Don’t delay your life insurance application

Don’t delay your life insurance application

Top 5 reasons you why shouldn’t delay your life insurance application


  1. Life insurance gets more expensive as you get older
  2. You told your partner, mortgage company, self that you would get it sorted
  3. You gave up smoking, so this is where it pays you back
  4. You will be bolder and more confident once it’s done
  5. You may not qualify for it later


Up until your 40’s, assuming you stay fit and healthy, your life insurance premium won’t go up much. After that it’s a different story. In fact between 45 and 55 it will more than double*. That’s more than 10% a year they go up while you wait to decide whether to get insured.

That can add up to quite a sum. The smart thing to do is to lock in the price you can get now, it’s likely to be the best it’s ever going to be.

When you get married, have kids or take out a mortgage, the life insurance question pops up. In fact you may have promised your partner but certainly your mortgage company you would get it sorted, with the mortgage, you even ticked a box to confirm you were covered.

But maybe you aren’t covered, maybe you didn’t quite get around to it. Well, now is the time to do what you promised yourself, partner, mortgage company and get your life insurance sorted.

Ah smoking, if you have smoked you maybe worked really hard to kick the habit. I bet you felt good about keeping that resolution. Well, there are benefits aside from the clear lungs and healthy glow. Life insurance will be nearly twice as expensive (if you can get cover) if you smoke but if you gave up more than 3 years ago, guess what you get the non-smoking rate and that can add up to a big saving over a 10-year policy.

Imagine what you would take on if you knew everything would be OK. There are a lot of things out there that can worry us from time to time but taking care of your house and family if something were to happen to you means you have taken care of the biggest worry of all.

Life is full of curveballs, some of them bad, some just irritating. Unfortunately quite a few of them could make it really difficult for you to get sensible life or critical illness insurance. These are medically called pre-existing conditions. If you have a good medical record then now is the time to lock that in and get your life insurance done.

* based on premiums quoted on Compare The Market, November 2019.