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 Oct 29, 2015

Life insurance premiums are based on how likely you are to kick the bucket any time soon. Anything that’ll lower your life expectancy will increase your life insurance premium. Insurance companies want to make sure they get a good deal, so naturally clients who are less risky, pay less

That's why non-smoking, healthy, active people are more likely to strike the good deals. We've listed 7 things that you might be able to change in order to lower your life insurance premium every month. 

1. Don’t smoke

You've heard the worn-out lecture about “killing yourself” and this article is no different. It’s quite simple: as a smoker you’re more likely to die than your non-smoking friends. Quit (usually you have to be smoke-free for about an year) and pay less or choose the habit over your health and pay for it – whether that’s with your cheque card or your life.

2. Be active
Exercise decreases your chance of suffering from heart disease and certain types of cancers. It also combats health problems associated with obesity. Consistent and regular exercise influences so many positively to contribute to a higher life expectancy, which in turn lowers your premium. 

3. Keep your BMI in check
Your BMI (Body Mass Index) is used to measure whether your weight is healthy for you in relation to your height. Being underweight or overweight deters certain functions in your body, which ultimately lowers your life expectancy and increases your insurance premium.

4. Drink moderately
Insurance companies aren’t like those friends of yours who feel entertained when you have liquid courage. Insurance companies are actually very concerned about the way excessive alcohol makes you prone to: risky behavior, being involved in violence, car accidents, organ failure and complications during surgery. So you'll have to pay for all those added risks associated with drinking excessively. 

5. Spend less time on the road
Traffic related accidents are one of the top ten killers in South Africa. So more road time means yoy have an increased risk of being involved in a fatal car accident. If you’ve got a job that requires a lot of mileage on the road, see if you can negotiate with your employers. Not only will your premiums be lower, but your loved ones will thank you for it. 

6. Pick the less risky job
If you have any freedom to choose, picking a job where you're not likely to injure yourself is a good choice in terms of lowering your premium. Hard manual labor and dangerous professions mean higher risks and consequently a higher premium. Nevertheless you should choose a job that makes you happy; while you've still got precious time on this earth you're going to spend most of it at work. 

7. Tie the knot
If you love someone deeply, it’s not such a bad idea to get married. According to statistics, you’re likely to live longer if you’re married, which makes your life insurance premium a bit cheaper, but more importantly ensures a happy life for yourself.


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