Does your health and lifestyle affect life insurance?
Key takeaways
Life insurance costs can vary based on age, occupation, smoking status, and weight
Healthier lifestyle choices like quitting smoking can reduce life insurance costs
If you don't give life insurers accurate information about your lifestyle they can refuse to pay out any claim
What is life insurance?
Life insurance pays out money when you die. It is used as a financial safety net which can protect your loved ones from financial hardship after your death.
The cost of life insurance varies significantly depending on a range of factors, including your age, occupation, whether you smoke, and whether you are overweight.
Which health and lifestyle factors influence life insurance costs?
When calculating the cost of life insurance, insurers will evaluate what risk factors you have. They will consider:
It’s no surprise that age plays a significant role in determining life insurance premiums. As we age, our risk of developing health issues increases, and so does the likelihood of the insurance company needing to pay out. Consequently, premiums rise as we get older.
If you are overweight, your premiums are likely to be higher. Obesity increases the risk of various health conditions, which in turn raises the likelihood of the insurer needing to pay out.
Any pre-existing medical condition you have may affect the cost of your life insurance. A pre-existing condition is a health or medical condition you've been diagnosed with or had treatment for. It also includes ailments you are waiting on a diagnosis for, as well as mental health conditions.
Certain health conditions increase your chance of premature death, making you a higher risk for the insurance provider.
Both smoking cigarettes and vaping can increase life insurance costs. Giving up smoking completely for at least 12 months can result in cost reductions.
Regular, excessive drinking can lead to health issues, which may increase premiums.
If you work in a high-risk job – say a firefighter, construction worker, or deep-sea diver – you post a greater risk to the insurer. This increased risk is reflected in higher insurance premiums.
Risky hobbies such as skydiving or motor racing can also push up costs. Honesty is crucial when applying for life insurance, as failure to disclose such information can result in reduced payouts or policy invalidation.
Living in a high-risk area, perhaps due to crime or environmental hazards, can increase premiums.
Having penalty points on your licence, or being convicted of a driving offence, can increase life insurance costs.
Age
Weight
Pre-existing conditions
Smoking
Drinking
Occupation
Hobbies
Postcode
Driving
How can I cut the cost of life insurance?
While you can’t change factors such as your age, there are lifestyle changes that you can make that could cut the cost of life insurance. Some healthier habits you could consider include:
Losing weight, if a medical professional advises this
Quitting smoking
Quitting vaping, or other nicotine products
Reducing your alcohol intake
These are the average costs of life insurance policies for people who use nicotine products and people who do not:
Smoker life insurance | Non-smoker life insurance |
|---|---|
£27.97[1] per month | £19.88[1] per month |
How will my insurer know what my lifestyle factors are if I don't tell them?
Insurers can conduct medical exams and request health records as part of the insurance application and claims process. Their investigations can reveal undisclosed health and lifestyle habits.
It's not worth lying about your hobbies and habits to find cheaper life insurance as this can invalidate your policy entirely, leaving your beneficiaries with nothing. If, for example, you fail to tell an insurer you smoke, dying of an illness that could be related to smoking can result in your policy paying out a lower amount – or nothing at all.
You should also tell your insurer about any relevant lifestyle changes during the term of your policy.
Will my life insurance be affected if I have a pre-existing health condition?
Yes, if you have a pre-existing medical condition it may affect the cost of your life insurance. This is because certain health conditions increase the risk of premature death, making you a higher risk for the insurance provider.
Always inform your insurers about any pre-existing conditions, as failure to do so can invalidate your policy.
What is critical illness cover?
Critical illness cover is usually taken out as an add-on to a standard life insurance policy. It offers a pay-out when the policy-holder is diagnosed with a serious illness – for example, late-stage cancer.
Average premiums for life insurance with critical illness cover are higher than for standard life insurance policies.
Standard life insurance | Life insurance + critical illness cover |
|---|---|
£20.07[2] per month | £35.59[3] per month |
Can I take out both life and health insurance?
Yes, you can take out both life insurance and health insurance. These are distinct products which cover you for two different things.
Life insurance pays out a lump sum to your loved ones should you pass away. Health insurance gives you access to private healthcare if you need it.
Do I need both health insurance and life insurance?
Health insurance (also known as private medical insurance) and life insurance protect you in different ways.
If you want the peace of mind of knowing your loved ones will be able to manage financially if you pass away, life insurance is the best option.
If you want access to private medical care should you fall ill or be in an accident, you need private health insurance.
If you want the security of knowing your household bills and medical treatment will be covered if you develop a life-threatening condition, adding critical illness cover to your life insurance will offer the protection required.
Whether or not you need all three types of cover will depend on a number of factors, including:
Whether or not you have dependents
Whether you have a mortgage
Whether your employer provides private medical insurance
How do I find the best life insurance policy for me?
Comparing life insurance quotes with MoneySuperMarket is a quick and easy way to find cover. Just tell us a bit about yourself, your lifestyle, and the cover you need, and we’ll search the market for deals that will suit you.
You’ll be able to compare quotes by the overall cost of your policy and the cover you’ll get. Once you’ve found the one you want, just click through to the provider to finalise your purchase.
As with all types of insurance, keep in mind the cheapest option won’t always be the best – you should try to get all the cover you need in place for the best price available to avoid being over- or under-insured.
