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Depending on where you are in life, it may be worth considering life insurance. If you have a mortgage or have just started a family, life insurance can give your loved ones much needed financial support if you were to die.
While the average cost of life insurance in the UK is around £30 per month, there are a number of factors that affect the size of your premium, so you may end up paying more or less than the average person. For example, people aged between 18 and 29 may only pay around £6 per month for level term cover, whereas someone over the age of 60 may pay £140 per month.
Find out how the cost of life insurance is calculated and the ways you can save below.
There are a lot of factors that help determine the cost of your life insurance policy, such as:
You should consider getting life insurance if your family, also known as your dependants, would struggle to get by if you were to die. This might be because they rely on your income or if you’ve just bought a house and are still paying it off.
Life insurance can help cover the cost of mortgage repayments, raising children or even just give your loved ones more financial security. So while it may not be necessary for an 18-year-old with no children to take out life insurance, it makes sense if you’re starting a family and have a mortgage, or just have debts that you would like to be covered in the event you die unexpectedly.
There are four main types of life insurance policy. These are:
Many insurers will also offer specialised policies for those over the age of 50, as well as life insurance that covers you in the event you contract a critical illness. Some critical illness policies will only pay out when you are first diagnosed with an illness, whilst others may pay out both at the time of diagnosis and at the time of death.
Most life insurance policies will cover you in the event of a terminal illness, such as cancer, or total and permanent disability.
There are a number of things you can do to keep your life insurance costs down:
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