Did you know that living a healthy lifestyle can help you save in more than one area of your life, especially when it comes to life insurance? While it may require time and effort, it can pay off in the long run.
Here is how being healthy can help you save on your life insurance policy.
The BMI factor
You may not be aware that life insurers use your health and lifestyle to determine the premium you end up paying. One of the things that they look at is your Body Mass Index - or BMI – which is a calculation of body weight and height which is used to determine your body fat.
The more out of balance this is, the more likely it is for you to get sick because of weight-related issues which increases your risk. Fortunately, this is something that you can work on to get to a healthier BMI which could lead to you shaving off Rands on your premium to make it more affordable. Not sure whether you have a healthy BMI? You can use our handy BMI calculator to find out.
A healthy lifestyle means less risk
Why do life insurers care about how much you drink or if you smoke? The truth is that these small lifestyle choices you make have an impact on your health and an insurers number one concern is that you are healthy as possible. It also helps insurers take on less risk from people who deliberately harm their health to place an early claim on their life insurance policy.
A life insurance policy will cover you for unforeseen events where you are diagnosed with a terminal illness, so you don't have to worry about the financial aspects and can focus on spending more time with your loved ones.
Things you can do to help you save
Your health will determine your premium, which is why younger people pay a reduced premium compared to someone closer to retirement. One of the benefits that some life insurers offer is using your health to help reduce the premium.
What this means is that you have an opportunity on improving your health by quitting smoking, reducing your body fat or doing a 360 turn on your lifestyle to one that is healthier to help make your premiums affordable.
Speak to your insurer on how you can save on your life insurance policy in terms of your health. Overall, it's a win-win situation where you get to live longer and healthier while saving a few Rands!