In all Life insurance, critical illness and or income protection our birthday is important. This is not just in the application process
When a Life insurance, Mortgage protection, critical illness and or income protection and these style of protections are created the insurance company look at many factors like occupation, gender, health, family health and AGE.
This allows the insurance company to work our the risk of what is the likelihood of a claim happening. These terms are either accepted or not
These terms can have the premiums fixed or Guaranteed so the age at time of application super important. To some insurance companies they factor in quarter birthdays or days to next birthday! Again making the age of application very important to secure the cheapest premium. Prices of protection can go up mid application; if we have a birthday before the terms are accepted. This makes knowing if you need a GP report, medical or additional admin even more important in the application phase.
Premiums usually get more expective as we get older and numbers of birthdays an obvious and key factor for over 50's protection!
However some protections start cheap yet each birthday the premium goes up. These protections are called age costed life insurance protections. They have their uses but usually much more expensive the guaranteed life insurance over the longer terms and durations.
Golden Rock Solutions gives families fee Independent advice to secure the best protection no matter how many birthdays they have had. Get in touch for more info and support
