How can living a healthy lifestyle help my life insurance?
If you're living a healthy lifestyle, the chances are you're an active person and not overweight. While insurers don't necessarily ask you about your healthy eating habits and exercise regimes, those who have a weight within normal ranges (approx BMI of 18.5-25) aren't likely to be charged a higher amount for cover than others who might be overweight.
Other than the potential to help keep life insurance premiums down, other benefits to leading a healthy lifestyle, could include:
Learn about life insurance
Life insurance can be a bit of a minefield if you're not well-versed on what it is and why you might need it. So here are some quick points to help you decide if life cover is right for you at this point in your life:
Levels of cover
- Level term - if you die during the term of the policy, the amount paid out remains the same regardless of if you are 3 years into the policy, or 20 years
- Decreasing/Mortgage - the level of cover decreases roughly in line with how much of your mortgage you have left to repay, so as time goes on, the amount that would be paid out decreases
- Over 50s - this cover is usually for a smaller lump-sum payout. You decide how much you want to pay (e.g. £10 a month) and based on your personal information, it'll pay out a small lump sum when you die. You don't need a medical for this type of cover and the only health question you need to answer is whether or not you're a smoker
- Critical illness cover - this can be a more expensive type of cover. If chosen it runs alongside your life cover and means that if you fall critically ill during the policy term with an illness that the provider covers, it'll pay out at that point, as opposed to upon death
Why you might need it
At different points of your life, there are different reasons you could need or want some level of life cover, some of the more common reasons could include:
- Getting on the property ladder - are you buying your first home? Your mortgage lender may ask you to have cover in place, or you might choose to take out cover anyway to cover the mortgage if something should happen to you during the policy term
- Family life - if you've recently had or are having a baby you might want to ensure that your family are taken care of in the event of your death
- Death in the family - if you've suffered a death in the family, it sometimes forces people to evaluate their own life and their dependants to ensure some level of protection is in place
There's a whole host of other reasons you could want or need it, some of which will be very personal to you.