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How much will you pay for life insurance?
Several factors affect your premium, but the sooner you take out a policy, the better.
In the unfortunate event of your death, it’s important to have life insurance so that your family is taken care of. But how much will it cost you? The answer is not straightforward, because the premium will depend on several factors, such as your age, so there isn’t a reliable average cost to quote.
While no one wants to contemplate death, it’s something we all face. Tomorrow is never guaranteed, and you need to consider the well-being of those you will leave behind. With so much uncertainty in life, having a comprehensive life insurance policy will give you peace of mind, knowing that your sound planning will allow your loved ones to maintain their standard of living when you can no longer take care of them.
Something else to consider is that the sooner you take out a policy, the lower your premiums should be.
The cost of life cover
Pricing will differ from person to person, as it’s based on individual lifestyle choices and personal circumstances.
Factors that affect the cost of your life insurance include the following:
Your age
Normally, life insurance will be less expensive when you’re younger and healthy. If you apply for life insurance only when you’re older, you may also have to undergo strict medical tests to establish your state of health accurately, and your premiums are likely to be higher.
Type of cover
The more comprehensive the cover, the higher your premiums will be. For example, the MyCover Life policy currently covers death benefits only, and will cost you more if you decide to add funeral and disability cover.
Your health
If you’re in good health, don’t smoke and use alcohol only in moderation, you’ll be considered lower risk and pay lower monthly premiums. High-risk individuals – such as those with pre-existing conditions or a family history of chronic or hereditary illnesses, heavy drinkers, or smokers – will face higher premiums.
Shop around until you find the policy that suits your specific needs
Your sex
Statistically, women live longer than men, so their premiums may be lower due to reduced risk.
Your lifestyle and hobbies
If you take part in adventurous activities that increase your risk of death (like skydiving), your premium will be higher.
The table below contains a ballpark quote for different individuals. Please note these are all hypothetical examples – your premium on an individual quote may vary, based on the factors mentioned above.
Examples of different premiums
Sex |
Age |
Life cover |
Monthly premium |
|---|---|---|---|
30 |
R1,000,000 |
R218 |
|
35 |
R1,250,000 |
R395 |
|
40 |
R1,500,000 |
R523 |
|
45 |
R2,000,000 |
R424 |
4 tips to help bring your premiums down
1. Stop smoking and drinking, or drink only occasionally and moderately
Not only will this make you a lower risk, but it will also save you quite a bit of money, which helps offset your premiums.
2. Stay fit and healthy
Cutting out bad habits and adopting healthy eating and exercise habits to keep your body strong and fit will improve your overall health, which can help bring down your premiums.
3. Get insurance now
The earlier you get life insurance, the lower your premiums are likely to be.
4. Shop around
Don’t take the first policy you see. Shop around until you find the policy that suits your specific needs and circumstances.
Our expert advisers at Nedbank Insurance can help you calculate how much life cover you need, and what it will cost.
