You probably (hopefully) grew up learning that it was a good idea to eat more fruits and vegetables, exercise on a daily basis, and get plenty of rest at night. What you likely weren't told was that not only will these activities make you a healthier person who may live longer, but they will also save you money and even make you richer. In fact, according to a new research series from Money, there is a positive correlation between good health and good finances. One of the ways that a healthy lifestyle puts more money in your pocket is by giving you access to lower life insurance rates.
Health Matters With Life Insurance Rates
Life insurance companies investigate your health and habits before agreeing to issue you a policy and setting your rates. The things that are tested and reported include height, weight, blood pressure, cholesterol levels, medications, and questions related to habits and daily regimen. Whether or not you smoke is a key factor in determining your life insurance rates.
Aside from the fact that smoking is bad for you, your life insurance rates will be much lower if you ditch the habit before trying to purchase a policy. The savings are significant. According to a NerdWallet study, consumers who quit smoking or don't smoke at all save over $10,000 a year on life insurance premiums. When you quit smoking also factors into your savings. On average, it takes being tobacco-free for five years to attain the same life insurance rates as non-smokers. However, quitting for just a year can bring in savings of as much as 67 percent.