As well as your age, life insurance providers take other factors into consideration when calculating your premiums:
Health - Health complications, or pre-existing medical conditions (those that existed before, or currently exist when, applying) can result in higher premiums Smoking status - In 2022, 18-24 year olds were the biggest consumers of e-cigarettes[4]. Vapers, smokers, or those who have recently used any form of nicotine product pay more on average. Insurers have differing periods that you need to be nicotine free to be classified as a non-smoker Occupation - Employment perceived as dangerous, hazardous, or having a risk to your personal safety will result in higher premiums (on average) Your weight and/or BMI - If you‘re considered overweight or under a healthy weight range, insurers may add an additional loading (amount) to your premiums, due to the associated health risks Lifestyle choices - This can range from weekly alcohol consumption, your diet and activity levels, drug use and if you partake in any dangerous hobbies or activities. The riskier your lifestyle is perceived by insurers, the higher your premiums will be Level of cover - The higher the sum assured (the pay out amount), the higher your premiums will be to accommodate this Length of cover - Shorter term-based policies will be cheaper than longer term-based policies, as they cover a smaller period. This is also why life assurance (whole of life insurance) is more expensive, as it covers you for the rest of your life
It’s essential to accurately disclose this information to ensure your cover is valid when it comes to making a claim.
Failure to do so is known as 'non-disclosure'. This is a type of insurance fraud and can be done intentionally or unintentionally.