How premiums are calculated for seniors
The cost of life insurance for seniors depends on a number of factors, with final premiums varying between each person.
Below are some examples of what Australian life insurance companies take into consideration when calculating premiums for seniors:
- Age - Generally speaking the older you are, the higher your premium may be.
- Gender - With all other things being the same, senior men pay more for life insurance than women because they have a lower life expectancy. This is purely from actuarial data.
- Smoking Status - Smokers can pay as much as two to three times more for life insurance than non-smokers. Most insurers will not consider you a non-smoker until you've been a non-smoker for at least 12 months.
- Health - Depending on the insurer, if you are in good health or if you have minor health issues such as high blood pressure or high cholesterol, then you will more than likely qualify for a standard term life insurance policy.
If you have health problems
If you have a history of major health problems such as heart attack, stroke, or cancer then your premium may be 'rated up'. Every life insurance company will always look at each policy on a case-by-case basis.
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June 2011
