Did you know the cost of life insurance increases with age?
Although it sometimes doesn’t feel like it, getting old is a privilege. But it can come with its downfalls.
Learn more about how age can make a difference to the cost of your life insurance and why locking your price at a young age could save you money.
How much should life insurance cost?
There is no set-in-stone life insurance price, so it’s hard to say how much your policy could end up costing. The price of your cover will be determined by several different factors. Here are a few examples of what you’ll be asked about;
- Whether you smoke or not
- What you do for work
- Your hobbies
- Your health
- How much cover you want
- How long you want to be covered for
- Your overall health
- Your family's medical history
- Your lifestyle choices
Our experts will assess these different factors (and more) to be able to guide you through the process and help you find a policy and a price that works for you!
Your price is locked in
Unlike car insurance, health insurance, and home insurance which can all increase in price every year, the price of your life insurance policy is locked in when you initially take out your policy.
The price of your cover will only rise if you choose the option of indexation. This essentially means that your sum assured (the amount you’re covered for) and your policy premium (how much you pay each month) could increase roughly in line with inflation every year.
The only other reason your policy price could rise is if you cancel your cover and then rearrange it later down the line when your health could have worsened.
You’ll have access to your free benefits no matter how old you are
When you take out life insurance with one of the UK’s leading life insurance providers (AKA the ones we work with), you can access multiple free additional benefits with your policy*.
There are so many different types of benefits and they vary from provider to provider. In general, you can access your benefits from the day your cover starts and it typically doesn’t matter what level of cover you have. Here are some of the top benefits that you could access with your life insurance policy:
- Access to 24/7 virtual GP appointments - having this benefit in your back pocket can be an absolute game changer if you need to speak to a doctor ASAP
- Second medical opinions - if you’ve recently received a diagnosis and you want a second opinion from an expert
- Mental health support - you may have the option to speak to a mental health specialist online and depending on which provider you’re with, you could also receive up to four therapy sessions a year
- Personal nurses - these experienced nurses can offer support for long-term physical and mental illness, trauma, bereavement, and disability
- Advice from nutritionists - receive tailored meal plans, suited to your food preferences and goals
- Fitness plans - a professional team of sports coaches can create tailored four or eight-week plans, designed to help you reach your goals
Plus, so many of these benefits are available to your children (up to the age of 21), your partner, and of course the policyholder (yourself ) too.
Can you get life insurance at any age?
You can usually take out life insurance from the age of 18 years old. But just because you can get life insurance, doesn’t always mean that you need it.
To find out if you need life insurance, seeking advice from specialists (like us) is vital. We can assess your needs, wants, and affordability to find the cover that’s right for you.
Plus, if you’ve put off getting life insurance, don’t worry, you can still get a life insurance policy a little later in life. There are even specialist policies available that are there for those who are over the age of 50.
Get a sneak peek of your costs in just 30 seconds
With our life insurance calculators, you can get a sneak peek of how much your cover could cost in just 3 simple steps.
All you need to do is pop in your age and how much cover you’d want into the calculator and out comes an estimated price for your policy. It has never been easier to find out an estimate of your costs, simply click the button below to get started!
Does critical illness cover increase with age as well?
There are so many different types of life insurance available these days but there is no exception to the rule when it comes to life insurance and age.
So whether it’s critical illness cover, a term life insurance policy, or income protection; it’s important to remember that no matter what policy you get, it’s likely to be more expensive, the older you are when you take it out.
How much critical illness cover do you need?
When you come to Caspian for help with taking out life insurance, we may recommend policies that you’ve never heard of before.
One of these is critical illness cover, which is a policy that pays out if you become ill with a long-term illness or condition. The amount of cover you need will depend on your circumstances, such as your age and any existing health conditions.
We’ll be able to advise you on the best amount of critical illness cover for your needs. It’s important to remember that the cost of critical illness cover can vary significantly from insurer to insurer, so we’ll also help you compare policies and pick the most suitable one for you.
How does smoking affect the cost of your life insurance?
If you’ve recently started looking into applying for life insurance, you’re probably wondering what if I’m a smoker?
Firstly, it’s worth noting that you can still get life insurance if you’re a smoker. The only downside is that by smoking, you risk paying more for your life insurance policy. If you were to stop smoking for a minimum of 12 months, many of the leading life insurance providers offer the opportunity to reduce your premiums.
When you take out cover with our experts at Caspian, we will get in touch with you at least every couple of years to talk about any changes in your lifestyle.
Always seek advice when taking out life insurance
At Caspian, we have over 200 years of combined experience in the life insurance industry.
By searching through the UK’s top life insurance providers, we do the hard work for you, matching you up with the life insurance that is best suited to your and your family’s needs.
If you want to find out what all the fuss is about, click the button below to get started with your free life insurance quote.
*Additional benefits are not contractual and may be changed or withdrawn in future.
