How much does life insurance cost? The average cost of life insurance in the UK
The cost of life insurance depends on a host of factors – which we will go into in more detail below – but to give you an idea on how much you might pay per month for life insurance cover, we have carried out research on a number of policies.
To work out the average cost of life insurance in the UK, we commissioned quotes from all of the top life insurance companies for a number of different individual circumstances (e.g. smoker/non-smoker, different ages, different levels of cover etc.)
Come and get this Abuja beautiful single baby mama Phone and whatsapp Contact Here Now
This gave us an average monthly premium cost for life insurance of:
£30.40
This may be the average amount that people in the UK pay for life insurance, but that doesn’t mean it is how much you will pay for a new life insurance policy. Below we break down the complicated world of life insurance policies and tell you the best ways to save money and find the cheapest life insurance deals suited to you.
To get our help finding the cheapest life insurance policy, you can request a quote from our life insurance experts now:
What is life insurance?
Before we go any further, it’s important to define exactly what life insurance means.
In simple terms, life insurance is a policy which will pay out an agreed sum when you die – or if you die within a certain period of time. In exchange for this, you pay a monthly premium to the insurance company which is calculated based on a range of different factors.
The average amount currently paid for life insurance is £30.40 per month, but that includes every type of policy and a full range of different factors. The price you pay for life insurance will depend on your own circumstances and what type of life insurance you opt for…
Different types of life insurance
There are a lot of different types of life insurance policy available, all of which offer slightly different benefits and can therefore vary in cost.
The main types of life insurance policy are:
Whole of Life Insurance
This type of life insurance will run all the way up until you die and then pay out to your beneficiaries. As it has no end term and is designed to cover you for the whole of your life, it is generally the most expensive form of life insurance.
Term Life Insurance
This is a form of life insurance that lasts for a pre-defined period of time, for example 20 years.
If you die within that time then the policy will pay out. If not, it will simply close and you will no longer need to pay the monthly premiums. Level term life insurance policies are generally used to cover certain financial commitments e.g. a mortgage, or to make sure your children will have enough money to cover their education if you were to pass away.
As they only last for a certain time, term life insurance policies tend to cost less than whole of life policies.
What affects the cost of life insurance?
The cost of your life insurance premiums will depend on your own personal circumstances as well as the type and level of cover you require.
The factors that affect the price of life insurance include:
- The amount of cover you need (e.g. £100,000, £200,000 etc.)
- The type of life insurance (whole of life, level term etc.)
- If you opt for a term policy, the length of the term will affect the cost of premiums
- How old you are when you take out the policy (generally the younger you are, the cheaper the premiums)
- Your health at the time of taking out the policy
- Whether you smoke or not
- Your lifestyle (including any dangerous sports or activities you take part in)
Life insurance will generally cost more for people with existing health conditions (e.g. diabetes, high blood pressure), those who smoke, people who wait until middle or old age before buying a policy and those that regularly take part in dangerous sports and activities. This is because these factors mean there is an increased risk to the insurance company for offering you cover.
SIngle baby mama Monilisa From Abuja needs a Guy for a serious Relationship
JOIN OUR SUPER ACTIVE TELEGRAM GROUP HERE..D@TING GROUP WORLDWIDE
No comments:
Post a Comment