6 factors you never knew affected your life insurance premiums

Life insurance premiums for protection plans vary between individuals and their day-to-day habits.


We take a look at some of the factors which help insurers determine your policy cost. 

1. Age

Premiums increase as you grow older because of your deteriorating health.

It's worth considering an insurance plan when you're young to lock in a cheaper premium and securing coverage before you develop any health conditions.  

2. Gender

Men are more likely to have higher life insurance premiums compared to women because statistics show that men have a shorter life expectancy than women¹. 

 3. Smoking habits

Smokers are likely to pay more for their life insurance premiums due to the health risks tied to smoking.  

4.  Health status

High blood pressure or other health issues might be a sign of future problems. For example, if you're overweight, you're at a higher risk of weight-related health issues such as diabetes and heart disease.

This may then increase your life insurance premiums. 

5. Family history

Serious illnesses such as heart diseases and cancer may be hereditary.

If there's such history among your family members, you may find yourself paying higher life insurance premiums. 

6. Occupation

For certain types of plans, insurers may ask what kind of industry you are working in.

For example, a construction foreman's life insurance premiums may be higher compared to a desk-bound office worker due to a higher risk of accident at work. 
 

Are you surprised by any of these factors?

 

¹ http://www.singstat.gov.sg/statistics/visualising-data/charts/life-expectancy-at-birth

This article is meant to be a guide. Please seek advice from a Financial Adviser Representative or obtain an accurate quote from your insurer.

Get a quote for your life insurance premiums

Leave us your details and we'll be in touch to send you more information, as well as useful tips and guides on insurance and financial planning via our monthly newsletter.

Sorry, there seems to be a problem with this page. Please refresh and try again in a few minutes.

Thank you for your submission. 

Please enable javascript on your internet browser in order to use this form

By clicking "Submit", you consent to Aviva and Aviva related companies contacting you to provide you with information concerning Aviva and Aviva related companies' products and services. You also consent to Aviva using, disclosing or transferring your personal data in this form to Aviva related companies, third party providers or intermediaries, whether located in Singapore or elsewhere, for the above purposes and for research, audit, regulatory and compliance purposes.

For details of Aviva's Data Protection Policy, please refer to https://www.aviva.com.sg/en/pdpa/. To withdraw your consent at any time, please call Aviva at +65 6827 7988.

One less thing to worry about

Subscribe to us for regular news updates, insights and tips on insurance, offers on products and services that’ll give you greater financial confidence.

Sorry, there seems to be a problem with this page. Please refresh and try again in a few minutes.

Thank you for your submission. 

Please enable javascript on your internet browser in order to use this form

By clicking “Submit”, you consent to Aviva and Aviva related companies contacting you to provide you with information concerning Aviva and Aviva related companies’ products and services and special offers which may be of interest to you. For details of Aviva’s Data Protection Policy, please refer to https://www.aviva.com.sg/en/pdpa/. To withdraw your consent at any time, please call Aviva at +65 6827 7988. 

Important Information

Money Banter (the "Portal") is for general information only and does not take into account the specific investment objectives, financial situation and needs of any particular person. The contents of this Portal are intended merely for educational purposes and should not be construed as the giving of advice or the making of a recommendation. Nothing contained in this Portal shall constitute a distribution, an offer to sell or the solicitation of an offer to buy. We recommend that you discuss any specific matters with your financial adviser representative or legal adviser before making any decision. This Portal may include information sourced from third parties and links to third party websites. We are not responsible for the accuracy or completeness of, and do not recommend or endorse such information or third party websites. While we have taken reasonable care to ensure that the information on this Portal has been obtained from reliable sources and is correct at time of publishing, information may become outdated and opinions may change. Except to the extent prohibited by any law, we are not liable for any loss (including direct, indirect and consequential loss, loss of profits, loss or corruption of data or economic loss of any kind) that may result from the access or use of the information on this Portal. | Terms of Use | Privacy Policy

This advertisement has not been reviewed by the Monetary Authority of Singapore.