Cost of delaying life cover
Thu 28 May 2020
Have you sorted your life insurance yet?
We usually think about getting life insurance when we get a mortgage or have children, but the longer you put it off the more it could cost you and sorting your life insurance before your next birthday could save you money!
When is the right age to get life insurance?
Most life insurance policies are priced based on a number of factors, including your age, your health and whether you smoke or not as well as how much cover you want and how long for. Therefore, as you get older, life insurance can become more expensive.
The example below shows the difference in premiums as you get older, by comparing a 30 year old, 40 year old and 50 year old, taking out cover on the same day.
|30 year old|
|40 year old|
|50 year old|
Based on comparison report for Level Term Assurance quotes for Aviva Simple Life Insurance 23/04/2020. Sum assured £150,000 policy term 20 years. This is just an example, quotations will be based on your individual circumstances.
Life insurance premiums are normally fixed for the term of your policy, so unless you make any changes, you’ll pay the same price for the whole term. The longer you leave it, the more you could pay. So there isn’t a ‘right age’ to get life insurance as it all depends on your personal circumstances. But if you’re healthy and have financial dependents, then it makes sense to get life insurance sooner rather than later.
You may already have some form of life cover through your Federation, or have cover already in place, but is it enough? For most people life changes frequently, so it’s important to review your life insurance coverage on a regular basis.
If you’re unsure what cover you need, our FREE Life and Protection Advice service can help you review your needs and any cover you have in place and advise you on the cover you need.
Get the reassurance of knowing you’re covered. To book your FREE appointment
Mortgage Excellence Plc, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS. For your security, all telephone calls are recorded and may be monitored.
Type of article: Articles
Category: Protecting my family
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