Having life insurance is important for you and your family since it can provide for them if anything were to happen to you. A life insurance policy can provide peace of mind for both you, and your dependents that a simple savings account often cannot. The price of the policy will depend on many factors, including ones related to your health. Understanding them can help you get the best deal on a policy.
About Life Insurance
If you decide at some point that you no longer need coverage, you might choose to sell your policy through a life settlement. If you choose to go this route, you will want to ensure you do not have an insurance lapse. A lapse means your beneficiaries will not receive a death benefit if you pass away unexpectedly. It might happen when the premiums aren’t paid. Or it could happen if you sell one policy and have not yet received coverage from a new one. Regardless of the reason, you can review a guide on preventing and solving a life insurance policy lapse to avoid losing key benefits going forward.
The Effect Of Weight
Your weight will affect the policy’s price because it affects your health. Many companies look at BMIs to determine their risk for certain health conditions. Many people are considered obese, but there are ways of shedding a few pounds to be a healthier number. You might consider changing your diet and getting in a bit more activity each day. Find ways to make weight loss enjoyable and less chore-like by committing yourself to finding activities you enjoy and look forward to as opposed to simply ones you feel you should do.
Those who are obese often face higher life insurance rates since they can have health complications including high blood pressure, heart issues, or even diabetes. Some athletes, who have a lot of muscle, might also have a higher BMI. But you will likely receive a medical exam, which is the best way to determine a fair rate for you.
Smoking And Life Insurance
One of the biggest factors is whether you smoke. This is a red flag to insurance companies since it has so many negative effects on health. Often, you can expect to pay several times more for a policy if you are a smoker. That is because the habit can take several years off your life expectancy. It can cause lung cancer and other conditions.
These companies see that the habit puts you at risk for so many conditions, so they then pass along the risk through the rates. The good news is that you can kick the habit if you try. You might be able to reduce your rates to just a little more than the average customer, assuming you do not have other health conditions. If you require more information on how smoking impacts life insurance see this comprehensive article from award-winning UK broker Reassured.
If you already have a policy and have recently quit smoking, you might choose to re-take the medical exam. That way, you can have your risk reclassified. It can help reduce your rates. Still, not every company has this option, so you will want to do your research before making a decision. Remember, the best time to get a policy is while you are still young and have good health. That way, you can receive lower rates.