Your postcode

It might sound surprising, but life insurance providers could user your postcode to determine how much of a risk you present. They may look at illnesses and deaths for each post code and if your area has a high risk factor than others, it might affect the cost of your premiums.

Your driving record

Your driving record not only affects your car insurance, but it can also impact your life insurance policy too. Providers could check your driving record when you apply. So, if you have driving convictions or accidents you were at fault for, you may have difficulty getting approval or have to pay a higher premium as you’ll be classed as high risk.

Extreme sports

We recently found that an extra 13%2 of Brits added thrill-seeking activities, like skydiving, to their post-pandemic bucket list. If you take part in extreme sports, like diving or free climbing, the risks are extremely high – which might increase life insurance premiums.

Many providers will ask about the type of activity you do, the amount of time you spend doing it and the level of danger it involves – and you must answer accurately. It’s important to note that some providers may offer life insurance for people who do extreme sports at standard rates if the risks are relatively low, so it’s worth doing some research before you apply.

Your profession

High-risk occupations include fishing, construction, and emergency services, and life insurance for these roles usually comes with higher premiums. However, some professions offer death-in-service benefits. For example, police life insurance or firefighter life insurance may be provided automatically by your employer. Other occupations may require speciality life insurance, for example, roles where you’re required to travel abroad, especially to dangerous locations.

When applying for insurance, if the provider sees you as high-risk, they’ll ask questions to determine the level of risk you’re exposed to, how often and the nature of the risk. Each provider has a list of high-risk roles and while one may class an occupation as “safe” another may not, so it’s important to do your research. Another option is to ask your HR department, or an independent HR expert for advice.

Whether you’re pregnant
If you’re looking to take out life insurance when pregnant, the best time to do it is at the very start of your pregnancy. However, if you have any pregnancy-related medical problems, like anaemia or high blood pressure, some providers may put your application on hold until after the birth.

When you apply, you might be asked about whether you smoke, as well as your weight. Remember, it’s vital to be truthful in your response because if you’re later found to have provided wrong information a claim may not be paid, and your policy could be cancelled.

Your age
The older you are, the more you’re likely to pay for life insurance because you’re considered more of a risk. Our figures3 show that the average prices of life insurance premiums for younger people are:

16-29 – £19.67 per month
30-39 – £28.35 per month