Here’s Why Your New Year’s Resolution Might Just Help You Save On Life Insurance

Mark Burback | Health | 31 Dec, 2015 | No Comments

As you’re getting ready to countdown the final moments of 2015 you’re likely beginning to set goals you’re that hoping to achieve in 2016.


For example, are you looking to increase your savings account by 20% or more? How about dropping 10lbs or more pounds or cutting out artificial foods from your diet? The New Year is the perfect time to begin making changes for the better, and if you’re like a lot of people, these changes are often reflected in your health.


While providing countless benefits for your physical well-being, losing weight in the coming year could also help you save on life insurance. In fact, depending upon how much weight is lost, you could even qualify for a lower rate class, saving yourself hundreds and even thousands of dollars in the long run.


If you’ve made a resolution to losing weight in 2016, here are some of the most important things you need to know when it comes to life insurance.


Lower Your Weight, Lower Your Quotes

When a life insurance company is in the process of issuing a policy, they take into consideration a number of criteria, otherwise known as risk factors. While every insurer uses a unique set of criteria for identifying and weighing risk factors, these factors primarily consist of the following:


Pre-existing health conditions

Blood pressure

Cholesterol levels

Heart health

Participation in dangerous activities (skydiving, rock climbing, bungee jumping, etc)

Criminal background checks

Driving record

Weigh-to-height ratio


Although insurers will weigh these factors differently, all insurers like to see that you are leading a healthier lifestyle.


SEE ALSO: Has Your Health Improved? Why It’s Time To Review Your Life Insurance Policy


Influential Factors to Consider

So losing weight can help you save on your life insurance premiums, but does it guarantee that you’ll automatically qualify for these discounted rates?


Not exactly. Insurers are going to take into consideration far more than the number on the scale. To get a better idea of some of the most important factors insurers will review, consider the following:


Nature of weight loss

Was the weight loss achieved in a healthy or unhealthy manner? For example, weight loss attributed to a pre-existing condition may not help you qualify for a lower rate class but weight loss attributed to a healthier diet and increased exercise likely will.


Amount of weight loss

If you’re worried that you’ll need to lose 30lbs or more for life insurance companies to take notice, rest assured that this is certainly not the case. In fact, losing as little as 10lbs may qualify you for a lower rate class through some insurers.


Longevity of weight loss

Losing weight is an incredible achievement and something that insurers are likely to notice. However, keeping that weight off can be just as important. Keep in mind that you’ll need to sustain your weight loss to lock in the lowest rates long-term.


SEE ALSO: Recently Lose Weight? Here’s What To Keep In Mind When It Comes To Your Life Insurance Policy


In addition, it’s also important to consider that this process takes time.


Setting a goal to lose weight in 2016 is something worthy of striving for and something you can achieve if you set your mind to it. However, losing the weight as quickly as possible shouldn’t be the objective. Not only can these kinds of tactics be incredibly unhealthy, it also isn’t going to win you any favors from insurers.


Instead, focusing on making 2016 your healthiest year yet, After all, if you’ve already made the resolution you’re halfway there.

To Link To This Page