Will I pay less if I keep fit and healthy?

Base level insurance premiums assume that you are healthy and lead a low-risk lifestyle. When calculating your individual premiums your insurance company will add a penalty or 'loading' for any factors which increase their risk. For example, smokers receive a heavy loading on all premiums because of the wide range of health problems associated with smoking.

If you are extremely high risk for a particular illness or accident ¬– because of a pre-existing condition, your medical history, your job or your hobbies – the underwriter may charge you a higher premium to cover it, or possibly exclude it from the policy altogether. It's vital that you are completely honest about your lifestyle and history when you buy your insurance, because if you do not disclose something relevant it could invalidate your policy.

In most cases there is no specific benefit for making healthy life choices once the policy is in place, although there are a few insurance companies who do offer a 'lifestyle discount' on your premiums. If you are eligible for this, you will usually have to reapply for it every year and complete a questionnaire.

Some companies also offer a 'no claims' bonus on income protection policies after a period of time, typically five years.

Contact 1300 Life Insurance Today

1300 Life insurance have access to the full range of Life Insurance available from all the major Australian life insurance providers.

Get an instant online quote 24/7 – or contact our life insurance specialists during business hours for help understanding and comparing the terms, conditions and benefits of different life insurance policies.

If you're ready to buy life insurance, our life insurance specialists will guide you through the application process and answer any questions you may have.

If have any questions or would like to buy a life insurance policy, please complete the enquiry form, or call us on 1300 543 346 during business hours.