The cost of insurance is called the ‘premium’. It is calculated based on the amount of cover you want, and the risks associated with the asset you want to cover. You can usually pay this premium monthly, half yearly or annually.
Some factors can impact the cost of the premium – like the age of the asset you wish to protect, or in the case of life insurance, whether you are a smoker or non-smoker. You can also receive discounts for having multiple policies or for maintaining your insurance for a specified period.