Time is Not on your side – Age as insurance rating factor

Time is on my side, yes it is! – not!

Even their satanic majesties have grown old and wrinkly.
It doesn’t matter whether you are young or old – your age is going to to affect what type of cover you are offered for particular insurance products cand more importantly – how much you pay!

Well the young man, ain’t got nothing in the world these days!

So what insurance products favour you or go against you if you are fortunate enough, to be young!

Well if you are young the things that favour you are going to be reflected in risk price for the particular insurance product you are purchasing. If you are young! That’s It!
That’s about all you have got going in your favour – the fact that you are young! – so the costs of products where the risk is to your person tend to be much cheaper the younger you are.

Some examples are:

Health Insurance
Mortgage Payment Protection Insurance
Life Insurance
Critical Illness cover
ASU ( exception of unemployment insurance)
Income Protection Insurance
Travel Insurance
Lifestyle Insurance

All the cheaper products for younger people are concerned with risks to you as a person.

When it comes to Property insurance and Liability insurance – Woah! you are going to have to pay through the nose!
Fact of the matter is that when it comes to young people owning property or using property of others, the risks to themselves and others is far far greater than for older people and people with more life experience.

So young people in general, are going to have to pay a lot more for the following types of insurance:

Car Insurance
Home Insurance
Boat Insurance
Trademans Insurance
Commercial Insurance
Professional Indemnity Insurance

Not surprisingly if you are older the reverse applies

Time and Insurance wait for no man!

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