Life insurance underwriters work off of actuarial tables, which catalog risk factors a life insurance applicant presents to the insurance company. The higher the risk of your dying prematurely, the more premium you’ll pay. It’s as simple as that. What are two risks you can reduce or eliminate and save money by doing so?
- If you smoke cigarettes…quit. I know how difficult it is to do this as I was once a chain smoker. My wife could tell you how unpleasant I was to be around when I did this some twenty years ago. I am not going to lecture you as an ex-smoker, because I used to really hate that when others did it to me. You already know it’s not good for you. I am only addressing the expense it adds to your life insurance policy. Look at some quotes on our Term Life Quote Engine for a smoker and then go back and try it as a non-smoker. You will be amazed at the difference in cost.
- If you’re overweight, lose some weight. I know – you probably want to dump a gallon of cookie dough ice cream on my head for saying this. Remember, I’m not passing judgement here – I’m only telling you how to lower your life insurance premiums. Not only will you enjoy lower premiums if your weight loss moves you to a better risk category, but the weight loss might also have a positive effect on your blood pressure and/or cholesterol levels. High blood pressure and high cholesterol often are causes of higher premiums, so this might lower your premiums even more.
I have seen premiums cut in half by folks who have both lost weight and quit smoking cigarettes. I’m not suggesting either is an easy task (especially if you attempt to do both at the same time), but doing so might just be beneficial to your wealth (pun intended).