Stick with New Year diet and trim ££ from life insurance
ASDA LIFE explains how sticking to your New Year diet resolution can help you shed pounds from your life insurance premiums.
Many adults in the UK make a New Year’s resolution to diet every year and, naturally, the enthusiasm wanes over the months. Yet sticking to your plans can save you cash on your Life Insurance cover.
When it comes to life insurance in particular, BMI matters. If your BMI is too high, usually over 30, insurers may increase, or ‘load’, your premium, or they may even refuse you cover. If you have complicating problems, such as high blood pressure, it makes this outcome even more likely. There is no standard procedure for this and each company has their own processes for deciding who to load, and by how much.
Working out your BMI score is easy – just divide your weight in pounds by your height in inches squared. Generally speaking a BMI of between 20-30 is fine - although there have been loadings as low as 27. A BMI of 30-37 could mean a 50% loading depend on insurer and over 37 could be declined. This is just a guide and the actual loading will depend on a client’s individual circumstances and on the life insurance company.
Certainly the BMI level at which clients are being loaded has become harsher over the past 5-10 years. The old loading for obesity meant premiums jumped up by 20% - now it is 50% or more. People are being loaded earlier and loaded higher. So it really is worth sticking with those New Year diet plans!
Asda is unique among supermarkets because it is the only one to offer free independent financial advice on insurers and their products from the whole of the market, instead of being tied to just one company. Asda can therefore find customers the best insurance policies and life insurance quotes at the best price.
How much could you save with normal BMI?
| Non-smoker, BMI level normal |
Non-smoker, BMI level high (50% loading) |
Saving over term |
|
| Life Insurance Cover* | £6.64 | £9.96 |
£996 |
| Critical Illness Cover* | £32.10 | £48.15 |
£4,815 |
Source: www.lifesearch.co.uk
*Quote assumes guaranteed monthly premiums for £100000 over 25 years for a 35 year old female in good health.
If you are looking for help in losing weight or keeping healthy then Asda has a website to offer you support and guidance – go to www.asda.com/health
Enquiries
Matt Morris, Senior Policy Adviser
Tel: 020 7065 1020
Consumers can contact ASDA LIFE on 0800 316 4242 or at www.asdalife.co.uk
ASDA LIFE can source case studies where required and can provide tables of typical premiums.
