How much does life assurance cost?
The premiums for life assurance policies vary according to your personal circumstances, for example, age, medical history and your goals (see below).
Your choice of Life Assurance Company can also affect premium levels: some will naturally be more competitive than others. Speak to an experienced financial adviser to ensure you are getting the most competitive rate for you.
What should I think about when selecting a life assurance policy?
Your first consideration should be the level of insurance cover required. Ask yourself questions such as:
- How much money do I need to pay off all my debts?
- How much money do my dependents require to live the same lifestyle that they currently enjoy?
- Once you have decided on the level of cover, you then must decide on the type of insurance required.
- Do you want a policy that pays out a lump sum or one that provides a regular income?
- Do you want to pay a little more and use your policy as a savings plan?
- Do you even want a plan that pays out irrespective of whether you die during the lifetime of the policy?
Once this has been established, you are in a position to compare the premiums required by the various life assurance companies. However, you should always read the terms of the policy to check any restrictions or exclusions contained within it, such as death caused by undertaking a hazardous pursuit.