Is Your Lifestyle A Culprit for Higher Life Insurance?[easy-share buttons="facebook,twitter,google,buffer" counters=1 counter_pos="inside" native="no" fixedwidth="yes"]
Published on September 2nd, 2014 | by Joan Makai
With our current lifestyles and the danger of living life every single day in today’s time, it is necessary to have a life insurance that will cover our family if anything happens. A life insurance policy can literally be a life saver for your loved ones in the event of your death. But if your premium is taking a huge chunk out of your finances then it’s time to ask yourself these questions.
Do you have a healthy lifestyle?
Did you get the shock of your life seeing that you’re paying higher premium that your friend who is the same age and financial status as you? Ask yourself why? Do you have a healthy lifestyle? If you are overweight and have a bad case of smoking habit, chances are your premium would really skyrocket. If you want to lower your life insurance premium it’s time to quit smoking and live a healthy lifestyle. Put your shoes on and start the treadmill or run the neighborhood for a few minutes each day. Cut on carbs and fats and start eating healthy. You’re not only doing your premium a favor by losing weight but also your bank account since you’ll be saving a lot on medical bills by keeping yourself fit.
Are you considered High Risk?
If you’re an adrenaline junkie your insurance company surely considered you a high risk plan-holder, thereby giving you a higher premium on life insurance compared to those with sedentary or safer lifestyles. Sometimes, life insurance companies even think twice about insuring those who they think will die sooner due to their hobbies like mountain climbers, race car drivers, scuba divers, hang gliders and recreational pilots. If you engage in these kinds of activities you’ll find it hard to get lower insurance premium for yourself.
Incidentally, insurers also put a hefty premium to individuals that have high risk jobs like helicopter pilots, underground miners, construction workers assigned on highways, off-shore fishermen, and those workers that handle hazardous materials. As a general rule the safer your lifestyle is the lower your premium would be. That means, if you want to cut cost on your insurance you have to adopt a hobby or get a job that will not put your life at risk.
Many people understand the need for a reliable life insurance to protect their family in the event of their sudden death but what they don’t realize is that they are paying higher than what they should have due to their lifestyle. Although it’s not easy to simply change jobs or switch to a safer hobby knowing what makes your insurance premium rise and how it can be prevented can make a huge difference.[easy-share buttons="facebook,twitter,google,buffer" counters=1 counter_pos="inside" native="no" fixedwidth="yes"]