How much life insurance will cost you depends on a few factors like your health, your age and the type of benefit or policy you have been looking for. The fact is that if you opt for life insurance at an older age you will have to pay higher premiums. The younger and healthier you are, the lesser premium you have to pay.
The 3 main factors that affect the cost of life insurance are as follows :
Your age is a very important factor in deciding how much you will have to pay for life insurance. Older people have to pay higher premiums than younger individuals. Generally older people are said to be in the high risk zone as compared to younger individuals. So, if you wait for long and apply for life insurance at 40, you are likely to be asked for a higher premium than what you had to pay if you bought life insurance at 20. Term life insurance premiums increase with age.
See also: No Cost EMI
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