General Insurance Information

How Your Premiums Are Calculated: Ever wondered how insurers work out the cost of your life insurance? There are many factors that can impact the premium you pay, but there are 4 factors in particular you need to be aware of. 1. Your personal risks 2. Your age and gender 3. The more protection you have, the higher the cost of your cover 4. Whether you’ve chosen to pay stepped or level premiums A number of other factors may influence your premium, including: 1. Your personal risks  Dangerous occupations can attract a higher base rate for your insurance, even before any loadings are applied. Poor health (such as a high Body Mass Index, or BMI) as well as dangerous hobbies, may add what’s called a ‘premium loading’ to your cover – which means you pay a higher premium than someone who doesn’t have those risk factors. Any loadings like these are recorded on your Policy Schedule. In terms of your health [...]