Your health and monthly premium
When taking out life insurance, your insurance provider will do a thorough background check when giving you a quote.
Here are eight factors which insurance companies will take into consideration when calculating your monthly premium:
- Family history. Your insurance company will want to know of any family diseases, like diabetes or cardiovascular disease, which might be hereditary.
- Health history. It is important to inform your insurance provider of any chronic diseases you have or any other serious illnesses you might have suffered from.
- Your present state of health. Most insurance companies will insist that you have a medical examination in order to check things like blood pressure.
- Your weight. Because obesity can cause a range of other health problems, your weight will also have an impact on your premium.
- Smoking and drinking. Smoking has a lot of negative health effects which will increase your premiums. If you are a heavy drinker, it will also impact negatively on your insurance premium.
- If you are an adrenalin junkie and thrive off activities such as sky-diving or bungee jumping, you can be seen as a high-risk individual. As a result, your premiums will be considerably higher compered to someone whose hobbies include bird watching and stamp collecting.
- If you work under dangerous conditions or have a risky job, it will increase your monthly premiums.
- Younger people stand a better chance of getting lower rates compared to older individuals.
So, make it your New Year’s resolution to stay fit and healthy. Not only is a healthy lifestyle good for your overall well-being, but also good for your insurance premiums.
For more information on life insurance or to get an obligation-free quote, visitwww.iwyzeinsurance.co.za.
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