Life insurance quotes vary between each insurer and you may ask the question why. One of the main reasons behind the differences is because each insurer will assess the risk of offering you cover differently.
Life insurance calculations
When calculating rates, a life insurance company will typically look at your age, gender, and smoking status to help determine your premium. The insurer may also factor in things like your body mass index (BMI), occupation, lifestyle, and medical history.
Life insurance differences
Generally speaking, males pay more than females; and smokers also pay more than non-smokers due solely on life expectancy. So the healthier you are, the lower your premiums usually are.
Life insurance Australia wide
Premiums in Australia do vary, and it is certainly worth your while obtaining a few quotes and making a comparison. You can choose to do this yourself, or have an online comparator complete this task for you. You also have the option of speaking to a financial adviser who can help you make an informed decision.