Will my life insurance premium go down if I lead a healthy life?

Although life insurance is increasingly accessible , one of the most common questions is which factors influence the life insurance premium and how to lower the cost of it. For this reason, we analyze whether it is possible to reduce costs if you lead a healthy lifestyle.

Is my life insurance premium cheaper if I lead a healthy life?

When a person is interested in taking out life insurance, the insurance company must assess the level of risk they will run by insuring them. For this, the company conducts a detailed interview from which it investigates both the daily habits and the illnesses the client suffers from . Based on this data, and based on statistical criteria, the insurer will increase or decrease the life insurance premium. For example, the probability that a person who consumes a diet rich in fats and sugars will develop diabetes is greater than that of a person who leads a healthy lifestyle. Also, those people who adopt a sedentary life are more likely to suffer cardiovascular diseases and those who smoke can suffer from lung cancer. In other words, the more inappropriate and dangerous a person’s habits are, the higher the life insurance premium they will have to pay. After all, unhealthy habits increase the likelihood of developing serious diseases in the future. For this reason, being a smoker or practicing risky sports – such as diving, surfing, boxing or parachuting – will increase the premium. Another factor that insurers take into account to establish the risk and, therefore, the cost of the insurance is the state of health of the insured. In fact, the company may request a medical examination to check the state of health, especially if there has been a risky operation, ongoing illnesses or a serious illness, such as cancer. However, it should be borne in mind that, although habits and lifestyle affect the life insurance premium and can make the cost of the policy cheaper or more expensive , there are other aspects that have greater weight.

What other factors influence life insurance premium?

While a healthy life can reduce life insurance premium costs, insurance companies prioritize other customer details to calculate the likelihood of death.

age

The main element that insurers use to set the premium is the age of the insured . And it is that, as a general rule, young people run less risk of developing disabling or fatal diseases.

Guaranteed capital

Another factor that influences the life insurance premium is the insured capital, that is to say, the amount of money that the insured wants to leave to his beneficiaries . In other words, if the insured capital is €50,000, the insurance policy will be cheaper than if the capital is €150,000.

profession

The work performed by the insured will also affect the life insurance premium. In fact, some companies offer special policies for specific professional sectors.

Coverings

While death is included in all life insurance policies, it is possible to add additional coverages to the policy —such as temporary, total, or permanent disability—which will increase the premium.

Can the life insurance premium change?

Although the use of technology to personalize insurance prices based on the characteristics and circumstances of each customer is becoming more frequent, the truth is that life insurance premiums suffer a slight increase with the passage of years . However, the reasons for this price increase must be reflected in the automatic revaluation clause. Otherwise, the insurer must give two months’ notice so that the insured can decide whether or not to continue with the insurance. Adopting a healthy lifestyle will not only lead to a fuller and longer life, but will have a positive impact on your life insurance premium. So remember that there is no better life insurance than staying active, eating healthy, getting proper rest and having healthy personal relationships.