When you are young money is often tight and you may put off buying life insurance but that can be a mistake. Lets see why? Life cover premiums are based on three main things: Age Sex Smoker status The premium you pay is also based on the amount of cover you need and also the state of your health. Then main thing to look out for is that life insurance only gets more expensive as time goes on it will never get cheaper. Also the longer you leave it before you take it out the more chance you have of getting an illness. If for example you have high blood pressure the premium is likely to be what’s called ‘rated’. This means the premium will be significantly higher than for someone without high blood pressure. As a result you need to take out life assurance when you are young and health. If you get high blood pressure after you have taken the insurance policy out it doesn’t matter the premium will remain unchanged. In order to guarantee what you pay for your life insurance make sure you choose a policy with guaranteed rates. This means the premium is guaranteed to remain the same throughout the term of the policy. So when you are in your 50s and have had a few health issues you will be glad you take out the policy at £20 per month which would now cosy you over £100 per month. The best way to take out life insurance is online. Often companies will sacrifice commission to bring premiums down. If its basic life insurance you need then there is no need to seek advice as they all payout for the same thing. You simply need the cheapest.
Ian Baldwin is a webmaster of puzzleinsurance. com which compares life insurance, life cover and life assurance
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