Life Insurance - A Healthy Lifestyle can make a Difference
It’s no mystery that with life insurance, your overall health is one of the major factors in determining what it will cost you. It is also no mystery that for most of us it can be a struggle with all that life throws at you, to maintain a healthy life style. I know I can use all the motivation I can get! I want to see my children grow up, I want to enjoy retirement with my wife, I don’t want to have to worry about my family’s financial future. These are the reasons I yell at myself when I’m struggling with staying motivated. There is one other factor though and I see it everyday at work. It’s a major part of making sure my family’s financial future is secure too – it’s life insurance.
Everyday I see examples of how being just a little bit healthier could have meant a better price, or in some situations even getting a policy. I’m not talking about the difference between being a couch potato and a marathon runner – just a little bit in some situations can mean a big difference.Take body weight for example. Each life insurance carrier has a chart that describes how certain height/weight combinations are placed into rate classes. A life insurance carrier may view a 50 year old male who is 6 feet tall, 199 lbs or less to be eligible for Super Preferred rates assuming all other aspects of his health are stellar. Now let’s say another 50 year old male is applying for $500,000 of 10 year term life insurance policy, and in great health – but weight 202 lbs. Those 3 lbs will cost this person about 20% in higher premiums.
Situations just like the one I described above where inches not miles makes a big difference. It may even be something that just shows you are trying to take care of yourself. Some carriers view simply going to your doctor regularly as ‘trying’ – and will consequently drop someone down a rate class if it is clear they do not go to the doctor regularly. So even a marathon runner who is the pinnacle of good health can be excluded from the best class if they never go to the doctor for check-ups.
Keep this in mind next time you are struggling to get out and be active, make sure to book that long overdue check up! Maybe it will give you that little extra push that it has given me. I know I want my life insurance rates to stay as low as possible. This alone, is great incentive.
About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.