Did you know that your lifestyle choices can significantly impact the cost of your health insurance? This is because insurers use various lifestyle factors to determine the risk you pose. And, even better, by adjusting these, you could reduce your monthly premiums. Keep reading to find out more.
Smoking
It’s no surprise that smoking affects insurance costs. This is because smokers are more at risk of developing serious health conditions and are therefore deemed as higher risk clients, leading to higher insurance premiums. Research shows that smokers may pay up to double or more for life insurance compared to those who don’t smoke but there is a way to reduce your costs: quit smoking for a sustained period (usually 12 months or more to qualify for non-smoker rates!).
BMI and weight
Your BMI or Body Mass Index is used by insurance companies to assess whether your weight is within a healthy range for your height. Being overweight increases the risk of health issues, again raising your risk profile and monthly premiums. Diet and exercise can help you to achieve a healthier weight and lower your BMI, which could reduce insurance premiums. If you are currently overweight and make substantial lifestyle changes and lose weight insurers may reassess your health and risk status.
Occupation
Few know that your job can also influence your insurance premiums. This is because certain occupations are considered as higher risk because of the physical dangers or stress levels involved. For example, a professional athlete or construction worker may have higher premiums as they’re at a greater risk of injury compared to someone who works behind a desk. While you probably can’t change your job to reduce your costs, being honest and upfront about your role and responsibilities can ensure you’re not paying more than necessary. Some insurers may even have specialist policies for those deemed higher risk.
Age
How old you are also affects your premiums. The older you are, the more at risk you are of developing health conditions, which is why insurers adjust their costs to reflect this. Despite this, age price increases are often gradual especially if you’re in good health. Plus, taking out insurance when you’re young can help to lock in cost-efficient rates as insurance is typically cheaper for healthier and younger people.
Medical history
Your medical history also has an impact on your insurance premiums. For example, if you’ve suffered from serious medical conditions in the past, you may find that your premiums are increased as pre-existing conditions can make you more at risk of suffering from further health concerns. Again, while you can’t change your medical history, you can maintain a healthy lifestyle to manage existing conditions. What’s more, there are even ways you can get protection for an existing condition. You just usually need to be symptom-free for at least five years. This includes taking medication and attending any outpatient appointments.
How we can help
One thing to note is that even if one insurance provider declines coverage or increases your premiums, not all insurers are the same, and they even use different criteria. This means that you may still be able to get cover within budget. In fact, it’s essential to shop around as providers assess risk in various ways and you may be able to find one that has more favourable terms.
That’s exactly where our team comes in, taking the stress away from finding insurance, reviewing the options for you so you can rest easy and protect what matters the most. So, if you need any help finding insurance or perhaps have a question, reach out today. There’s no fee payable so you’ve got nothing to lose.
MOORE Health & Protection Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 15020771. Registered Address: 17 Eyam Road, Hazel Grove, Stockport SK7 6HP.