Cost of life insurance

Of the different insurance policies available, life insurance can be one of the most expensive ones, since these provide financial assistance to you and your family in the event of a tragedy like death, disability, or a critical illness like cancer.

These policies can even rise in price as you get older, and it’s not simply due to inflation. You might not know it, but bad habits like sleeping late and drinking too much bubble tea do contribute to how much you will pay for your policies. Here are 7 things you’re doing that that are costing you extra money for your life insurance in the long run:

1. Having irregular sleeping hours

Contrary to what hustle culture would have you believe, sleep is not for the weak. Getting in a solid 8 hours a night is needed to keep your blood pressure low. And no, paying back sleep debt by sleeping in on weekends won’t help with this.

High blood pressure is known as one of the high 3s in the insurance industry. The other 2 being high cholesterol and high blood sugar, an indicator of diabetes. Being medically diagnosed with any of these 3 common issues will increase the price of premiums you’re paying for your life insurance. 

So before you sacrifice sleep for just one more episode of that Korean drama you’ve been bingeing or to mindlessly scroll through TikTok, hit the sack instead. Your body and your bank account will both thank you.

2. Drinking too much bubble tea

Here’s a ritual most Singaporeans can identify with: Grabbing a cup of bubble tea after lunch. That sweet treat not only quenches your thirst in this tropical weather, but works as an energy booster to prevent post-lunch comas.

Unfortunately, too much of the sweet stuff can lead to health problems like obesity, which can lead to high blood sugar and potentially Type 2 diabetes in the future. Your best bet to keep blood sugar low would be to opt for less sugar the next time you’re craving a sweet drink.

Image credit: Eatbook

You can also cut back on sugar in other areas of your diet. Choose not to use more than 1 packet of condiments with your meal or replace desserts like cakes and ice cream with fruits instead.

3. Not having a balanced diet

There’s a reason why mum and dad always barged into your room with cut fruits instead of packs of chips. They wanted you to save on your life insurance. We jest, but eating a balanced diet does lower your risk of high blood cholesterol and obesity.

This doesn’t mean having to count calories at every meal. But you can make small, manageable changes to your diet, like choosing nuts and freeze-dried fruits to snack on instead of cookies that can be full of trans fat.

During meals, pile on the veggies when you order caifan, for instance. You won’t just be lowering your cholesterol, but you’ll also be saving dollars by not ordering one too many meat dishes.

4. Living a sedentary lifestyle

Staying seated for a large portion of the day can be quite detrimental to your overall health. Long periods of inactivity have been linked to slowing down metabolism, which causes higher blood pressure and even weight gain. 

Leading a more active lifestyle can lower these health issues. If you’re having trouble knowing where to start, here’s a tip: Try standing up for a minute or two for every hour that you’re seated. These small changes can help reduce your risk of such chronic illnesses.

5. Indulging in vices like smoking & drinking

We’re well aware of the health issues that smoking presents, and if you’re looking for a reason to quit smoking, this just might be it. In general, smokers pay nearly 40% more for life insurance, even if they don’t have any other medical issues. That’s because smokers generally have higher health risks than non-smokers.

As for drinkers, having a glass or two of wine or beer occasionally shouldn’t be enough to drastically change your health. But, excessive drinking can lead to health issues like high cholesterol, which will raise life insurance premiums if you’re on medication for it. Unlike smoking, you don’t have to quit drinking entirely – just be sure to drink in moderation.

6. Not going for regular medical check ups

By now, it should be clear that health is wealth when it comes to your life insurance policies. And to make sure you’re in tip-top shape, it helps to go for regular medical check ups, which means early detection of illnesses.

Catching problems like high cholesterol and high blood pressure early on means you probably won’t need medication yet. Plus, these issues would require less work from you to reverse them.

Regular medical check ups can also help with detecting more serious medical problems like cancer. Many insurance companies do not allow cancer patients to buy life insurance policies after they’ve been diagnosed.

 A person who only got cancer detected at a later stage may not even be able to buy insurance at all.

7. Putting off buying life insurance when you’re younger

Since it’s called “life insurance” it’s only natural to think that you’ve got your whole life to buy such a policy. But putting off buying life insurance is a disservice you’ll be doing to yourself, as life insurance does get pricier the older you get.

The best time to buy life insurance is when you’re young, as that’s when policies are cheapest. You’re also less likely to have health problems that would affect the price of the policy.

Put your health first with AIA

You don’t have to be in the pink of health in order to sign up for life insurance. But knowing where you stand in your health can at least prepare you for the costs and premiums you might incur when you do sign up.

Now, you can find out details about your health with AIA. Register your details through the link below by 12pm on 12th December 2022 and you’ll be entitled to a *free health screening (worth $55) or a bird’s nest gift set (worth $38.90).

With the health screening, you’ll be able to find out where your blood pressure stands, as well as cholesterol and blood sugar levels. Then you’ll be able to work on the necessary steps to make improvements for your health, like breaking the 7 habits above. This in turn will at least help to lower your life insurance premiums in the long run.

If you’re all ready to make a purchase, AIA is also offering further discounts on their life insurance plans. Sign up by 31st December 2022 and you’ll get up to *20% discount for the first five years on selected plans.

Sign up for a health screening with AIA here

This post was brought to you by AIA.
*T&Cs apply.