Lifestyle Can Affect Your Health and Life Insurance Policy

Why is having a healthy lifestyle important for you and your life insurance?

Your lifestyle choices can and will have an impact on how much you'll pay for life insurance. Keep reading to find out more about how you can reduce the amount of risk you pose to an insurer.

Lifestyle choices that can affect your health and life insurance rates

Some of the lifestyle choices that can have a significant impact by driving up the cost of your health and life insurance premiums include:

  • Your weight. If you're considered overweight or obese, you're at risk of a number of serious health issues that are related to weight such as heart attack and stroke. This means you become a greater risk to insurance firms.
  • Smoking. If you're smoker, you're at risk of a number of health related problems as well as being exposed to a possibility of premature death. This makes you a higher risk to insurance firms and as a result, you will be paying higher premiums for life insurance.
  • Heavy drinking. If you drink alcohol on a regular basis and easily exceed moderate levels, you put yourself at risk of alcohol related health issues, such as liver problems, which could result in life insurance providers to view you as high risk individual. Heavy drinking can therefore result in the cost of your life insurance premiums being higher.

Does smoking really affect your life insurance premiums that much?

*Please note that these are sample quotes taken as a guide. For a proper quote, speak to an experienced adviser.

Positive lifestyle changes you can make to bring down health and life insurance premiums

There are a number of lifestyle changes that you can make in order to try and improve your health as well as reduce the cost of getting life insurance cover. Making these changes can take time, particularly if you have fallen into bad habits with regards to your lifestyle. However, even making small changes over time can prove helpful to both your health and your pocket. Some of the changes that you can make include:

  • Improving your diet and exercise regime. Eating more healthily and making sure you do some regular exercise can help to boost your health and wellbeing whilst enabling you to lose weight or maintain a healthy weight. This in turn can help to reduce the cost of coverage of life insurance.
  • Quitting smoking. Quitting smoking is a very good start towards improving your health and finances. You will not only save on the cost of cigarettes but also on the cost of coverage such as life insurance, although you will generally have to have quit for a specified minimum period of time before the lower premiums kick in. But, the greatest reward from quitting is that you get to enjoy the health benefits of being a non-smoker.
  • Moderating drinking. While some may have a glass or two here and there, some may go much more than the acceptable limit and not realise that their alcohol units are adding up to quite a large number each week. Take time to assess your drinking habits and if necessary reduce them to a healthier level, as this can offer health benefits, help to reduce weight, and lower your premiums.

Changing your habits and lifestyle may not sound like something that is easy to do, but it can have many benefits to not only your wellbeing but it will also lower your life insurance premium rates. Remember that it is important to be honest about your smoking and/or drinking habits to your insurer when you apply for life cover, as non-disclosure will only lead to the claim being rejected.

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Richard Laycock

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

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