Confession-I have stuck to my New Year’s resolution exactly one time. I was determined to lose 20 pounds and by hard work or the blessed miracle of me learning to give up sweet tea, I was able to do that plus some. I have failed more than I have succeeded, but that’s ok because I’ll have next year to try again. A lot of people are this way also, but maybe they would try harder if they knew that keeping these resolutions could actually save them money by lowering life insurance costs!
We all know that life insurance is based off your current condition-How old are you? How much to you weigh? Do you smoke or drink? Etc…When an insurance company is taking this into consideration they are looking at your height to weight ratio. We’ve all seen those figures; if you way this much you’re on the small side, if you weigh this much you’re on the heavy side. In life insurance, this does affect the premium. If you weigh too much for your height, your rates may be a little higher. If you’re 10-15 pounds overweight with no other factors, it’s unlikely to affect your costs; 30 pounds though, your rates are probably significantly higher. To be considered for preferred term insurance rates, it’s important to take care of your body. If you lose significant weight, let your company know. It could lead to some savings.
There are two other kickers that could lead to more money back in your wallet- Alcohol and Smoking. Some life insurance policies don’t require medical exams, but most of the good policies absolutely do. Alcohol’s impact on your life insurance costs are a bit harder to determine. Your definition of a heavy drinker and my definition of a heavy drinker could be two different ideals. DUI’s will be a red flag for insurance companies. They will check your driving record so do not lie. It is possible that if the application has false information and something were to happen, the policy benefits could be terminated. Also, during the life insurance medical exam they are specifically looking for health effects from alcohol and smoking by seeing if your liver enzymes are elevated, a blood test, a urine test looking for traces of nicotine. If your goal is to quit smoking or drinking, then you may be next in line for some savings.
Hard work pays off and usually in ways we don’t even realize. Whether it’s losing weight, quitting smoking, or just trying to be more joyful in the coming year, the benefits can have last effects. If you have questions regarding your Oklahoma City life insurance, ECI is always here.
