Paying life insurance premiums can get expensive quick if your health is not optimum and if you are in a higher risk age category. Life insurance companies often require regular examinations to stay updated on your physical condition. Through the initial application and these examinations, these companies set your monthly insurance premium based on the likelihood of death. Consumers need to be aware of these ways that they can help keep their premium at a minimum and ensure that it does not get any higher as time goes on.
- Limit alcohol intake and do not smoke. Smoking lowers a person’s life expectancy by up to a decade. Insurers use this as main reasoning behind increasing premiums and rates for smokers. Not only does smoking limit life expectancy, but also lowers the overall health level of the smoker way before death. Smoking leads to more concerns that are likely to end in death such as lung cancer. Furthermore, drinking alcohol in excess opens up the consumer to other types of health issues that are more likely to cause death. By limiting your alcohol intake and through quitting smoking your insurance premiums will decrease.
- Exercise regularly to stay physically fit. This goes hand in hand with ridding alcohol and smoking. With constant exercise your body will stay in shape and this will be evidenced in your physical examinations. Life insurers are looking for healthy people that are less of a liability. The more exercise that is a part of your daily routine, the less likely the insurer will charge an extremely high premium.
- Prepare yourself a few days in advance of the physical examination. There are things you should do before going to the doctor’s office for the examination even if you do not smoke, do not drink, and exercise regularly. Stay away from unhealthy foods a few days before the exam. This is especially true of foods with high salt content that can distort any health counts of tests that the doctor’s may order. Furthermore, do not exercise heavily a couple days before the exam. This may inflate numbers or raise red flags if the doctor has you complete a stress test on a treadmill. It is also recommended that drinks that contain high amounts of caffeine are avoided the morning of the exam.
- Set up the monthly payment to automatically draft from your bank account. Doing this may help you obtain a discounted rate with the life insurer because they do not have to send you a paper copy of the bill or wait for their payment. It also will ensure you that a late payment will never have to be made and no late fees are tacked on to the bill.
- Pay the entire year’s policy off at one time if you want to avoid monthly payments. Not only will you avoid late fees and possibly a monthly fee for the policy being divided up, but the life insurer may offer small discounts for consumers that pay the entire policy in full.