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Stick to your New Year’s resolution to save money on your insurance costs

February 6, 2010 by admin  
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At the start of every year millions of people make New Year’s resolutions, which at the time they fully intend to stick to. Of course, as most of us know these resolutions simply melt away into nothing within a few weeks for many of us but there are the determine few that are able to stick out their resolutions.

For the more determined of us the rewards could be further reaching than we think when we stick to certain resolutions, so it is well worth trying to stick it out rather than giving up.

One of the most popular resolutions made by people each year is to get into shape, and this could mean anything from joining the gym and upping the exercise regime to changing our eating habits or cutting back or drink or smoking. Some people will go the whole hog and try and change their lifestyle completely.

The initial determination of the many people that make this particular resolution is reflected in the increase in the number of gym memberships seen at the start of the year, and the increase in the sale of healthy foods from supermarkets. However, continuing with the healthy regime can be difficult, and every year many people give up within weeks, having wasted money on gym memberships that they will no longer use and having given up on changing their lifestyle.

However, one thing that could keep you motivated is the fact that improving your health and lifestyle and sticking to a healthy regime could actually help you to save money, so not only will you get fit but you can also get your finances into shape as well. Anyone that is set to renew their health or cover or those that are considering taking out a first policy could find that their change in lifestyle could save them a package on the cost of their cover.

Insurance firms increasingly use information about the consumer’s lifestyle and habits to work out insurance premiums, and those that drink, smoke, are overweight, and do not exercise are seen as a far higher risk than those who try and lead a healthy lifestyle and are in pretty good share. This is then reflected in the price of the premiums, and those that are able to demonstrate that they are leading a relatively healthy lifestyle will find that their premiums are significantly lower than those who are not doing this.

One company, Prudential, offers discounts of up to 25 percent to those that are leading a healthier lifestyle, so the savings really can add up. An official from the group said that this was proving to be an effective way to calculate insurance premiums, stating: ‘After five years, we’re convinced this is the right way to price . There are clear and tangible links between the way someone lives their life and the likelihood of them having to claim on their insurance.’

Tags: life insurance, Insurance, health insurance, finance, new year resolution

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