Posted on: 25 August 2016Share
If you have a family, it's clearly a priority to make sure that they are well provided for in the event of your untimely death. Life insurance products are notoriously expensive; although, there are some simple ways of presenting yourself as a more insurable, low risk proposition to life insurance providers, without compromising on cover and keeping premiums down.
Your age and previous medical history are considered by insurance underwriters and obviously there's nothing you can do to change this. However, here are five areas where you can make changes, which will make getting insurance easier and ensure that you pay less for it.
If you smoke, you will pay a much higher premium for your insurance than a non-smoker. Insurance underwriters know that smokers are at risk of death from a number of illnesses which are directly related to the habit and they will load premiums accordingly. Staying smoke-free for a twelve month period or longer will dramatically reduce your life insurance premiums and probably keep you healthier too!
Reduce alcohol consumption
Excessive regular alcohol consumption will push up life insurance premiums. The misuse of alcohol is another recognised cause of serious health issues and therefore reducing your intake will bring down your premiums.
Obesity is a major cause of diabetes and other serious health problems and insurance underwriters recognise this when calculating probability and risk. Take a trip to your doctor and ask for advice if you are unsure what your weight should be relative to your height. Losing a few pounds before you apply for life insurance could significantly reduce your premiums.
If you spend your leisure time participating in extreme sports or if you job carries a high element of risk, you will be deemed to be 'high risk' by the underwriters. Obviously, you can't change your occupation and you shouldn't be expected to give up a hobby you love just to reduce the cost of your insurance.
There are specialist insurance brokers who deal exclusively in sourcing cover for those in dangerous jobs and for sports considered to be high risk. Their experience in these areas is invaluable and the premiums they can procure for clients are often more reasonable than those offered by a general insurance provider.
It's a really good idea to take out a life insurance policy before you start a family. Insurance underwriters consider pregnancy to be an increased risk, and some companies will not offer insurance to expectant mothers at all until several months following the happy event. If you are at all unsure about an insurer's policy on pregnancy, always check with your insurance broker, before signing on the dotted line.
These are just five of the ways in which you can find cheaper life insurance. For more information and advice, have a chat with a good insurance broker in your area.