When thinking of necessary expenses in the modern world, insurance is surely right up there. These days, everyone agrees that you need to insure your phone, your car, your house and your holidays. But how much thought have you given to insuring your life? And how is it possible to get the cheapest life insurance out there?
Five main things will have an effect on your premium. They are: your health, your diet, your smoker status, your age and your hobbies. You’re probably aware that the price of life insurance goes up with your age, and that smokers generally pay more than non-smokers. Smokers can pay up to 100% more, depending on personal circumstances. However, did you know that how you spend your free time can actually have an effect as well? Always keep in mind that if you like to spend your Saturday afternoons climbing mountains or deep sea diving you can expect to pay more to get your life insured. This is, quite understandably, due to the risk to your life that these hobbies involve.
The big one though, and in some ways the easiest to change, is your diet. Your weight will have a big part to play in the terms you are offered, as well as your alcohol intake. So drinking less alcohol and eating less fatty foods are not only cheaper lifestyle options, but they will also make it easier to get cheap life insurance! These factors will also have an impact on your health. Questions on your current and past health can form a large part of a life insurance application.
So… is there such a thing as cheap life insurance? It would seem the answer is yes, provided you take care of yourself. Cut down on the fags, the booze and cliff diving and your wallet (and your body!) will thank you for it.