Life insurance top tips

Mon, 02 Oct 2006

Choosing a life insurance policy can be difficult. Knowing what type of cover you want can affect your choices, and having different requirements may influence the premium you have to pay. But what is it that life insurers look for? What increases premiums or leads to lower payments ? Primarily, life insurers will pay close attention to your age and general state of health .

Being overweight has a major influence on premiums. The UK is the second fattest nation in the EU, and 21 per cent of adults were thought to be obese in 2003 – a situation getting worse daily. Diseases linked to being overweight are numerous, and include diabetes, heart disease and some form of cancer .

Insurers will now look for BMI for each person – body mass index. This instantly determines whether an individual is normal weight, overweight, or obese. High BMI won’t radically influence normal term life insurance, yet premiums on critical illness cover and income protection insurance could be seriously affected. Remember; be truthful on your application form. Last year Norwich Union rejected 12 per cent of CI insurance claims.

Some experts believe that taking independent financial advice, although more costly, will assure the most suitable and cost efficient cover possible.
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