How Does Your Health Impact Life Insurance Premiums?
Yes, life insurance pays out benefits in the event of your death, but your premium relies heavily on how you live. Insurance companies prefer customers who have a low-risk of premature death, and therefore making a claim early in one’s policy; after all, it’s business. Looking through the lenses of an insurer, healthy people are less risky to cover and they often pay less because of it. Generally speaking, the healthier you are, the less you’ll pay for life insurance.
Life insurance premiums are calculated based on your age, weight, height, occupation, driving record, dangerous or risky habits/hobbies (smoking or extreme sports) and most importantly, your medical history and your family’s medical history. Your health is so important to insurers that many will require evidence of insurability, which usually means that you must get a medical screening or physical exam to determine the status of your health. Any indicators of poor health, such as high cholesterol or obesity, can raise your premium, or you could even be denied coverage if you’re in very poor health.
Because health naturally wanes with age, it’s a good idea to consider purchasing life insurance at a younger age so you can lock in that rate for the duration of your term. You’ll likely pay less in your twenties or thirties than you will in your fifties or sixties, simply because it’s easier to stay fit when you’re younger. Not to mention, as you age, unforeseen health problems can arise that can make it difficult to purchase life coverage.
But hope is not lost. You can take steps to improve your overall health every day, no matter your age. Crash diets can be tough to follow, but you can make better choices by incorporating healthier foods into your regular meals. The gym isn’t for everyone, but there are other ways to burn calories, such as walking around your neighborhood or playing with your children/grandchildren in the backyard. The best way to monitor your progress is, contrary to popular belief, not based on the number you see on a scale. Rather, your body’s internal chemistry paints the complete picture of your health. Visit your doctor each year for a physical exam to see what efforts have been successful and what you can do better.
Stay fit to save money. Call Mark Lee Insurance Agency for more information on Ardmore life insurance.