In this article, we’re going to:
- help you decide when you need to buy life insurance
- tell you how age affects life insurance
- why it’s better to get life cover when you’re younger
- share how to get a few quote today
So, does age affect life cover? 🤔
What life insurance policy do I need?
The two main types of insurance are term life insurance, which we currently offer, 🙌 and whole of life insurance. No matter how old you are, it’s important to be knowledgeable about when you need life insurance. So, the two types of term life insurance, what’s the difference between them? In one sentence, the payment period. 📅
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.
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 premiums get.
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 policies to those between the ages of 18-65 with no in-person medical checkups so you can protect your family and make sure they get the support they need. 👦→👴
What age should you get 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.
- 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!
- Prolonged coverage. People who buy 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? 😕
All the myths out there can discourage people from exploring the policies on the market. But many premiums can turn out to be surprisingly low! Why not create an account and get a free quote today?
You can also take a look at our Life Insurance FAQs to understand your options and feel free to contact us for any other questions!
No matter what, we’re here to help
No matter what your age is, we’ll help you decide on the best cover policy for you. Give yourself and your family the peace of mind you need and take out a policy with us today. We provide a quick and easy life insurance application process and we’re here to ask all the questions you need. Taking out life insurance has never been easier. 💛