Life insurance premiums are determined by the underwriting process that focuses on your health and lifestyle. There are some things that you can do to help reduce the premiums you might be paying. Here is what you need to know.
Start off early
The golden rule to life insurance is that the younger you are when you get a policy, the better the premiums are. The reason for this is that life insurers look at health statistics to determine if you are high risk or not. It is known that as we get older, our health deteriorates and we are susceptible to illnesses and diseases that can put our lives at risk. Premiums are more affordable when you are younger because the chances of you becoming critically ill or your health deteriorating are very low.
Improve your health
There are health issues that are out of our hands and can be influenced by genetics such as type 1 diabetes, cancer, high blood pressure and heart disease. However, your diet can either make these conditions worse or better, which will affect your premiums. It is important to disclose to your insurer any pre-existing medical conditions that you are aware of such as these. Improving your diet and taking part in an active and healthy lifestyle can see your health improving for the better which, in turn, can see your premiums being reduced.
Ditch unhealthy lifestyle habits
Keep in mind that you will be evaluated based on risk. Any activity that you participate in that could shorten your life span can affect your premiums. Things such as being an excessive drinker, smoking, having a job where the chances of you being seriously injured, or your health compromised will affect your premiums. Cutting back on things that you have control of in your lifestyle such as quitting smoking or sticking to the set legal consumption of alcohol can play a part in the premium that you are given.
Whether you are in the process of taking out life cover or already have cover in place, remember that you can ask your life insurer what steps you can take to help reduce your premiums. For people who already have a pre-existing medical condition, following the set requirements that have been prescribed by your doctor for a set period can help influence the premiums you pay for the better.