How much does life insurance cost?

Bywasimt

The price of life insurance will not depend only on the insurer or entity with which the contract is made. When hiring life insurance, it will be necessary to take into account that there is no fixed price that we can calculate exactly, but there will be some factors that will vary the price of the insurance product.

Factors that influence the price of your life insurance

  • First of all, one of the most determining aspects to calculate the cost of this product is age. The older we get, the risk of death or disease increases. That is why it is important to take out life insurance when you are younger, since the price to pay, as health conditions are better and there are fewer risks, will be lower. Although our online life insurance fully covers people up to 60 years of age, what is recommended by financial experts is to plan your future from a young age, in order to always have your loved ones protected.
  • The capital we want to secure is also an important aspect. By this we mean the amount of money that the beneficiaries of the insurance will receive in the event of the death or disability of the insured. When choosing the amount to insure, you must take into account the current situation and set the amount that your loved ones may really need. This is an important point, since most people do not understand how much they need to be covered in the event of an accident. It is recommended to multiply your annual salary by 10. For example, if your annual salary is €25,000, your ideal capital would be €250,000, which will be the amount that your loved ones will receive in the event of the event.
  • What do we want to cover us? The coverage chosen will also influence the cost that must be paid on an annual, semi-annual or quarterly basis, depending on the choice. You can choose life insurance that covers death only, but can also include, for example, permanent disability or serious illness.
  • Before contracting life insurance, the insured must inform about their current lifestyle. Suffering from any illness or disease will make the premiums to be paid more expensive. On many occasions, the insurer will request a medical examination from the insured, to check their physical and health condition, our insurance is 100% online, without medical examinations
  • The profession of the insured is another factor that is taken into account. This is because life insurance can cover both natural death and accidents. If the job carries a higher risk, the premium to be paid will be higher. For example, working on a construction site on a scaffolding is not the same as working in an office in front of a computer.
  • Finally, habits and customs will be taken into consideration. At this point, different cases are studied, such as whether or not the insured is a smoker, or if he drinks alcohol normally. In addition, activities and hobbies must be reported, since, as in the profession, there are hobbies with more risk than others. Playing chess is not the same as climbing without a harness.

The best way to find out how much life insurance will cost you is to ask a specialist for information using the Getlife calculator. In a few minutes you will find the most suitable policy for you.

What is the premium in life insurance?

The life insurance premium is the fee that the insured must pay to continue being covered by life insurance. Therefore, when we talk about the price we pay for our life insurance, we are really talking about the premium. This is a price that is established in the insurance contract and as long as the policyholder pays it, the insured will be covered by the policy.

The premium is not the same for two, it is established according to certain factors, as we have seen in the previous point. There are different types of premium depending on the periodicity.

  • There are single premium insurances, where everything is paid at the beginning and you will always be covered. (These are usually more common in life insurance linked to loans)
  • Fractional premium. This is the one that is paid little by little over time; the most common is that they are annual, although they can be semi-annual, quarterly or monthly. On many occasions the fractionation carries with it some surcharges. In the case of Getlife, the premium can be paid month by month without any type of surcharge. This allows the insurance to have no permanence and you can cancel it at any time.

In addition to this division, keep in mind that in most life insurance the premium is variable, that is, it changes depending on the risk and usually rises annually due to age. However, on some occasions, the premium can be fixed and you will always pay the same for your insurance.

 

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