Don't you just love January? So much hope, so many ambitions, so many dreams to fulfil! We all make resolutions and state with absolute determination that this is the year we will see them through.
Of course, by the time February arrives, they're nearly always long forgotten...
But not this year! No, this year you're going to keep that 'January mood' all-year round - and if my motivational speech isn't enough to persuade you, then perhaps I can keep you going with a new incentive: cash!
In the world of insurance it pays to stick to your resolutions. So whether you've cut down on the booze, quit smoking or you're trying out a new diet, keep at it - and in the process you could drastically cut your life insurance premiums.
Norwich Union, Britain's biggest insurer is said to be considering writing to customers to ask if they disclosed their full medical history when they bought life or critical illness cover. In a study carried out last year, it found that one in 14 had provided false information about their health or lifestyle including whether or not they smoke, and how heavily they drink.
While mostly these were oversights by customers who had no intention of deceiving their insurer, failing to disclose information that could affect your risk of ill-health could, in a worst case scenario, even see your policy cancelled.
Currently, one in 100 life insurance claims and one in five critical illness payouts are rejected due to false medical information. It's a risk that's not worth taking as a failed claim could leave your family and loved ones seriously short at a time when they will need all the support they can get. Honesty therefore, is always the best policy.
It's not just a case of telling your insurer about the 'bad news' though - you can be rewarded for telling them the 'good news' too.
For example, if you've lost weight or you quit smoking last year, then you should contact your insurer and let them know - they could well cut your life insurance premiums as a result.
Life insurance premiums change over time and whether you already have a policy or not it's well worth shopping around now using our life insurance comparison tool. You should be able to cancel any existing policies without penalty - but don't do so until you have a new deal in place.
This is the most competitive time of year in the life insurance industry and many insurers are offering incentives to attract your business. The AA for example, is currently offering life insurance for as little as £5 a month, while anyone who buys Tesco life insurance before 5th March 2008, will receive a £50 gift card.
So the time is now to make your new healthier approach to life really pay off - both physically and financially. Shop around and put the pounds back on... but not to your waistline, just in your wallet!
DISCLAIMER: Please note that any rates or deals mentioned in this article applied at the time of writing and may no longer be available/applicable today.
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