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Why Health Trackers Can LOWER Life Insurance Premiums

17 April 2019

Do you use a health tracker to keep on top of your wellbeing, like an Apple Watch, a Fitbit or the Samsung Gear Fit? If the answer is yes, then it could help you in more ways than you thought.

As well as the huge benefits of maintaining your health, staying fit and potentially losing weight, owning and using one of these devices could actually save you money on your life insurance premiums too.

Amazing! But how are fitness trackers, health and life insurance cover linked? Let’s take a look.

How being healthy affects life insurance premiums

We often get asked what the average cost of life insurance is per month, which is a little difficult to answer as it really depends on specific factors related to each person. The cost of life insurance is mainly based on a handful of things:

  • Your Age
  • Your health status (medical conditions, etc.)
  • Whether you smoke or not
  • How much cover you want

Typically, the healthier and younger you are, the cheaper your life insurance premiums are going to be.

For example, a 43-year-old who is overweight and smokes daily should expect to pay a lot more for their life cover than a 21-year-old gym-enthusiast who doesn’t smoke. This is because the older, less healthy client poses a greater risk to the insurance company. They’d rather you be healthy and live longer – is that such a crime?

Life Insurance: tracking health and fitness

In the past when the world was more technologically limited, it was difficult for life insurance companies to track a customer’s health accurately and fairly. They were unable to get a hold of data that reflected a person’s health accurately, but not anymore.

Today, there are many life insurance providers who offer discounts on health insurance based on fitness data, including other incentives like gym memberships and cinema tickets!

By tracking things like the number of steps you walk and your heartbeat, it creates a clear image of your health status for the insurance company and they can therefore calculate an accurate, cheap premium for you. Everyone wins!

What if I have health problems?

This is a common concern, but it’s important to know that you can still get life insurance even if you suffer from problems with your health. Of course, we advise on getting life insurance as soon as possible, while you’re at your youngest and, hopefully, healthiest, but everyone is different and we are always understanding to that.

If you already have a health problem when applying for life cover, it will increase your premiums. Also, if you were to pass away because of your pre-existing health condition, then you may not be covered and the policy may not pay out. You will be aware of this exclusion when getting your policy, but make sure you check all the terms and conditions that come with it.

If you are over 50 and need to get life insurance, but are concerned about pre-existing medical conditions, then an over 50s life cover policy will be suited to you. There are no medical checks and you are guaranteed to get cover.

If you already have life insurance and you develop a medical condition after you put it in place, you don’t need to worry! Once you’ve taken out life insurance, that’s it. Your cover remains in place, the same as when you initially took it out.

Where Can I Get the Best Health Cover and Life Insurance in the UK?

At Life Quotes Compare, it is our job to find you the best life insurance quotes in the UK. After listening attentively to your needs and situation, our friendly and experienced advisors will give you the best advice when it comes to life insurance, and they’ll comb through all the top insurance providers in the UK to find you the best deal – not only the cheapest, but the one most suited to your requirements.

So if you use a health tracker, be sure to let us know!

If you don’t own one but you enjoy keeping healthy and love a bit of technology and statistics, perhaps investing in one would be a great idea – especially as it comes with extra benefits like keeping the cost of life insurance down.

For more information regarding anything to do with life insurance, or if you’d like us to find you the cheapest and best life insurance policy for you in the UK, simply get in touch with us today obligation-free by completing our short contact form.