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You May Get Lower Life Insurance Premiums if You Get Healthy

man and woman facing away holding broccoli behind their heads

By Byron Udell | March 1, 2019

You might be able to lower your life insurance premiums with just a few lifestyle changes. To learn more, read on.

Your health is directly linked to the life insurance premiums you’ll pay.  What most people don’t know, however, is that if you decide to make certain lifestyle changes and it results in a lower body mass index (BMI), which in turn improves your health status, you could be entitled to lower premiums.  All you have to do is ask. 

Lifestyle changes that can reduce life insurance premiums

  • Regular exercise (weight loss).  If you start exercising regularly, or even monitor your calories (that results in weight loss), insurance firms will adjust your premium rates to reflect this.  However, make sure you have all your fitness records.  Get a medical certificate from your doctor (if possible).
  • Smoking, Drinking and substance abuse.  If you have a history of heavy drinking, smoking or substance abuse, it will result in a higher premium.  Cut down on these three over a period of 1-3 years and your insurance rates could drop massively.
  • Risk-free work environment.  If you have a hazardous job, this will factor into your rates.  Examples include ship-breaking, firefighting, construction work, police work, even scuba diving.  If, however, you switch to a desk or office job, you can ask for a reduction.
  • Health improvements.  If you have a pre-existing medical condition like cholesterol or blood-pressure, or you’re recovering from (or have recently recovered from) cancer, your insurance rates will be higher.If you control your blood-pressure and cholesterol levels over a period of time, or your cancer remains in remission for a few years, you are eligible for cheaper rates.
  • Recreational activities.  Do you indulge in track racing, sky diving, bungee jumping or anything similar?  If yes, your insurance premium is likely to be on the higher side.  If you stay off these activities for a long period of time (and can prove it to insurance firms), there is a chance your premium will drop

Remember, though, that this is not a quick-fix deal.  YOU have to make permanent lifestyle changes and prove it, too.  Life insurance companies don’t monitor your life; the initiative to lower your rates has to come from YOU.

Now take our nifty calculator for a spin and get clear on how much coverage works for your life.

Nifty Life Insurance Calculator

Our Life Insurance Calculator can help you get a rough idea of how much coverage you’ll need to make sure your family is okay financially when you die.

  • Annual income before tax: $

    Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.

  • % of income needed by dependents:  %

    Because you’ll be gone, presumably they won’t need as much as you’re currently earning.  Typically, 80% of your current income is a good place to start.

  • Your Age: years

    The younger you are, the more years of your income your family stands to lose when you die.

  • Number of years benefits are needed:  

    If you died tomorrow, how many years of income do you want to provide for your family?

  • Annual inflation rate (estimate):  %

    Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace.  Historically, inflation has averaged between 2% and 4%.

  • Annual interest rate (estimate):  %

    This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.

  • Based on the information you provided, you need about

    of life insurance to replace your income for the next years.

So what’s next? Call us at 877-794-9817 and let’s chat about the types of coverage that may make the most sense for you.

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