Achieve a healthy life – and a healthy wallet – this year

It’s a new year and everyone is pouring green tea instead of red wine and picking up weights instead of gingerbread cookies. The beginning of the year is a perfect time to prioritize healthy living and to set new goals. These days, we have a big champion in our corner, but many may not realize it. Life insurance companies are increasingly rewarding positive lifestyle changes. Your New Year’s resolution may mean there’s a financial reward ahead for you.

Resolution #1: Quit Smoking

If quitting smoking is your New Year’s resolution you can look forward to saving a lot of money. Did you know that if you quit smoking you can save money on your life insurance as soon as the following year? Once you’ve stopped smoking for 12 months you can be underwritten again and have your premiums lowered to those of a non-smoker. The difference in price is huge. Here’s an example from the Teachers Life insurance quote tool: A 39-year-old male smoker requesting $300,000 of term coverage for 20 years would pay $90.33 in monthly premiums. If the same man were a non-smoker he would only pay $36.83 per month. That’s a difference of $642 per year, and a substantial $12,840 over the life of the policy.

Resolution #2: Get Fit

Feeling like you’ve overindulged? Your New Year’s resolution might be to lose weight or get back in shape. If you’re eager to get to the gym, companies such as Teachers Life, a not-for-profit insurer serving the education community, can help. They offer an annual $50 rebate for fitness or gym memberships for their members. Don’t miss out – check with your insurance company to see what rewards it offers for healthy living.

Resolution #3: Do Right

Does your insurance company offer rebates for doing the right thing? For instance, rebates are available for learning to save a life by taking a CPR course. Some companies offer savings for creating your will and power of attorney – the right financial thing to do for your family. Or maybe your insurance company offers the opportunity to subsidize your child’s education with a scholarship. Do your research and don’t leave money on the table.

It’s in your best interest to live a healthy lifestyle. Why not reap the rewards from your insurance provider as well?

-NC