A healthy lifestyle is desirable whether you are considering life insurance or not. Making healthy choices positively impacts not only your physical health, but your mental wellbeing and overall quality of living.

Physical health and financial wellbeing are deeply intertwined. For example, when it comes to taking out a life insurance policy, the state of your health will potentially influence the cost of your premium.

Peter Tilocca, head of underwriting at NobleOak, says life insurers often consider health when assessing risks.

“If your health is poor, the probability of you making a claim in the future is higher and so life insurers can potentially charge a higher premium,” says Tilocca, who shares his top tips for incorporating healthier habits into your daily life.

1. Don’t smoke, and drink alcohol moderately (or not at all)

Excessive alcohol consumption and smoking are among the biggest risk factors for health and play a significant role in life insurance premiums.

“Life insurance policies often have differing premium rates for smokers and non-smokers,” Tilocca says. “The premiums for non-smokers are naturally lower, due to the harmful impact smoking has on overall health – particularly your heart and lung health.”

Smoking is the biggest cause of cancer, with data from the Cancer Council¹ estimating it accounts for 13% of cancer cases in Australia every year.

Excessive alcohol consumption also poses a serious threat to your heart, kidneys, liver, and other organs.

“If you drink a lot of alcohol, it could result in higher premiums,” says Tilocca.

2. Keep moving

Regular physical activity is a tried-and-true means of managing weight, improving mental health, and boosting energy, and every move counts!

“For example, a recent study² found that middle-aged people who walked at least 7000 steps a day on average were less likely to die of cancer, heart disease, or other causes over the next decade,” says Tilocca.

He adds that while a life insurer won’t directly ask you how much exercise you do, they will ask you about health conditions.

3. Adopt a well-balanced diet

While everyone has preferences on what they like to eat, there are basic guidelines to help improve your diet, which impacts physical, mental, and emotional health.

“Cutting out excess sugar, salt, and fat is a good place to start. These can have a big impact on key health markers like blood sugar levels, blood pressure, and cholesterol,” Tilocca says. “If these are high, you may have to pay higher premiums for life insurance products. Some insurers may also reward you for healthy living with additional discounts.”

The eatforhealth.gov.au website provides a great visual reference of the food groups and what proportion of each food group you should consider eating every day.

4. Take care of existing or possible health issues

This includes appointments with your medical professional and taking medicines correctly.

“If you go to the doctor or relevant health professional regularly, you can get on top of any potential issues before they worsen,” says Tilocca. “Your health provider can help you to manage any potential concerns with the appropriate tests and treatment. And, if you take any prescribed medicines as per the instructions provided by your healthcare professional, you’ll manage existing health conditions better.”

By integrating these simple healthy habits into your lifestyle, you can start to reap the benefits of feeling better and having more energy. And, as a side benefit, your insurance premiums may be cheaper when you take out cover.

Sources: ¹ Cancer Council, ² ScienceDaily