Life insurance is more expensive for older people is because a
claim is more likely to be made under the policy if you ' re older. The majority of people
in their twenties have enjoyed a clean bill of health. If you took a 25 - year life policy
out at the age of 25, there ' s a high probability you will survive until the end of the
policy at the age of 50.
But, if you ' re already 50 and you took out a 25 - year policy, the chances of you
surviving to 75, while still good, are undoubtedly lower. For this reason, life cover
premiums for older people will be higher than for someone in their twenties or thirties.
However, buying cover later in life won ' t necessarily be beyond your means. If you
thought taking out life insurance in your forties, fifties and beyond would be outrageously
expensive, think again. Take a look at the cheapest premiums available through The Motley
Fool Life Insurance Service. These policies provide £100, 000 as a cash lump sum if the
policyholder dies within the 25 - year term.
The premiums for a 40 - year old woman could cost as little as £10. 11 per month, while a
40 - year old man could pay just £12. 49. This shouldn ' t cause too much of a dent in your
finances. Of course, the costs rise for people aged 50. Women aged 50 might pay £24. 81 per
month for their life cover, while men would pay a little more at £33. 08.
But be warned: these figures are based on standard quoted premiums. The actual cost you
might pay for your life insurance policy will depend - - not only on your age - - but also
on a wide range of other factors including your medical history and current health. For
this reason, the premium an insurer asks you to pay for your policy could be higher. For
example if you have a life - threatening condition ( not to be confused with a terminal
illness ) chances are life insurance will cost you more as you are more likely to make a
claim. Similarly if you engage in extreme sports on a regular basis or any other relatively
dangerous activities your premium will again rise. These factors are to be kept in mind
when comparing different insurers ' offers.
Once your application has been assessed by an insurer, if the probability of a claim being
made under your policy is no greater than average, you should enjoy reasonably - priced
life insurance. And the cost of cover is coming down as average life expectancy improves.
According to figures from the ONS, women aged 40 this year will live to 83. 1 years on
average while, men aged 50 will live to reach 80. 5 years. Because people are living
longer, the cost of life insurance is falling. So - - as long as you have a clean bill of
health - - getting a policy that lasts well into your sixties or seventies should be fairly
easy on the pocket.
claim is more likely to be made under the policy if you ' re older. The majority of people
in their twenties have enjoyed a clean bill of health. If you took a 25 - year life policy
out at the age of 25, there ' s a high probability you will survive until the end of the
policy at the age of 50.
But, if you ' re already 50 and you took out a 25 - year policy, the chances of you
surviving to 75, while still good, are undoubtedly lower. For this reason, life cover
premiums for older people will be higher than for someone in their twenties or thirties.
However, buying cover later in life won ' t necessarily be beyond your means. If you
thought taking out life insurance in your forties, fifties and beyond would be outrageously
expensive, think again. Take a look at the cheapest premiums available through The Motley
Fool Life Insurance Service. These policies provide £100, 000 as a cash lump sum if the
policyholder dies within the 25 - year term.
The premiums for a 40 - year old woman could cost as little as £10. 11 per month, while a
40 - year old man could pay just £12. 49. This shouldn ' t cause too much of a dent in your
finances. Of course, the costs rise for people aged 50. Women aged 50 might pay £24. 81 per
month for their life cover, while men would pay a little more at £33. 08.
But be warned: these figures are based on standard quoted premiums. The actual cost you
might pay for your life insurance policy will depend - - not only on your age - - but also
on a wide range of other factors including your medical history and current health. For
this reason, the premium an insurer asks you to pay for your policy could be higher. For
example if you have a life - threatening condition ( not to be confused with a terminal
illness ) chances are life insurance will cost you more as you are more likely to make a
claim. Similarly if you engage in extreme sports on a regular basis or any other relatively
dangerous activities your premium will again rise. These factors are to be kept in mind
when comparing different insurers ' offers.
Once your application has been assessed by an insurer, if the probability of a claim being
made under your policy is no greater than average, you should enjoy reasonably - priced
life insurance. And the cost of cover is coming down as average life expectancy improves.
According to figures from the ONS, women aged 40 this year will live to 83. 1 years on
average while, men aged 50 will live to reach 80. 5 years. Because people are living
longer, the cost of life insurance is falling. So - - as long as you have a clean bill of
health - - getting a policy that lasts well into your sixties or seventies should be fairly
easy on the pocket.
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