Save Money on Insurance by Living a Healthy Life
Have you wondered about realistic ways to lower your life insurance premiums? It’s not just a fantasy. There are, in fact, some smart, effective strategies for getting more coverage at a lower cost. The main concept behind this technique is to optimize your physical health. Some older adults purchase a type of coverage that allows for quick, tax-free transfer of wealth to heirs, even though the policy is purchased and fully funded in a short time period. These arrangements, called modified endowment contracts (MECs), are also priced in such a way as to reward healthy consumers. So, whether you’re setting out to obtain a more traditional kind of policy or a MEC to use as part of an estate plan, it pays to keep an eye on your physical health. The strategy typically includes things like getting regular checkups, eating right, avoiding risky behaviors, and shopping for carriers who reward robust health.
Speak with your doctor and find out how often you should get medical exams. If you’re under 50, you can usually get away with an annual physical. After that, it depends on your state of health and what your doctor says. If you monitor your physical fitness, you’ll save money on insurance premiums.
The word diet in this context does not refer to losing weight, which is more aptly called a reduction diet, but to what you eat. If your diet consists of junk food, alcohol, and almost no fruits or vegetables, it’s likely that you’ll pay more for insurance policies. That’s because carriers offer the lowest rates to those who are height-weight proportionate, have low cholesterol, low blood pressure, and heart rates in normal range. Eat right and most of those numbers will fall into place.
There’s no secret recipe, but consider speaking with your doctor about common sense ways you can exercise in order to maintain peak condition. If you follow up and stay in top shape, you’ll be able to choose the healthy category when you shop for insurance. Even if you purchase a policy that calls for a physical exam, you’ll still save money.
Do you enjoy rock climbing, sky diving, flying your own airplane, or racing amateur hot rods? If so, you might not even qualify for many life policies. Those that do insure who take part in risky activity tend to charge very high premiums. When you stick to more mundane hobbies like jogging, swimming, hiking, and sailing, you’ll usually have no problem getting low rates on coverage. Plus, you get the bonus of keeping your body in prime health.
Shopping for Cheaper Life Insurance Premiums
Not all insurance companies charge the same rates for similar amounts of coverage. One reason for the disparity is that each carrier has its own mathematical models for assessing risk. That means you will find a rather substantial variation in prices when you begin shopping and collecting quotes from the major companies. One thing most every insurer has in common, however, is lower premiums for people who have healthy lifestyles. Smokers, people with high blood pressure, and anyone who takes part in risky hobbies will typically pay more for the same amount of financial protection.