Did you know that regular exercise is not only beneficial for your physical health but also has the potential to reduce your life insurance premiums? When you engage in regular exercise, you may have lower health risks, decreased susceptibility to chronic illnesses, and improved overall well-being. As a result, insurance providers may view you as a physically active individual and lower-risk policyholder, leading to cost savings on your life insurance premiums. In this article, we’ll outline why leading a healthy lifestyle can help you lower your life insurance rates and explore the main factors carriers consider during the underwriting process so you can discover additional ways to save on coverage.
Why can a healthy lifestyle help lower life insurance rates?
Insurance underwriters often take into account an individual's lifestyle choices and health habits when assessing risk, and a dedication to regular exercise can indicate a commitment to a healthy lifestyle. Regular exercise is linked to a range of health benefits, including improved cardiovascular health, enhanced immune function, and better mental well-being. Here are just some of the ways in which exercising often can help you get better rates for your life insurance policy.
Reduced Risk of Health Issues: Regular exercise, a balanced diet, and avoiding harmful habits such as smoking can significantly reduce the risk of developing chronic health conditions. As a result, individuals who lead a healthy lifestyle are statistically less likely to experience health-related complications, which translates to lower mortality risk from an insurance perspective.
Lower Probability of Insurance Claims: By adopting a healthy lifestyle, individuals mitigate the likelihood of needing to make significant insurance claims due to health-related issues. This reduced probability of claims can result in lower overall costs for insurance providers, and they may pass on these savings to policyholders in the form of lower premiums.
Enhanced Underwriting Considerations: Insurance underwriters take into account an individual's health and lifestyle habits when assessing risk. Positive lifestyle choices, such as regular health check-ups, regular exercise, and preventive care, can lead to more favorable underwriting outcomes, potentially resulting in lower premiums for policyholders.
What other factors affect your life insurance premiums?
Several factors beyond health significantly influence life insurance premiums. These include:
Age: Age can be an important factor in life insurance underwriting. Younger individuals typically pay lower premiums due to their lower risk of mortality. As age increases, the likelihood of developing health issues rises, resulting in higher premiums for older applicants.
Occupation and Lifestyle: Your occupation and lifestyle choices can also influence your life insurance premiums. High-risk professions or hobbies, such as aviation or extreme sports, may lead to increased premiums, as they are associated with a higher likelihood of accidents or fatalities.
Gender: Statistics show that, on average, women tend to live longer than men. Consequently, women may receive lower life insurance premiums compared to men of the same age and health status.
Tobacco Use: Tobacco use is a significant factor in life insurance underwriting. Smokers and tobacco users typically face higher premiums due to the well-established health risks associated with smoking.
Family Medical History: Genetic predispositions to certain health conditions within one's family medical history can impact life insurance premiums. A family history of serious illnesses or hereditary conditions may lead to higher premiums.
Coverage Amount and Policy Type: The amount of coverage you’re looking for and the type of policy you select also play a role in determining your premiums. Higher coverage amounts and certain policy types, such as whole life insurance, generally result in higher premiums.
Driving Record: A history of traffic violations or DUI (driving under the influence) convictions can impact life insurance premiums, as they may indicate a higher-risk lifestyle.
SelectQuote Can Help You Make the Most of Your Healthy Lifestyle
If you engage in regular exercise or have other healthy habits like routine physicals and preventative care, you may be able to save on life insurance. Regardless of your health status, finding the right policy is crucial for maintaining your peace of mind and keeping your loved ones protected. With nearly 40 years of experience, the licensed insurance agents at SelectQuote can help you find a policy that meets your needs. In just minutes, we can gather rates from several of the nation’s most highly trusted carriers all in one place.
