You may have to pay 20-40% more for life cover next year

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Deal Captain

Life insurance premiums are set to increase in 2022 as large reinsurance companies are likely to raise charges that are likely to be passed on to customers.

Higher premiums may mean higher profitability for insurers but could also impact demand for policies at a time that awareness about insurance is at a peak.

Expectations are that premiums will rise between 20% and 40% as reinsurers will look to cover for increased losses due to higher claims.

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