How your life insurance premium is calculated
A life insurance premium is the amount you’ll contribute every month towards Life Cover with FRANK. This will allow your beneficiaries to receive a payout when you die. Basically, the life insurance rate that you contribute every month can add to your peace of mind when it comes to the financial future of your family.
However, while you’re alive, you’ve got premiums to consider. Do you want to know how they’ll be calculated should you sign up for Life Cover with us? You can find the answers here or by contacting one of our agents.
Call an agent at FRANK today on 0860 722 227 for a personal estimate.
Calculating life insurance premiums with FRANK
FRANK bases your premiums on four main factors:
1. Your lifestyle choices - This involves aspects like your smoking habits and the level of risk that comes with your occupation, hobbies or other regular activities. If you’re a bungee-jumping crocodile hunter with high blood pressure, for example, you may find that your premiums go up. If you’re actively rioting or involved in terrorism or war you will not be covered as the level of risk is too high. By that logic, low-risk lifestyles equal lower premiums.
2. How much you need - In the same way that your lifestyle choices affect your level of risk, so your level of risk will affect the amount of cover you need from FRANK. We can help you determine this and set your premiums accordingly by considering all the factors for you.
3. Personal details - Age, gender, education, income and your current state of health are all part of your specific information. All of these details are going to affect the premiums that you pay, but never unfairly. Say, for example, you’re quite young, couple this factor with your good health, and you can reap the benefits of low premiums. The sooner you get cover, the lower your premiums will be.
4. Communicate with FRANK - Should you make positive decisions towards your health and remember to notify FRANK of any changes to your lifestyle choices, your premiums could possibly be lessened. In the same breath, it’s important to communicate truthfully with FRANK. Should you make any changes to your lifestyle that include things like smoking or extreme ironing, as examples, you may find that your premiums are increased.
It’s always better to tell FRANK about any changes that may affect your health rather than risk having your payout affected. With a thorough understanding of your personal details and needs, FRANK can calculate a life insurance premium to match your circumstances and ensure that your family can mourn your death while vacationing on the coast.
Contact us on 0860 722 227 to get Life Cover today.