There are many websites that can offer consumers life insurance comparisons, and this can be an excellent way to gauge the general cost of cover on a particular basis.
There needs to be caution if life insurance comparison is done purely on price. Factors that determine the life insurance premium you pay include:
- Health – most companies will assume that you are in good health when giving you a life insurance quote. Certain kinds of health problems can lead to higher premiums and in some cases some insurers will decline cover.
- Mortgage – many companies will make the assumption that people with mortgages will want a certain type of policy such as a decreasing term assurance (where the amount of cover decreases in line with the mortgage being paid off), so make sure you are aware of the different types of life insurance policies on offer.
- Occupation – Life insurance comparisons tend to be premised upon the idea that you will have a job that is not abnormally dangerous. Having an above average element of risk in your profession will raise your premiums.
- Hobbies – The same assumption will be made about your favourite pastimes as was made about your profession. Diving enthusiasts may well be charged more for life insurance.
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