- Life insurance premiums are predominantly based on the risk of certain events happening to you. These risks increase with age as serious illnesses become more common as you get older.
- Age-related risks can also differ for men and women, which is why premiums for men and women of the same age may be different. For example, women live longer than men on average, which is why in most cases life cover premiums are cheaper for women.
Your cost is influenced by these important factors of your policy:
- The type of benefits that are payable on your policy (trauma, disability, death).
- The sums insured of those benefits.
- How long you would receive those benefits for (i.e. your benefit period for income protection).
- The waiting period you’ve selected before your benefits are paid out (for income protection).
- Any optional extras you may have selected.
Click here to see more on the difference between stepped and level premiums.