There are different rates offered for the different types of life insurance present. The different insurance includes term insurance, whole insurance and return on premium. Term insurance covers you for a shorter period of time after which it expires and has to be renewed. Whole life policy on the other hand is permanent; it covers you year in and year out and never expires. Return on premium covers you for a longer period as compared to term insurance and it’s significantly more affordable as compared to whole insurance.
Getting minimum rates to purchase such insurance policies is not easy, thus a number of factors have to be considered. The age and gender plays a critical role in determining the amount of rate payable for an insurance cover. The youth and women have an upper hand when it comes to getting good life insurance rates. This is because both the women and youth have a higher expectancy rates thus the insurance company has more years to collect premiums from them before they are paid back. Those who smoke incur more cost on life insurance as opposed to the non smokers. Some companies might require a smoker to quit smoking for three to five years before they can land on a good rate for their insurance.
Driving record is also a determinant factor in finding the best life insurance policy, if you constantly break traffic laws you are likely to be involved in a serious life threatening situation, such situation makes you more risky to any insurer. Most insurance companies would demand to know whether you had any form of moving violation in the past ten years before they offer the life insurance cover. Lastly getting the best insurance cover requires you to have to have good health and fully disclose your medical history. This is essential before the company can offer any rates. Disclosure also enables you to explain your health conditions as well as other situations. The job you undertake also contributes to the rate of insurance paid; those in more risky jobs are not likely to get the best rates as compared to the individuals in the less risky ones.
Without first comparing the best life insurance policies that are available to you on the market, it will be very difficult for you to get the best one for your circumstances. That’s why we advise going to www.moneynet.co.uk/insurance/life-assurance/ where you will be able to compare very easily online.