While offering life insurance to someone, the insurance provider lays significant emphasis on the life expectancy of the applicant. Factors like your age and health condition are taken into consideration by the insurer to calculate your approximate life expectancy. However, apart from these two factors, your lifestyle also plays a crucial role in the process.

There are several lifestyle habits or choices which negatively affect your life expectancy. To state the obvious, lower the life expectancy, higher will be your insurance premium.

Here are five lifestyle habits that affect life insurance premium

1. Smoking

Smoking is not only hazardous for your health but your life insurance policy too. As smoking could result in a host of serious medical conditions, insurers consider such applicants riskier than non-smokers. If you do smoke, regularly or rarely, the insurance premiums can be higher.

2. Drinking

Even if you regularly consume alcohol, prepare yourself to shell out more for life insurance. Just like smoking, excessive consumption of alcohol also puts your life at greater risk. Insurers put off this high level of risk by charging a higher premium.

3. Inactive Lifestyle/Obesity

Inactive lifestyle or obesity can also cause many different types of medical complications. If your sedentary lifestyle has made you overweight, there are chances that you might suffer from a serious health complication in the future. This again will affect your insurance.

4. Driving Record

Many insurance providers also check your driving history. As road accidents are such a common cause of death in India, insurers prefer people with a good driving history. If you have been in road accidents or traffic violations in the past, you will have to pay more.

5. Profession/Hobby

There are many professions such as being a firefighter, underwater welder, miner, etc. that are considered risky by the insurers. If you are involved in one such profession, the insurer will put you in their high-risk bucket.
Even if your profession is safe, but you are into risky hobbies like skydiving, scuba diving, etc., this too is a cause of concern for the insurance provider.

Never Hide Anything from Your Insurer 

It is never a good idea to hide anything from your insurance provider even if this can help you save some money. Your policy nominee's claim might be rejected in the future if the insurer has any reasons to believe that you were not entirely honest.

While this might help you save a few bucks now, your family members might have to pay a heavy price for the same in the future.

Learn more about different Online Term Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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