Once the Christmas festivities are over, many of us see the start of the New Year as a time to turn over a new leaf, a time for self-improvement, such as giving up a bad habit, for example, or losing weight.
And while doing anything that is beneficial to your health is to be applauded, cutting out cigarettes, cutting down on the booze and ditching snacks can not only improve your health but save you money too.
- The average smoker will save £3,000 a year by giving up cigarettes.
- By having just four fewer (175ml) glasses of white wine in the pub every week, you could save around £790 a year.
- If you ditch your daily bag of crisps and chocolate bar habit, you could save around £420 over the course of a year.
While this is all really positive for your day-to-day spending, did you know that the results of a healthier lifestyle could also save you pounds on the cost your life insurance cover too?
Lost weight? Quit smoking? Then tell your insurer!
Your life insurance premiums (i.e. the monthly amount you pay for the cover) will have been calculated using a number of factors at the time you took out your policy. For example:
- How much cover you want and for how long a period of time.
- Your age.
- Your weight.
- Whether you smoke or how many units of alcohol you consume.
- If have any pre-existing medical conditions.
- What your occupation is and whether you engage in any extreme sports / hobbies.
- If you have any hereditary diseases in your family.
- And so on.
If anything has changed since you took out your life insurance policy, such as losing a significant amount of weight, giving up smoking or now have a less risky, more sedentary hobby or occupation, then you could find that your life insurance premiums may decrease, to reflect the reduced risk of you dying.
Obesity, smoking and alcohol – the UK’s biggest killers
The facts of how unhealthy eating and lifestyle choices can seriously affect you speak for themselves:
- Every year smoking causes around 96,000 deaths in the UK.
- In the UK, obesity is the cause of an estimated 30,000 deaths a year.
- Alcohol causes 10% of the UK burden of disease and death, making it one of the three biggest lifestyle risk factors in the UK, after smoking and obesity.
So, if you have improved upon your lifestyle over the last year or so it may be worth letting your insurer or insurance broker know. Please note that to be classed as non-smoker, you need to have given up smoking for at least 12 months.
If you are about to embark on a healthier lifestyle in 2017, keep this article in mind so that this time next year you may be in the position to see a reduction in the cost of your cover.
You don’t have life cover?
Finally, if you are one of almost 8.5 million people in the UK who don’t have life insurance at the moment, then whether or not you have some get-fit New Year’s resolutions lined up, it may make sense to get a quote for cover now.
If you have a partner or children who are financially reliant on you then making sure you have a financial safety net in place for when you die will give you all peace of mind. Avoiding the matter can put your loved ones at serious financial risk if you die without having made any provision for them. This applies equally no matter whether you are the major income earner or a stay-at-home mum.
If you have any questions, or wish to speak to a member of the life insurance team, call today on 01243 219972.