How your lifestyle impacts your life insurance premiums (and how to make it work for you)
Let’s be real. We all know our lifestyle affects our health, but did you know it also affects your life insurance premiums? Yep, the choices you make daily—what you eat, how much you exercise, and even your hobbies—can impact how much you pay for life insurance. Here’s how.
Smoking or drinking? It’s costing you more than you think
Smokers and drinkers, brace yourselves. Smoking cigarettes, vaping, and excessive drinking are huge red flags to insurers because they increase health risks. You’ll find that smokers and those who drink more than the recommended amount usually pay higher life insurance premiums. In fact, being a non-smoker can significantly reduce your premium rates.
The good news? If you’ve given up smoking or cut back on the booze since you first took out your policy, it might be worth revisiting your cover. A simple review can potentially reduce your life insurance premiums.
Eat well, move more, pay less?
We’ve all heard that regular exercise and a balanced diet are key to a long, healthy life. But did you know they can also affect your life insurance premiums? Many insurers take note of your overall health, including things like your BMI (body mass index). If you’re maintaining a healthy weight and exercising regularly, insurers may offer you lower premiums as a reward for living healthily.
Some insurance companies even have programs that reward you for taking care of yourself, like tracking your steps or booking in regular health check-ups.
Pre-existing conditions – what’s the deal?
Already have some health issues? Don’t sweat it too much. Pre-existing conditions like high blood pressure, diabetes, or asthma can lead to higher life insurance premiums, but there’s more to the story.
If you’re managing your condition well—whether through medication, lifestyle changes, or regular doctor visits—insurers may eventually remove or reduce any additional charges. Plus, if you’ve successfully treated a condition or gone a while without treatment, your insurer may reconsider your premiums. The key is to keep them in the loop.
Is your hobby a risk factor?
Love skydiving, motorbiking, or skiing? While these activities are awesome, they also come with some risks. High-adrenaline activities often bump up your life insurance premiums because they increase the chances of injury or accident. So if you have any adventurous hobbies, it’s worth checking in with your insurer to understand how they affect your cover.
The same goes for risky jobs. If you’re regularly working at heights, operating heavy machinery, or in a dangerous environment, your premiums may be higher to reflect the increased risk. Want to know more about how your hobbies or job might impact your cover? Find our more about it here.
The takeaway: Your lifestyle matters (for more than just health)
Being healthy isn’t just about feeling good (although that’s a nice perk). Living well can help reduce your life insurance premiums too. So whether you’re thinking about applying for a new policy or just want to update your current cover, have a chat with your financial adviser to find a tailored solution that fits your life and goals.
Remember, the healthier you are, the better you’ll feel—oh, and you might just save a little cash on your insurance too.