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The Cost of Life Insurance
The cost of life insurance is largely dependent on your personal circumstances, including your age, health condition and lifestyle. It...
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he cost of life insurance is largely dependent on your personal circumstances, including your age, health condition and lifestyle. It also depends on the type and the length of coverage you choose as well as the amount of coverage you need. Moreover, different providers may quote different prices for the exact same circumstances.
Average Cost of a Life Insurance Policy
While actual costs vary widely depending on a variety of factors, there is a median range into which most reputable providers fall. Many top insurance providers claim to quote as low as £6 a month, but the average cost of premiums currently is approximately £29.72.Where to Buy a Policy
Where you buy your policy will have a significant effect on the premiums you pay. There are two common ways to buy life insurance.- Directly from the Insurer: The most obvious, but also the most expensive method of buying an insurance is to buy it directly from the insurer. A typical insurer charges an average of £8.86 per month for a 30-year old non-smoker, and £53.75 for a 45-year old non-smoker.
- Discount Broker: For an average of £25 in fees, discount brokers usually offer cheaper rate for life insurance policies. For the same conditions described above, a discount broker usually offers a monthly premium rate of £5.83 and £30.99 respectively.
