5 Lifestyle Changes That Can Get You Lower Insurance Premiums
What if there was a pill that could prevent diabetes, cholesterol, high blood pressure, and even heart diseases? And what if this pill was practically free and has no side effects!
As a matter of fact, this powerful pill does exist. It’s readily available for everyone.
It’s called- “Intensive lifestyle change”.
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Making changes to your lifestyle is not only doable and sensible, but it is essential for maintaining your overall well-being. Further, if you are thinking of purchasing a life insurance plan, making positive changes in your current lifestyle can also save you from paying higher insurance premiums.
This is because the majority of life insurance plans including term insurance and the best ULIP plan in India base their premium rates on your health habits and lifestyle factors.
Since lifestyle factors determine the rates you get on your life insurance cover, it only stands to reason that altering your health habits and improving your lifestyle can help to lower your premium rates.
Here are five ways which can help you reduce your life insurance premium:
1. Refrain from Excessive Smoking and Drinking
Stating the obvious, smoking and drinking puts you at a higher risk for all sorts of health problems and consequently increase your mortality risk. This is the reason why insurers need you to disclose these habits before fixing the premium chargeable for policies like term insurance, child plans, retirement plans and ULIP funds.
If you smoke, you are required to pay much more premium for your life insurance plan than if you were a non-smoker. Similarly, if you drink excessively, the insurance company will charge more to insure you. So, quit these habits as early as possible. This will not only benefit your health but also lower your insurance premium.
“Quitting smoking and drinking can reduce your premiums by up to 50percent!”
2. Maintain A Healthy Weight
As we all know, being overweight adds to the risk of developing certain medical conditions and is, therefore, linked with higher mortality. Hence, most insurers use the standard height/weight tables to determine “Your Health Status” and accordingly arrive at your premium rates.
Therefore, start maintaining a healthy weight. Indulge in regular physical activity to burn calories and keep weight off. It will bode well for you in seeking a lower premium.
“Using staircase instead of elevators, walking your dog, or doing other things that increase your level of activity can all make a difference.”
3. Get Rid of Obesity
An increasing number of Indians today are facing the problem of obesity. If the Body Mass Index is 30 or higher, that person is considered obese. And if left unchecked, obesity can lead to a number of diseases, such as diabetes and heart-related ailments.
As a result, insurers may increase your premium rates, in case you are obese. Therefore, in order to reduce your premium (and most importantly, to remain fit)start working on your weight.
“Cut back on starches and sugars and eat protein and low-carb vegetables.”
4. Get Existing Medical Conditions Under Control
All insurers, including Max Life Insurance, take into account your present health conditions when it comes to determining your premium. Meaning, individuals suffering from heart-related ailments, diabetes or having pre-existing medical conditions will be considered to be high-risk as compared to healthy individuals.
Therefore, if you have health issues like high blood pressure, cholesterol, or asthma, have regular follow-ups with your physician and take your medications as directed. This will help control these conditions.
5. Avoid Dangerous Activities or Hobbies
Involvement in high-risk activities, like skydiving, rock climbing, scuba diving, and others can result in higher premiums. This is because your active engagement in such hobbies increases your likelihood of injury or worse. So, if the insurer thinks your hobbies are dangerous, you may be charged a higher premium or denied insurance, no matter how healthy you are.
Further, many life insurers also hesitate in case of an occupational hazard or risk. Note that insurers already have a list of occupations and the risks associated with them.
In the Nutshell
It is significant not just to have a life insurance plan, but also to ensure that you are leading a healthy, risk-free life. After all, this is what affects your chances of getting life insurance and at what cost!
by sanya uppal