What difference will my age make to my premium?

Age is one of the most important factors affecting your premium - but other important factors include the amount you want to insure for and over what period of time, your sex, whether or not you smoke, your occupation and your past and current health.

When an Insurance company considers your application, they assess you based on the possibility of you making a claim. Their business is after all to make a profit, so the more likely you are to make a claim, the more they will charge you.

Clearly, the older you are, the more likely it is that you will make a claim. So when Insurance Companies work out your premiums, they look at your age in two ways - the age you are when the policy starts, and your age at the end. The longer and older the age spectrum, the more likely it is you'll make a claim - so you will pay higher premiums.

It can be very hard to get life insurance beyond the age of 65 - although some will go up to the age of 70 years of age this will be very expensive.