Besides age, health is one of the biggest factors influencing your life insurance premiums. The healthier you are when you apply, the higher your approval chances and the lower your premiums could be.
Many life insurers gather health information through a questionnaire and a medical exam. You’ll provide detailed information regarding your weight, alcohol, and drug use, smoking, and more. This offers another incentive to get into a healthy lifestyle. You’ll feel better and pay less for the life insurance coverage you need by implementing healthy habits. With that in mind, this article will dive into some healthy habits you can implement to get the best life insurance quotes for your needs.
Quitting Tobacco Use
Smokers can qualify for life insurance, but they will pay more for coverage than a nonsmoker. Whether you’re a smoker or nonsmoker, you might be wondering, “What type of life insurance should I get?” Term life insurance is an affordable policy that offers coverage for a specified time period, such as 10 to 30 years. Here are some average annual premiums for a 20-year, $500,000 term life insurance policy for smokers vs. nonsmokers at 30 and 40, according to Forbes:
|Gender and Age||Non-smoking average rate||Smoking average rate|
|Male age 30||$303||$828|
|Male age 40||$397||$1,531|
|Female age 30||$281||$670|
|Female age 40||$344||$1,199|
Forbes also says that all these activities may count as smoking for life insurance purposes:
- Vaping & e-cigarettes
- Bidis (thin hand-rolled cigarettes)
- Chewing tobacco
- Dissolvable tobacco
- Nicotine replacement therapies (patches, lozenges, gum, inhalers, nose sprays)
- Heated tobacco products
In general, quitting smoking for at least 12 months could qualify you for nonsmoking status. However, every insurer is different, and some may require a longer timeframe.
Limiting Alcohol Consumption
Heavy alcohol consumption can put people at risk of developing medical conditions such as liver problems. It can also compromise sleep, increasing the risk of numerous other issues. Insurance companies ask about drinking habits on their medical questionnaire, so to save on premiums, you may want to decrease alcohol consumption.
It might be wise to limit drinking to the weekends or social activities if you want to qualify for lower premiums. Additionally, when you do drink, consuming fewer beverages might be a good idea since insurers may ask for that information as well.
Controlling your Body Weight
Weight on its own may not impact your premiums substantially. However, being overweight or obese has been shown to increase the chances of various health conditions, so this can lead to higher premiums.
Losing weight and maintaining a healthy body weight can come down to regular exercise and healthy eating habits. Consider getting exercise every day or several times per week. This could involve going for a walk or run, joining an exercise class, or hitting the gym.
As for diet, you may want to aim for balance. Lean meats, fresh fruits, and leafy greens are some examples of healthy foods that help you maintain healthy body weight and get the nutrients you need. All that said, speak with a medical professional before beginning a new diet or exercise regimen.
Make these Habit Changes to Save on Life Insurance
Poor health can result in higher premiums for a life insurance policy. So, it’s wise to make healthy lifestyle changes. They don’t just make you feel better — they could save you a lot on your life insurance.
If you smoke, consider quitting as soon as you can. This can reduce your premiums significantly. Additionally, limit alcohol consumption. Life insurers ask about drinking habits, so reducing your alcohol consumption can help cut your premiums further. Finally, start exercising often — even if it’s just going for a walk — and incorporate healthy foods into your diet to maintain healthy body weight. Follow these tips to lower your premiums on the coverage you need.
Ayesha completed her Doctor of Philosophy in Biochemistry and started her career as a College Lecturer in 2013. Today, she’s a happy mom of 2 Kids in the field of digital marketing. She loves reading books, spending time with her family, and making delicious food for her husband.
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