Penalty for delaying health cover until mid-30s

Health insurers are to penalise customers who take out policies after the age of 34 under regulations coming into force next year.

A 2% price penalty will apply for each year so that a 44-year-old will pay 20% more for the same policy than someone who is 10 years younger.

The loading will be capped at 70%, at age 69 or over, and credits will apply for past periods of cover and for policies cancelled because of unemployment.