Being in Good Health Could Cut Your Life Insurance Premiums

There are many benefits to being in good health, but did you know that your health status affects the cost of your life insurance premiums?

A great health status and lifestyle can considerably decrease the cost of your protection policies, such as life insurance, income protection insurance, and critical illness cover, along with others available. If you feel you have made lifestyle choices that may have affected the current state of your health, you might want to notify your insurer or get advice on taking out a new insurance policy. However, you should avoid cancelling your current policy if you’re shopping around for a new one, unless you have done a considerable amount of research into whether a new insurer will cover you for any potential pre-existing or underlying medical conditions.

An important investment

Life insurance is one of the most significant purchases you can make during your lifetime, as you’re ensuring the protection of loved ones in the event of your death, by freeing them of any financial burdens they would have been left with if you didn’t have life cover in place at the time of your death.

Life insurance plans differ, and depending on your situation, some can be pricey. One way of seriously lowering the cost of your life insurance premiums is ensuring that you are in good health. This means that your BMI should read as healthy, your consumption of alcohol should be fairly low, you are a non-smoker and you are not suffering from any serious or underlying medical conditions. Let’s not forget about the substantial amount of money you could be saving by reducing/quitting smoking or drinking. Regular exercise will make you feel better, look better, and age at a slower rate, too!

Doing all the above will have a positive effect on your insurance premiums, especially if you have added critical illness cover or income protection insurance at an additional cost to your life insurance policy.

If you are overweight or a smoker, the cost of your premiums will be greater than a non-smoker who is considered a healthy weight, as there’s more of a chance of you developing a serious or life-threatening illness, such as heart disease or cancer. Therefore, insurers will see you as more of a financial risk, hence the increase in the cost of your premiums. In order to ensure affordable insurance premiums, giving a healthy lifestyle a go is definitely worth a shot! Just think, you’ll be expanding your life expectancy and lowering the cost of your premiums all at the same time.

It is important to note that if you were previously a smoker, but have now stopped, you will be exempt from a decrease in your life insurance premiums if you have inhaled any nicotine-based products in the last 12 months. Being honest is a must, as insurers will be able to uncover true information regarding this through health checks; any dishonesty could result in insurance policies being revoked or could mean that any premiums already paid may not be reimbursed.

As well as your health status, the cost of life insurance is based on a number of factors, so you should get reliable advice from trustworthy advisors who can assess your situation and needs professionally.

How Quick Quote Protect Can Help

At Quick Quote Protect, our advisors are here to ensure that life insurance isn’t too complicated. For more information on how to lower your life insurance premiums or if you’re looking for a policy best suited to your needs, contact our insurance experts today.