Does my health and lifestyle affect life insurance prices?
Key takeaways
Life insurance costs depend on factors including your age and occupation, as well as your weight, and whether you smoke
Making healthier lifestyle choices, like quitting smoking, or maintaining a healthy weight, can help lower life insurance premiums
It’s essential to be completely honest when applying for life insurance. If you provide inaccurate information about your lifestyle or health, your insurer could reject a future 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.
How does my health and lifestyle affect life insurance premiums?
The cost of life insurance varies significantly depending on a range of factors, including how old you are, occupation, whether you smoke, and whether you are overweight.
Insurers base premiums on how likely you are to make a claim during the policy term. This means that those with certain health conditions – or higher-risk lifestyles – often pay more for cover.
By the same token, if you stay active, don’t smoke – and maintain a healthy weight – this can help you secure lower premiums.
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:
Age
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.
Weight
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.
Pre-existing conditions
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.
Smoking
Both smoking cigarettes and vaping can increase life insurance costs. Giving up smoking completely for at least 12 months can result in cost reductions.
Drinking
Regular, excessive drinking can lead to health issues, which may increase premiums.
Occupation
If you work in a high-risk job – say a firefighter, construction worker, or deep-sea diver – insurers may view you as more likely to make a claim during the policy term. As a result, you could pay higher life insurance premiums.
Hobbies
Risky hobbies such as skydiving or motor racing can also push up costs. While you may be tempted to withhold details about your hobbies, honesty is crucial when applying for life insurance. Failure to disclose such information can result in reduced payouts or could render your policy invalid.
Postcode
Living in a high-risk area, perhaps due to crime levels or environmental hazards, can increase premiums.
Driving
Having penalty points on your licence, or being convicted of a driving offence, can potentially increase life insurance costs.
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, Losing weight, if this is recommended by a medical professional
Quitting smoking
Quitting vaping, or other nicotine products
Reducing your alcohol intake
How will my insurer know about my health and lifestyle if I don’t tell them?
Insurers can conduct medical exams and request health records as part of your 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 try 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, if you end up dying of an illness that could be related to smoking, this 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.
It’s imperative that you are honest with your insurer at all times.
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 payout when the policy-holder is diagnosed with a serious illness – for example, late-stage cancer, heart attack or stroke.
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 |
|---|---|
£24.64 | £34.05 |
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 very 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 get injured as a result of 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 the right level of cover for your needs for the best price available to avoid being over- or under-insured.
Author
Collette Shackleton
Content Writer
Collette Shackleton is a highly skilled Content Writer who has over nine years’ experience creating helpful and engaging personal finance content for consumers. Collette shares her experience as a...
Reviewer
Esther Shaw
Money expert
Esther Shaw is an award-winning consumer, financial and property journalist with more than two decades of experience. As a freelance writer, she regularly contributes to a range of national titles...
