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How To Lower Your Life Insurance Premium

December 30 2015 Life Insurance

how to lower your life insurance premium (1)

Ah, New Year’s Eve, Eve, that time of year when thoughts tend to focus on what you’re going to achieve in 2016.

I’ve been threatening to dust off the old French books for years now. Maybe 2016 will be the year I’m strolling around Paris asking everyone

Ou est la gare?

Actually, scrap that, who needs “ou est la gare” when you have le google maps and la google translate.

How to lower your life insurance premium in 2016

Stop smoking tobacco for 12 months.

Quitting the coffin nails isn’t easy.

As an ex-smoker, I know how hard it is to quit. But it’s doable and it’ll lower your life insurance premium by a massive amount.

Non smokers pay on average half the premium of a smoker.

If you’re paying €100 per month as a smoker, you’ll pay €50 per month as a non smoker. On a 20 year policy, that’s a saving of €12,000!

I can’t believe it’s been a year since I wrote this post on how ex smokers can get cheaper life assurance.

Did you know e-cigarette users who haven’t smoked tobacco for 12 months can get non smoker rates?

How long this will last is anyone’s guess.

But with research showing e-cigarettes could be as dangerous, I don’t think non smoker rates will be available for much longer.

Grab the lower rate now while you can.

Lower your BMI

Or in layman’s terms, lose some weight to lower your life insurance premium.

I know BMI is crapola as a measure of a healthy weight but life insurance companies are stuck in the dark ages. BMI is their most important factor when it comes to assessing someone’s healthy weight.

In fairness, some life insurance companies are more sympathetic when it comes to BMI. You see a normal, “healthy” BMI is between 18 and 25. A BMI above 25 and lower than 30 is overweight. Above 30 and you’re into the obese category.

I’ve got the normal price for clients who have a BMI of 32. Technically they were obese but one insurer in particular is understanding provided there are no other health issues.

So if you can get your BMI under 32, you have a good chance of getting the normal price.

If you’re BMI is under 32 and you have been loaded by your life insurer, you should give me a shout on 05793 20836.

Here’s another blog post from the archives you may find useful – life insurance if you’re overweight.

Your go…

Do you have a New Year’s resolution that will lower your life insurance premium?

Well done – best of luck with it.

If you quit the ciggies for more than 12 months or if you get your BMI under 32, you could save a fortune.

If you’ve already quit/lost weight and feel you’re paying too much for your life cover, complete the short form below and I’ll be in touch.

Or schedule a 15 minute call, click here to see my diary and organise a time that suits us both.

Happy New Year!

Nick McGowan
LION.ie | Specialist Life Insurance Advisors

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