What is normally the primary factor influencing the cost of life insurance premiums?

The primary factor influencing the cost of life insurance premiums is the insured's age. As individuals get older, the risk of mortality increases, which insurers reflect in higher premiums. Insurers utilize age as a metric to statistically assess the likelihood of a policyholder needing to claim on their insurance. Younger individuals typically pay lower premiums because they are statistically less likely to pass away during the policy term compared to older individuals.

While other factors like health status and occupation do affect premiums and can lead to variations in pricing, age is generally the primary determinant. Health status is particularly important as it assesses the individual's current state of health, and hazardous occupations can influence the risk profile, but age remains the foundational element in underwriting practices. The type of policy also plays a role in premium costs, but again, it is often the applicant's age that stands out as the most significant factor when determining the baseline premium.