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Life Insurance News
Lifestyle change 'can lower life insurance' - 19/06/2007
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Losing weight or giving up smoking can help to lower life insurance costs, the Association of British Insurers (ABI) has claimed.
The industry body has suggested that by making lifestyle changes, consumers may be able to experience cheaper insurances premiums.
Jonathan French, spokesperson at the ABI, said that customers who lose weight after taking out a policy when obese reduce the risk of making an illness-related claim and may benefit from lower cover.
"If you let your insurance company know that you've changed your lifestyle and your state of health has improved, then they might well . . . amend the premiums in your favour," he explained.
However, consumers who gain weight and then make a claim on a policy will still be covered, as insurance deals apply to a person's health and lifestyle at the point of taking out a policy.
"[Policies] are written at the point of application, rather than at the point of claim," Mr French concluded.
Meanwhile, Alliance & Leicester has claimed that consumers who give up smoking after the ban is imposed on July 1st should take steps to save the money usually spent on cigarettes.
© Adfero
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