You cannot buy life assurance. You have to apply for it, and your application has to be approved. You will be required to provide information about your health, your medical history, how much you earn etc. The company’s major concern is the risk of you dying either due to ill health or as a result of dangers at work or in our leisure time.
The cost of life assurance depends on the amount of risk. For instance, a smoker will pay more for life insurance than someone who does not smoke. A young person will find it easier to get life assurance than an older person.
Not everyone is eligible for life assurance. For instance if you have high blood pressure or high cholesterol you will find it difficult to buy life assurance because you are at risk of a heart attack.
Types of Life Assurance:
- Whole Life Cover: If you are in a long-term relationship and want to protect your partner in case you die, you can get life assurance for the rest of your life.
- Term Cover: You can also buy life assurance for a period, for example, to cover you until your child is 21 years old and provide your child with assurance that will cover their education and living needs.
REMEMBER – only take out life assurance for as long as you need it or else you’ll be wasting money on protection you don’t need.
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