When buying life insurance it is in your best interest to be in tip-top shape. Of course, that is true for all aspects of life, but in reference to your life insurance purchase it could save you some serious money.
When applying for life insurance, you will be asked a series of questions about your health on your application. In a lot of cases, you will also be required to take a physical exam and give blood work to prove your health is what you say it is. You can sometimes avoid that physical if you are purchasing life insurance through your employer or if you have opted for a no-physical type policy.
It is true that people in good health pay much lower premiums on their life insurance policies than those people in poor health. This is because insurance carriers know that the mortality rate of people in poor health is much greater than those in good health. Their risk becomes higher when insuring unhealthy people. The chance that they may actually have to pay a death benefit becomes much greater therefore they need to know they will have the funding to cover it.
Do not feel tempted to lie on your application, though. If it is found out that you misled your life insurance carrier, your policy will be canceled and your beneficiaries will no longer be able to receive the death benefit. Your best chance at a lower insurance rate is to take your health matters seriously and try to maintain a healthy lifestyle. If you smoke, quit. If you are overweight, lose some weight. Maybe upon your policy renewal next year, you will be eligible for some discounts that can bring your premium down a bit. Being healthy is always in your best interest – and your insurance carrier’s.