Life assurance premium is determined by the assured's

Life assurance premium is determined by the assured's age. This is because life assurance policies are designed to provide financial protection for the family or dependents of the assured in the event of the assured's death. The younger the assured is when they purchase the policy, the lower the risk of death and the lower the premium. Conversely, the older the assured, the higher the risk of death and the higher the premium. Age is therefore a key factor that is taken into consideration when determining the premium for a life assurance policy. Other factors, such as the assured's health, lifestyle, and occupation, may also be taken into account, but age is generally the most significant factor.