For more information about term life insurance or term assurance, please go to http://www.term.org.uk For related information about how to extend all of your insurance coverage to make sure your family is fully protected, please see http://www.extendedcoverage.info
Term life insurance (term assurance in the United Kingdom) is generally the most inexpensive and often the most effective way to ensure that your next of kin is financially protected. Premiums are usually relatively low, and the terms are straightforward. That said, there are many factors that can affect your own unique premium, such as:
1. Your overall health, as measured by a medical exam carried out by a practitioner hired by the insurance company. While the exam will be fair, this person is usually trained in what to look for as far as term life insurance "risk" goes. There will be no cost to you for this exam which is designed to evaluate the chances you will outlive the term insurance policy (a good thing for both you and the insurance company!)
2. Your age is considered, as well as the life expectation of people in your gender, ethnic group, and region. For example, age more negatively affects men because a woman at a given age is likely to live longer than a man.
3. Specific medical problems in your history will be reviewed by the insurer who will ask for your medical records. For example your cholesterol level will be looked at historically because heart disease is a major problem of men as they get older.
4. Your basic build, usually measured as height vs. weight will be considered. Anyone approaching the level of obesity will pay a higher premium.
5. Your family history might be reviewed. Any close family history of disease such as diabetes or heart disease can lead to a higher term life premium. This will be particularly true for those diseases that have proven to be passed on from generation to generation.
6. Alcohol and drug use will always affect your premium level, and could even disqualify you from term life insurance altogether.
7. Smoking is another issue that could disqualify you from term assurance.
8. Your occupation will be reviewed for risk as well. Most occupations will not register as far as term life assurance, but if you do have an occupation that puts you at risk - such as being a firefighter or pilot, you may have to pay a higher term life premium
Some term assurance companies will give you a chance to reduce your premium if any of the above - your health, job, or substance use situation - improves. This is something to ask your broker about when shopping around for the best term life assurance policy.
Each life insurance company will have different factors they pay attention to when designing premiums. This should lead to your agent or broker to choose the policy that fits your own unique profile best.
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