LifePolicyFactsWhy prices climb
Insurers price term cover by age, health, tobacco use and the length of the term. Each year older generally means a higher premium, and a new diagnosis can raise it more or block approval. The rise per year is an input here because it varies by insurer and person, so use two quotes from different ages if you have them.
Worked example
A 40 a month quote that rises 8% for each year of delay becomes about 58.77 a month after five years. Over a 20-year term that is roughly 4,500 more in total, without counting the five years of no cover.
How to use the result
Treat it as a way to compare a delay against the price of acting. It is an estimate, not a quote.
Frequently asked questions
Is 8% a year realistic?
It is an adjustable assumption. Real increases vary with age band, health and insurer.
Does this include health changes?
No. A health change could make the true cost of waiting higher.