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How are premiums calculated?

It’s a bit of a science actually 🤓. The simplest explanation is that the more claims we think we’ll have to pay out, the higher premiums will be.  The science 🔬 behind insurance premium calculations boils down to what we expect to pay out in claims.  So we use mountains 🏔 of data, experience and good old fashioned actuarial judgement ⚖️  to make an educated guess as to how many claims we will pay. The more claims we expect to pay, the higher the premiums will be. This is why typically, someone quite old will pay more for life insurance than someone quite young.  Old people die more than young people.  Bleak 💀, but true.   But age isn't the only thing we look 🔍 at to guess future claims. Women also pay less for life insurance than men, because women live longer 💅🏽.  And similarly, smokers will pay more 🚭 than the people who don't smoke, because smokers usually croak 🐸 before non-smokers. 

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