The Impact of Lifestyle Changes on Life Insurance
A life insurance plan doesn’t only protect your finances, but also brings peace of mind and security for you and your loved ones. This, however, requires payment.
Policyholders pay an insurance premium to avail the benefits of their chosen plan. Insurance companies like InLife factor in your age, gender, occupation, pre-existing medical conditions, as well as your overall health. If your lifestyle poses higher risks of injury or diseases, you may find yourself paying a higher premium.
Let’s talk about how lifestyle changes impact life insurance.
The Impact of Lifestyle Changes on Life Insurance
Your lifestyle has a significant impact on your quality of life, specifically, whether you develop certain diseases or sustain injuries. For example, those who smoke have a higher risk of heart diseases, stroke, and cancer.
Why do you need life insurance? Since life insurance protects your finances from the costs of such diseases, those with higher risk of developing them tend to be charged with higher premiums.
So, lifestyle changes, which can alter your risk of developing preventable diseases, can have a profound effect on life insurance premiums and coverage options.
What Circumstances can Affect A Life Insurance Policy?
The great news is that a lot of health conditions can be prevented through healthy lifestyle habits. Here are lifestyle changes you can do that can impact your life insurance:
Quit Smoking
Smoking is one of the leading causes of various health issues, including heart disease, lung cancer, and respiratory problems. As a result, smokers typically face higher life insurance premiums compared to non-smokers. This is because insurers consider smokers to be at a higher risk of premature death.
However, quitting smoking can lead to significant reductions in life insurance premiums.
When individuals quit smoking, their health risks gradually decrease over time. Yes, even after years of continuous smoking.
Lose Weight
Obesity is another factor that can lead to higher life insurance premiums. Excess weight is associated with numerous health problems, such as diabetes, hypertension, and cardiovascular diseases. Insurers often charge higher premiums to individuals who are overweight or obese due to the increased risk of health complications and early mortality.
When an individual successfully reduces their weight to a healthier range, their health improves, lowering their risk for various conditions. As a result, weight loss positively impacts life insurance premiums as well.
Reduce Alcohol Consumption
Alcohol consumption, especially excessive drinking, leads to serious health issues like liver disease, heart problems, and addiction. These risks result in higher insurance premiums due to increased medical costs and the likelihood of claims.
Reducing alcohol consumption or, even better, quitting alcohol can significantly improve your health, reducing your risk of diseases and mortality. This leads to lower risk for your insurance provider, too, thus leading to lower insurance costs.
Adventurous Hobbies
Hobbies like scuba diving, rock climbing, and spelunking are exciting, but also come with higher insurance costs.
You may think that people who do these types of sports are usually extremely fit, and thus have lower risk for various diseases. How will lifestyle changes impact life insurance for them?
High-risk sports or hobbies often come with higher risk of accidents, which may lead to injuries or mortality. These individuals find themselves with insurance premiums proportional with the elevated risk of their hobbies.
Adopting less hazardous activities can improve your safety profile and make your insurance more affordable.
Are You Ready to Change Your Lifestyle?
Although this is not often considered, lifestyle changes can have a major impact on life insurance. Quitting smoking or losing weight can open opportunities for lower insurance premiums and wider coverage options.
Regardless of your stage in life, having life insurance is vital for ensuring the financial well-being of your loved ones.
Are you ready to take control of your future? Get in touch with InLife to learn about your insurance options in the Philippines.
