You can’t calculate the annual premium without the rate.
Other things to consider are whether there is a policy fee or whether there are additional charges if you pay more than once a year.
If so, this makes the calculation more complex.
Term life insurance (often referred to as term assurance) provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
After that period expires coverage is no longer guaranteed and the you must either forgo coverage or obtain further coverage with different payments.
If the insured person dies during the term, the death benefit will be paid to the beneficiary.
The rate will depend on the gender and lifestyle factors of the person being insured and will differ between providers.
Some insurance companies have unisex rates, but most of the time they charge women less than men so this is something to take advantage of if you are of the fairer sex. It seems unfair but it’s due to the fact that women live longer.
A young person should get insurance cheaper than an older person because again, life insurance premiums are based on life expectancy.
Preferred rates are available to non-smokers and those with a good height-to-weight ratio so you’ll need to cut out the cigarettes and the pies to get your premium down. Credit rating is also taken into consideration as this can be an indication of stress.
People who participate in dangerous sports also have to pay more for their premiums so you might want to lay off the base jumping.
Other things to consider are whether there is a policy fee or whether there are additional charges if you pay more than once a year.
If so, this makes the calculation more complex.
Term life insurance (often referred to as term assurance) provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
After that period expires coverage is no longer guaranteed and the you must either forgo coverage or obtain further coverage with different payments.
If the insured person dies during the term, the death benefit will be paid to the beneficiary.
The rate will depend on the gender and lifestyle factors of the person being insured and will differ between providers.
Some insurance companies have unisex rates, but most of the time they charge women less than men so this is something to take advantage of if you are of the fairer sex. It seems unfair but it’s due to the fact that women live longer.
A young person should get insurance cheaper than an older person because again, life insurance premiums are based on life expectancy.
Preferred rates are available to non-smokers and those with a good height-to-weight ratio so you’ll need to cut out the cigarettes and the pies to get your premium down. Credit rating is also taken into consideration as this can be an indication of stress.
People who participate in dangerous sports also have to pay more for their premiums so you might want to lay off the base jumping.
