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Life insurers
There are two choices of cover when taking out life insurance. You can choose between individual or group life insurers. Speak to your life insurers to find comparisons, and then find out which works best for you as an individual.
Risk life insurance cover can be bought in two main ways – these are individual and group risk life and disability insurance.
Individual insurance is a policy you take out in your own capacity and name. You are then individually assessed to discover what amount you will pay in premiums and also whether your life insurers will cover you for risk life insurance.
Some points are always taken into consideration when you are assessed by your life insurers:
These are age. The younger you are when assessed the cheaper your premiums will be. The chances of someone dying younger are usually less than someone dying a lot older.
Women in general live about six years longer than men and therefore usually pay less when taking out life insurance.
Your health is taken into account. Usually a medical examination is required by life insurers when you take out individual insurance. If you are sickly or have a history of illness, as an individual you will then pay more for life insurance, as the risks are higher. Life insurers usually don’t grant life insurance to people who have a terminal illness or likely to pass away soon.
Your personal habits are taken into consideration, so if you are a heavy drinker and smoker your life will be shortened and these factors will always be taken into account when insuring your life.
If you have a high risk job, you will pay a high premium.
Your hobbies are also tallied up. Being a thrill seeker will reflect on life insurance and your life insurer will also have to take this fact into the equation. A healthy lifestyle is usually in tune with someone who has a high standard of education. Higher salaries also come hand in glove with excellent health care, therefore decreasing life risk.
It is never a good idea to cover up or hide valuable information from your life insurers when taking out cover. Should you not tell the truth and you die this will certainly affect the insurance claim, jeopardizing your payout to your dependants.
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