The cost of smoking and obesity
We all know what a dramatic adverse impact smoking and obesity can have your health, but recent data has shown just what a huge impact smoking and obesity can have on financial health as well, with insurance costs for consumers that are very overweight or smoke rocketing. Insurance companies boost the cost of insurance premiums on life cover for those that smoke or are obese for the obvious reason that smoking and obesity pose an increased risk on the health.
Insurance companies are now cracking down on high risk consumers, such as smokers and very overweight consumers, and they are doing this through charging often extortionate rates on life insurance cover to provide themselves with some additional protection on the increased risk of financial losses to these groups. Following recent surveys and studies that have been carried out some insurance companies add more than fifty percent to premiums for smokers and obese policy holders.
A Sainsbury’s life insurance manager recently stated: “Health risks associated with smoking can have a big effect on life cover costs. It is vital for those that have kicked the habit to review their policies.” The cost of life insurance can really come down if you were previously a smoker or were very overweight and have quit smoking for a minimum period as specified by the insurer or you have lost weight. Therefore, if your situation changes in this way it is important to contact your insurance company and advise them of the changes.
According to the results of a recent survey carried out by Express Life Insurance, smokers and obese applicants were being quoted around fifty six percent more than other consumers on average when it came to life insurance policy costs. Insurance companies justify this by stating these groups are far more likely to end up making a claim.
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