How much will it be?
The Insurance Company calculates a premium that reflects
the risk of insuring your life.
Your premium reflects the level of cover you want and the
term of the policy. It also reflects the risk to the Insurance Company
that you may make a claim.
Think about it like this. To decide what your premium should
be, the Insurance Company has to work out how long they think you will
live. They use a set of data to make this calculation which includes information
such as your age, gender, whether or not you smoke, your medical record
and your occupation.
The quote you receive online is based on some basic, important
information that you supply, but the insurance company also makes some
assumptions, particularly about your health, occupations and pastimes.
When the Insurance Company receives your full application details, they
consider whether they still regard you as an average risk. To make this
decision they may want more information.
This is when an Underwriter will get involved. They use
Actuarial tables and a great deal of experience to decide what level of
risk your case represents. Actuarial tables represent the Insurance Company’s
experience over millions of insurance policies.
Occasionally, an application will be turned down because
the Underwriter judges that the risk is too high. However, this only happens
in a very small number of cases.
Other relevant questions…
Is
it best to have guaranteed or reviewable premiums?
Will
my premium payments be the price I was quoted?
loans
secured loans
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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