Nowadays, a healthy lifestyle is something which is regularly promoted. Governmental bodies and various industries all recommend that we stay as healthy as possible, quoting a number of benefits that such actions could generate.
Maintaining a healthy lifestyle can increase our life expectancy whilst keeping us in the best physical condition. This means that we have more time to enjoy ourselves and are more capable of doing so than those riddled with self-inflicted ailments.
With our life expectancy increasing as our health improves, many of us are likely to invest in a life insurance policy. These provide financial protection for our families and beneficiaries, leaving them a lump sum which can be used to pay for funeral expenses or to cover outstanding debts which we leave behind after our death.
An important form of protection for all adults, life insurance can be affected by a number of different factors – but is your health one of them?
Lower life expectancy and higher costs
As life insurance policies aim to protect your life, your health and physical condition is incredibly important and those with unhealthier lifestyles may find themselves facing higher insurance costs as well as lower life expectancies.
Both heart conditions and smoking are claimed to increase life insurance premiums by putting you into a “higher risk” bracket.
This evaluation process is similar to that of other insurance policies which sees customers charged more if they are considered to have a greater chance of making a claim – or in the case of life insurance, for claiming early.
Smoking
For those who smoke, the quantity of cigarettes you smoke on a regular basis may be immaterial to an insurance company. Even the ‘occasional smoker’ is considered a smoker by many insurers and this means you could face similar financial penalties on your cover.
According to reports, those with a 40-a-day smoking habit could save as much as £2,500 a year by giving up. Part of this saving is related to life insurance, with the average life insurance policy 30% cheaper for those who do not smoke.
Heart disease
A leading cause of death in the Western world is heart disease and this means that those at risk of developing this complaint could face higher life insurance quotes. Once again, this is related to the evaluation process undertaken by insurers; with blood pressure, cholesterol levels, obesity and smoking all being considered.
If any of these factors generate high results then the candidate may be classed as ‘high risk’. This means their insurance quote could increase, putting them out of pocket.
Better health, better rates
Improving your health and fitness levels is therefore an easy way for you to improve your quality of life and your financial situation. Those who are classed as a ‘low risk’ applicant are likely to receive the most competitive rates and thus save the most money.
Of course, many insurers offer a range of products to cater to various lifestyles but this financial incentive could be the perfect excuse to help struggling Brits embrace the healthy living trend.
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