There are many different forms of life insurance and the type you choose to take out may have an effect on how much you need to pay in premiums. For instance, you may get term insurance cheaper than the premiums for whole of life insurance, as with the latter there is a guaranteed payout on the policy (as long as you continue to maintain your premiums). However, many other factors are taken into account that go towards determining how much you pay and whether or not you might get cheap life cover deals, whichever type of life insurance you choose to take out.
Your health
Your health is taken into account towards the cost of your life insurance. If you are reasonably fit and healthy and take some form of exercise on a regular basis then you may be offered cheaper premiums than someone who takes little or no exercise. Your weight for height ratio is often considered and if you are grossly overweight, you may have to pay more for your insurance when compared to someone who is at their ideal weight level for their height - or even have your application for cover declined.
Medical problems
You are generally asked about our medical history and that of your family when you apply for life insurance. If you have no ongoing medical conditions at the time of applying for your insurance and you are healthy, you may be able to get cheaper life cover deals than someone with an ongoing illness. For instance, if you suffer diabetes or asthma your insurance premiums may be higher than someone in the best of health, as you may be seen as a higher risk.
Your family's medical history is generally taken into account towards the cost of the premiums, as there may be a higher risk of you developing the same illness or disease.
Your work and hobbies
The insurance provider may want to know about your work and any hobbies that you take part in. For instance if you are a window cleaner and work high up on cleaning the windows of tower blocks your insurance premiums may be higher than someone that sits at a desk all day working on a computer.
If you take part in sports that are considered extreme then you may have to pay more for your life insurance. Extreme sports may include hang gliding, snowboarding or rock climbing for instance. Any of these sports may mean you have to pay more for your insurance in comparison to someone who reads or who plays chess as a hobby.
Comparing the cost of life insurance
One of the ways you may be able to obtain the cheapest life cover deals is to compare the cost of the insurance. Rather than spend a great deal of time making the search yourself for the best deal you may want to consider using a specialist insurance life insurance website. They search around on your behalf and endeavor to find you the life insurance that comes with competitive premiums, which you then compare for the most suitable deal for your circumstances.
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