Money Saving Tip: Get Healthy and Re-Quote Insurance

I've written about how we all can save money by cutting out some vices noting how the average smoker pays $1,600 more annually, on average, on health-care costs than a non-smoker. I've also weighed in (pun intended) on the costs of not being overweight and the associated financial benefits of being healthy.

Here's a short paragraph from Money magazine's January issue that wraps these two thoughts together, puts some numbers to them, and offers a great money saving tip:

Once you've dropped the pounds and kicked the nicotine habit, try reapplying for life insurance. Healthy people routinely pay lower premiums. For example, a 45-year-old healthy man can expect to pay $650 to $750 a year for a $500,000, 20-year term policy vs. and outlay of $2,500 to $2,700 for a 45-year-old smoker who is overweight.

Wow! Lots of savings here -- just in life insurance alone. Think about the added savings in health care costs (noted above) as well as less spent on the sources of the problems in the first place (cigarettes and junk food). We're talking thousands of dollars in annual savings just for getting healthy.

And the best reward isn't even financial. It's a longer, better life. After all, your health is more important than any amount of money.

Comments

[a]

better yet get a guareenteed universal life policy NOW with hancock, quit smoking NOW and when smoker and non smoker rates truly differentiate in year 3 sign the affidavite that you've been smoke free for 24 months and viola, youve got non smoker G UL. Call the company up they'll tell you aout it. Your covered immediately with a Smoker rate, but in year 3, your rate goes to non smoker

[Personal Finance]

Actually Blue Cross blue shield is not bad (bcbs.com). Pretty good coverage. But overall, why smoke?? This article is another reason why not to? :)

[mel]

I would be careful about universal life insurance or whole life insurance, from what I have read term life insurance is best cost wise and invest the difference you would pay between whole life vs. term insurance and you will come out a lot better in the long run.