02 May Improve your health and save money on your life insurance
There are plenty of advantages to getting as fit and healthy as possible, including increased energy levels, a better functioning immune system and typically, a lower risk of developing a number of long term health problems such as diabetes and cardiovascular disease. Did you also know that improving your health and fitness could lead to financial benefits in the form of lower life insurance premiums?
When you take out life insurance, your premiums are calculated based on a number of risk factors, including:
- blood pressure,
- lifestyle and
The higher your perceived risk of dying prematurely, the higher your life insurance premiums will be. This additional cost is known as ‘loading’ and it can be possible in certain circumstances to reduce your loading and therefore the cost of your premiums. With measurable health improvements, some insurance companies will reassess your risk category, which may potentially result in a drop in the cost of your premiums.
This means that simple lifestyle changes such as giving up smoking, taking up more exercise and losing weight could all contribute to financial as well as health benefits for you. More importantly, you would be setting yourself up for a longer and healthier life, which is likely to benefit not only you but your family and other loved ones, perhaps giving you more time to enjoy grandchildren or to play an active role in your community. For more information on life insurance and the different factors that could affect your risk level, why not speak to one of our financial planners?