factors as well including:

  • gender ⚥ (doesn’t matter to us! 👏)
  • overall health (including weight and the presence of pre-existing conditions) 🏥
  • smoking status 🚬
  • family history 👪
  • occupation or participation in risky activities 🧗

Contrary to popular myths, you can still get affordable life insurance even at an older age and companies like us offer discrimination-free, transparent policies with no requirement for an in-person physical exam.

Why does age affect insurance premiums?

Most insurance companies use complex tables to analyse their risk when they sell insurance policies to people. And the older generation usually suffer from more health problems and are expected to pay more to get insured. It is typical for the premium amount to increase around 8-10% every year! 💹

At Bequest, we understand that these industry practices make it difficult for people to afford the life insurance they need. We believe you should have the tools to look after your loved ones irrespective of your age, health, or interests. That is why we offer affordable life insurance policies to those between the ages of 18-65 with no in-person medical checkups. 👦→👴

When should you apply for life insurance?

We encourage everyone to apply for life insurance policies as early as possible. A life insurance policy purchased early in life can prove to be extremely fruitful for you and your loved ones for two major reasons.

  1. The premiums you pay on these policies will be much more affordable if you purchase them at a young age. ✍📂 If you got a policy with us today, you could save thousands of dollars over your lifetime. Taking out a 40 year term, level pay-out for £500,000 at 30 years old, saves you £27,500 compared to buying the same insurance at 40 years old. That’s £43/month compared to £99/month!

  2. Prolonged coverage. People who buy insurance policies early in life enjoy a longer cover period. The term policies that we offer at Bequest cover you between 5-40 years of your life.🤝 These policies come with both level (same premium for the entire period) and decreasing (a flat out 8% change every year until the end of term) premium rate options.


Still in doubt? 😕

Many myths around life insurance can discourage people from exploring the policies on the market. But many premiums can turn out to be surprisingly low! Take a look at our Life Insurance FAQs to understand your options and feel free to contact us for any other questions!

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. “Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. “Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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