How much is your life worth?
11th July, 2019
Life insurance is one of those adult-only concepts that many of us come across the first time we take out a mortgage. It’s at this point we start to ask some serious financial questions: What would happen if I was to die? Who would pay the bills? Who would look after the kids?
Once you have decided that your life is worth protecting, you need to ask the next big question: how much is your life actually worth? That depends on you and your circumstances, and especially on your health and age, as premiums are generally cheaper the younger you buy them.
But recent figures show that one of the other key drivers of premium price is the value of your property. This is because many of us that take out life insurance do so to protect their mortgage. That means that it is linked directly to how much you owe the lender.
It is no surprise then that those in London generally pay more than those outside of it, with people in the capital paying on average £22.40, and those outside paying £17.05. But each region and each person is different, and it is only by speaking to an adviser can you get the most suitable advice.