Term life insurance rates are currently at a historically low level. Increased competition in the life insurance marketplace, together with easier access to term life insurance products over the Internet has meant that life insurance is now very affordable for most. Insurance rates of £5 per month are being banded around by some term life insurance companies, making life insurance one of the cheapest forms of insurance to buy at the present time.
However, despite term life insurance rates being very competitive, those who do decide to shop around in search of the best term life insurance deal may find that they are ineligible for the lowest insurance rates. This is because the rates for term life insurance are calculated specifically upon risk. If you are deemed to be at a high risk of dying in the early years of a term life insurance policy then your insurance rates will be higher than for those who are categorised as being at a low risk of death during this period.
How your 'risk' is calculated is rather dependent upon your health and lifestyle choices. Should you be in poor health or participate in a dangerous sport then the life company is likely to see your risk level as high, and so quote you high life insurance rates. Conversely, if you are a healthy young non-smoker in a stress free job who does not participate in any dangerous sports, a 'low risk' tag will be attached to your name, allowing you to benefit from some of the lowest rates available.
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