Healthy people tend to enjoy life more. However apart from living life like it is meant to be, healthy individuals also tend to save a lot on life insurance. Life insurance companies like someone who doesn’t smoke, exercises regularly, is the right weight and is free from disease. This partially translates into lower life insurance premiums. All this because of the fact that life insurance companies know the likely chance that your family cashes in on the assured amount is very low. For instance, according to statistics, the mean monthly premium for a 30-year-old, healthy non-smoker is GBP 7.24. Whereas a 45-year-old, overweight smoker has premium rate of GBP 43.91.
Nevertheless, it doesn’t mean that you should lie about your medical condition while signing up for an insurance policy. This will only hurt you and your family. You can be subjected to legal proceedings. In the worst case, however, your insurance company may find out the truth when you die. In this scenario, your family stands to lose any payout they were going to get.
Another important point is insurance company’s definition of a non-smoker. Most insurance companies define a non-smoker as someone who hasn’t had nicotine dependence for 12 months. This means that you shouldn’t have smoked or used other nicotine sources for at least 12 months prior to your application for life insurance. Most people think they can kick smoking for a couple of weeks before the policy and then reap the low premiums. This is not the case.
Now, you might think that ailing people will always have agonizingly high premiums. This is not entirely true. It is always great to use an online quote website or visit a life insurance broker. Then you will have more information about the insurance companies which are best for you. Sometimes a company that isn’t on your radar can offer the best service for people in your illness group.
Doing research also helps because it decreases your likelihood of being rejected by an insurer. If you are rejecting by an insurance company then you are bound to disclose this information to all other insurers you visit. This increases your chance of being rejected by them as well.
Diabetes, asthma, obesity along with high blood pressure and cholesterol and some of the most common conditions that are considered risky by insurers. These disorders would lead to higher premiums but you will still be covered. The higher premiums account for the increased risk factors of complications and early death. No company likes to see a dent in their profits and insurance companies are no different.
In the end, it is pertinent to return to the adage; “health is wealth”. It fits literally to the life insurance business.