Age is one of the most influencing variables that affect the premium for any given form of life insurance policy. (Other important variables also include the cover level you want, if you are male or female, whether you smoke, your employment and health record.)

When a Life Company considers whether or not to insure you it needs to assess the risk of you making a claim. They need to ensure that on average they receive more in premiums than they payout on average on claims, or else they would not make a profit.

It obvious that as you age, the more likely you are to die or to become seriously ill. The Life Companies looks at your age at two stages– your age when you first take out the policy and your age when the policy is completed. The difference between the two gives your age range during which the Life company is at risk of having to pay a claim. The longer the age range, the greater the risk to the insurance company and the higher their premiums will be.

Most Life Companies will insure people up to the age of 65 but very few will insure you beyond. Very few will insure past 70 years of age.