Having affordable life insurance that comes with all the bells and whistles is possible. Did you know there are some changes that you can make in your life that can help you save on your life insurance premiums and hundreds of Rands in the process?
Kick start the year with these handy tips on saving on your life cover.
Lose weight
Did you know that your weight can impact how much you end up paying in terms of your life cover premiums? Being overweight makes you more predisposed to certain conditions such as diabetes, heart disease, high blood pressure, strokes and many more. These conditions are common causes of an early death, so if you are overweight you are a riskier bet for life insurance companies, meaning you will be charged more per month to receive coverage.
Cutting back on unhealthy lifestyle choices
Things such as excessive drinking or having an unbalanced diet can easily lead to health complications that can place you at a higher risk compared to a healthier person. Life insurers factor this in during the underwriting process. Making the switch to lead a healthier lifestyle can be beneficial all the way round.
Quit smoking
Smoking can cost you a minimum of R8 640 a year. It can also cut down your lifespan by 14 years due to possible smoking-related diseases such as lung cancer, a stroke, heart disease, liver cancer, erectile dysfunction or diabetes.
Quitting smoking would easily pay for your life policy premiums, but remember that if you manage to kick the habit, your premiums will decrease accordingly. By quitting smoking, you are improving your health and lowering your risk profile significantly, so you will pay less every month to maintain your cover.
Take out life cover when you are still young
Our chances of developing illnesses and having our health compromised increases as we age. It could mean that you are a higher risk compared to someone who is young and healthy, which is why it is important to take out life cover when you are young or as soon as possible. Also, keep in mind that there is an age limit that most insurers have when it comes to finding affordable life cover.
Review & shop around
Speak to different life insurance companies and get quotes from all of them. Consider the varying benefits of each insurer before making a decision - if there’s a terminal illness payout and your family is heavily predisposed to cancer, you may be willing to pay more for a policy that offers this benefit, for example. If the benefits are much the same, you may find that the quoted price varies from one insurer to the next. If this is the case, you have a bit of flexibility as far as the monthly premium amount goes.
