No matter how hard you work to support the life you’ve built, it’s impossible to know what’s around the corner. That’s where Smart Family Life Insurance can offer you some peace of mind knowing that you’ve helped protect your family’s future.
When buying life insurance, it’s important to understand the factors that can impact the cost of your policy. Depending on the type of cover you’re looking for, your health can affect how much you will pay each month.
How does health impact the cost of life insurance?
Your health can impact the cost of life insurance depending on the type of cover you choose and here’s why:
The cost of life insurance premiums is directly affected by how much risk an insurer is taking to insure you. The process used to decide the level of risk is called ‘underwriting’. Insurers can use underwriting to figure out how much you should pay in monthly premiums in exchange for financial protection.
With Smart Family Life Insurance, we will ask you some health and lifestyle questions as part of the underwriting process. The key factors that can affect the cost of your monthly premiums are age, health and lifestyle. We will then use the information you have provided to calculate the level of risk involved in providing cover for you and your family. We offer customers the opportunity to apply to make changes to their policy if they experience any significant health or lifestyle changes down the line.
Can living a healthier life impact the cost of life insurance?
In some circumstances, making lifestyle changes could help reduce the cost of your policy. With this in mind, let’s look at what factors can affect your premiums.
How old are you?
Your age is the first thing that will determine the size of the benefit amount that’s available to you. As with many life insurance policies, the older you are, the more you will pay in premiums. That’s why it could be better to take out a policy sooner, rather than later. With our Family Life Insurance, you can choose your benefit amount from £60,000 up to £750,000 - depending on your age.
Do you smoke or vape?
Smokers often face a higher rate of premiums than non-smokers because of an increased risk of developing smoking-related illnesses. You must disclose if you smoke, vape or use any nicotine products. If you quit smoking, you can request to make a change to the cost of your premiums. You must be free from using any tobacco products or vape products for 12 months if you want to apply to make a change to your policy.
Providing false information on your application could result in your policy being deemed invalid, so, it’s best to be honest about your smoker status.
Considering quitting smoking? Get in touch with the NHS stop smoking services in your area.
Is your BMI normal?
Your Body Mass Index (BMI) is calculated by dividing your weight in kilograms by the square of your height in metres. It helps us to understand if we have a healthy height to weight ratio.
Being overweight is something that can affect the cost of your premiums. There are several illnesses that are heavily linked to being overweight including heart disease, diabetes and stroke. If you’re serious about living a healthier life to help reduce your premiums, lifestyle and diet changes could potentially help you reach a normal BMI.
Regular exercise and a healthy balanced diet are key to reaching and maintaining a healthy weight. If you're concerned about your BMI, the British Nutrition Foundation offer lots of helpful information on healthy weight loss.
What’s your general health like?
Do you have a pre-existing condition like diabetes or heart problems? Are there hereditary conditions present in your family? You won’t be denied cover for having a medical or health problem, but you may have to pay a higher rate of premiums depending on the policy.
It’s vital to be transparent about your medical history that you are transparent. If you’re found to have provided false information on your application, it could affect the validity of your policy or it could result in the policy being cancelled.
A healthy diet is one way to help prevent diseases and illnesses. Cancer Research UK provide a helpful guide to healthy eating. Read this guide it to find out where you could make improvements to your diet.
How much do you drink?
Other factors like your alcohol consumption could also affect your premiums. Moderate consumption up to 14 units a week (equivalent to 6 pints of beer) falls within the recommended guidelines from the NHS. Heavier use could increase the risk of cancer, heart disease and stroke.
You could be eligible for a lower rate of premiums if you’re a light or moderate drinker or if you don't drink at all, than if you’re a regular or heavy drinker, so it could be worthwhile cutting down or switching to non-alcoholic or low-alcohol options. If you’re a moderate or heavy drinker now but you quit or significantly cut down at a later stage, you can always apply to make a change to your policy.
Again, honesty is key when applying for life insurance. If you are found to have provided false information, your policy could be cancelled with no refund on premiums paid or your loved ones might find that they cannot claim the death benefit when the time comes. You should also be aware that with our Guaranteed Life Insurance, cover for accidental death could be invalidated if death is the result of an accident while under the influence of alcohol.
Are there suitable alternatives for people with poor health or smokers?
If you are finding the quotes you’ve been offered are unaffordable or you have been refused insurance because of your health, you could consider a guaranteed policy. Guaranteed policies could be a good option if you smoke, or you have a serious medical condition. Acceptance is guaranteed so your health will not affect your ability to get cover with Smart Insurance.
Will I have to get a physical examination?
No, you will not have to undergo a physical examination to assess the state of your health for either our Family Life or Guaranteed policies. However, we will ask some health and lifestyle questions if you’re applying for our Family Life Insurance.
What happens if I provide false or inaccurate information about my health?
Providing false or inaccurate information on your application could have serious consequences for you and your family. Your policy could become invalid or your family may not be allowed to claim the death benefit when the time comes. If you want to guarantee your policy pays out when your loved ones need it most, be transparent and truthful about your health, your weight, how much you drink and your smoker status.
What happens if my health or smoker status changes down the line?
Your health could always change for better or for worse. If you successfully make improvements to your diet and fitness for instance, your BMI might be lower. Maybe you’ll quit smoking or get your cholesterol down. If this is the case, you can get in touch with us to see if your premiums are affected. You may be able to request a change depending on your circumstances.
Securing protection for your loved ones
Now that you know what to expect in terms of health and lifestyle questions you can get started with securing life insurance for your loved ones. We offer flexible policies that cater to life’s twists and turns, so if your health improves or you make positive lifestyle changes down the line, you can always apply to make a change to your policy. Help protect your loved ones the smart way.