Buying life insurance: why sooner is better than later
Life insurance is one of the things many people put off buying. You might only think about it when something significant happens, like moving house or having a baby.
But the sooner you think about life insurance the better, because generally you’ll pay less the younger you are. Just one year could make a difference to the premiums you’ll pay.
Your life insurance quote is based on your individual circumstances. The price is based on factors including your:
- Smoker status
Life insurance is calculated on risk factors, and the higher the risk, the more it will cost. If you’re young, fit and healthy your premiums are usually lower, but as you get older and your medical history changes those premiums are likely to be higher.
As premiums are fixed for the term of the policy (unless you change your plan), buying now means you’ll keep that price.
Here’s an example of how life insurance premiums can increase, as we get older:
30 year old
40 year old
50 year old
Prices correct as of 28th March 2017 for existing Direct Line customers.
Quote for a Level Term Life Insurance Policy £120,000 amount of cover and 15 year term
Remember the price may change based on the answers in the application.
And buying a policy earlier doesn’t mean that you have to stick with the same cover if it no longer meets your needs. Direct Line Life Insurance, provided by Legal & General, lets you make changes to your policy in certain circumstances.