Life Insurance Smokers and Overweights pay over 50 more
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Life Insurance: Why Smokers and Overweight Individuals Pay Over 50% More
Summary
Life insurance costs are rising significantly for smokers and those who are overweight. Here’s a breakdown of who is most affected.Article
The life insurance industry is increasingly imposing higher costs on smokers and individuals who are overweight. When determining premiums, insurance companies assess the risk of death during the policy's term. Smoking and obesity are now major factors in these calculations.
Many insurers disregard claims from pro-smoking groups that suggest smokers under 40 have similar mortality rates to non-smokers. David Pickett, Life Insurance Manager at Sainsbury's, emphasized that health risks associated with smoking significantly impact life insurance costs. It's crucial for those who have quit smoking to review their policies.
A recent study by express-life-insurance.co.uk demonstrated the financial impact of smoking on life insurance. It found that, on average, smokers pay 56% more than non-smokers. The study assessed premiums from nine leading UK insurers based on two 30-year-old men seeking £100,000 coverage over 25 years, differing only by smoking status.
The industry has also become stricter with individuals who are overweight. Previously, a Body Mass Index (BMI) of 33 or more was considered overweight, but this threshold has now been lowered to 28. Those with a BMI of 28 or higher may face premiums increased by 50%. To check your BMI, divide your weight in kilograms by your height in meters squared.
If you’re planning to apply for life insurance, it might be wise to shed some weight first. However, the criteria for smokers are more stringent. To qualify as a non-smoker, most companies require at least 12 months without nicotine. Some even extend this period to five years.
Given the high premiums for smokers and those who are overweight, finding the best deals becomes essential. As an internet user, you’re likely able to secure discounts by searching for cheap life insurance online. Although you'll still pay more, a discount can help soften the blow. Online savings typically range from 10% to 15%.
In summary, lifestyle factors like smoking and being overweight significantly increase life insurance costs. It's crucial to consider these aspects when planning for your future financial security.
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