There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs.
The price of an insurance policy is generally a reflection of how the underwriter views the risk of you claiming on that policy. As each insurer will attribute their own measure of risk to each element of your lifestyle, personal habits and work situation, your overall risk profile can fluctuate between one insurer and another. An Insurance policy should NOT be selected based on price and should be evaluated on how it meets your personal situation and if there is anything specific you may want to cover. A Risk Specialist or Financial Adviser can help determine what insurance is most appropriate and how to best protect yourself and your family.