Burial insurance is not a fun topic of discussion, but it is important. Make sure your loved ones have a burial insurance plan in place to cover final expenses.
To determine your policy premium, insurance companies will take several factors into account. Tobacco use (internal link), your overall health, and your age at the time you apply are all reviewed. If you are healthy, you will have access to lower burial insurance premiums and more options for coverage.
Alarming Facts
If you are 65 or older, chances are you are not getting enough exercise. 61% of Americans over the age of 65 are not getting enough activity to maintain their health. An inactive lifestyle is a major contributor to diabetes, cancer, heart disease, and more.
These conditions can make the final years of life painful and uncomfortable. In addition, these conditions can cause burial insurance premiums to increase. However, with a dedicated routine in place, you can remain healthy and reduce your costs.
Better health will help you reduce costs in general. Below are some ways to make your final years easier on your health and your wallet.
Purchase Burial Insurance Earlier
If you’re thinking of purchasing burial insurance, you are taking a necessary step in financial security for your family. If you take the policy out at a younger age, you can expect to pay lower premiums.
For example, a male non-smoker with a $10,000 policy can expect a premium of approximately $28/month at age 45. A non-smoking male at age 80 can expect to pay $145/month for the same $10,000 policy. If a female at age 45 purchases a policy of $25,000, her premium would be around $54/month. If she waits until 75, she can expect to pay $179/month.
Purchasing your policy at a younger age can create significant monthly savings. Plus, we can all agree we are generally healthier at 45 than we are at 85.
Properly Manage Your Weight
Why is it important to maintain a healthy weight? Obesity is a major contributing factor to several diseases. Those that are overweight are more susceptible to becoming diabetic. It is also strongly linked to cancer, heart disease, respiratory problems, and other debilitating health conditions.
In addition, the stress on the bones and joints of the body can make life much more difficult as we age. Orthopedic surgery can be prohibitively expensive, and recovery rates in advanced age are much slower.
Weight Management Tips
As simple as this sounds, simply consuming less calories than you expend in energy will significantly reduce your weight over time. The average man needs between 2200-2500 calories a day, while the average woman requires 1800-2000 per day.
You can track your caloric intake using an app that will count your calories for you. Exercising will help you burn more calories also. Start with a manageable walk three times a week. Increase activity at a pace that is comfortable, but still keeps you breaking a sweat.
Quit Smoking
Smokers pay more for insurance. Period. If you are a smoker, quitting will help you reduce your premiums significantly. The average male at 40 that is a smoker can expect his monthly premium on a $10,000 policy to be around $43/month, as opposed to $26/month for a non-smoker.
Add age to the equation, and a smoking 80 year old male can expect to pay nearly $250/month. A non-smoker would pay approximately $145/month.
Although burial policies tend to be more forgiving with health issues than other types of life insurance, your health still plays a big role in the cost. Quitting smoking is the single biggest change you can make to lower your rates.
Buying a policy now instead of 3, 5 or 10 years from now is the second most impactful action you can take to reduce your rates. Each year you wait before purchasing a policy increases your rate.
However, once you purchase your policy your rates and health rating are locked in, and neither can be changed for the life of the policy. Even if you are diagnosed with a serious illness after purchasing the policy, you are guaranteed protection as long as premium payments are made.
Have questions about your insurance forecast? Contact a specialist at Benefit Choice Direct today!