When it comes to your life you don’t want to cut any corners, but there are a few ways you can cut Pounds off your life insurance policy without affecting your cover. Here are our top five ways to lower the cost of your life insurance and probably improve your health along the way.
According to Sainsbury’s life insurance, the average smoker pays £209.76 for life insurance compared to £113.88 for a non-smoker if all other personal details are the same. Buy packing up the cigarettes not only will you have more cash in your pocket, your lungs will start to clean themselves out, your risk of lung cancer will be reduced and you will save almost £100 a year on your life insurance.
Change your diet
Reducing your intake of take-aways, sweets, chocolate, fatty foods and alcohol is going to significantly lower your insurance premium. You will be a lot healthier too and quite probably better off notwithstanding the reduced insurance costs. If you really want to slash your premium, become a vegetarian. The risk of vegetarians suffering from certain types of cancer is reduced by up to 40% and the chance of contracting heart diseases is lowered by up to 30%.
Obesity is a growing problem in the UK, pardon the pun. Our unhealthy lifestyles are not only putting extra pressure on the NHS but they are causing our life insurance premiums to rise because the risk of contracting a weight-related disease is on the up. The higher your BMI, the higher your insurance premium.
Get down the gym
Although this may actually be a financial investment, after all gyms aren’t cheap, the benefits you will reap will greatly outweigh the costs. Insurers recognise the health benefits and for committed gym use you will get a reduce premium. What’s more you’ll lose weight which helps with BMI, you will want to eat more healthily, which contributes to point two and you will find you won’t be able to smoke as much, if at all, because you won’t be able to exercise properly with clogged up lungs.
No exercise or cold-turkey quitting necessary. All you have to do to have an impact on your policy cost is to pay annually rather than monthly. Due to interest charges you could be paying up to 20% extra for your policy just because you chose to pay monthly rather than annually.
Get new life insurance quotes from award-winning insurer Legal & General and kick-start your new lifestyle habits now.