We all take our insurability for granted. We assume that whenever we want to buy life insurance cover, an insurance company will provide it.
In fact, there are many factors influencing the price we will ultimately pay for cover, or even whether cover will be available at all.
Generally the younger you are the cheaper cover is.
Women are cheaper than men to insure for life cover (due to increased life expectancy), but more expensive to insure against ill health (due to more stress related claims, and higher frequency of physical injury). Women should note: you are almost never able to buy cover including the risks inherent in pregnancy.
Almost any type of health issue that is under investigation will stall (if not preclude) an insurer accepting your application. Even unexplained headaches are likely to cause lengthy delays in the underwriting process.
You may be perfectly well, but if any of your immediate relatives (i.e. parents, brothers and sisters) have health complications or have suffered a premature death this is likely to impact on your insurability.
You don't have to be making frequent trips to the Peruvian jungle and volunteering at the Swine Flu treatment facility to be rated as a high risk. Even males in stable registered civil partnerships are treated with the same risk rating as single heterosexual males, and those who partake in a spot of climbing or off piste skiing have the insurers coming out in hives!
Your insurability is a valuable asset. You need insurance to cover most commercial lending, and indeed it's recommended to cover any and all debt. Buying protection when you can at a reasonable price makes sound commercial sense.
It often helps to take advice. If you would like to speak to an LGBT-friendly financial adviser about life insurance or any other aspect of your financial affairs, please enter your postcode under the map on your right to find an adviser near you.
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