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A FitBit Can Save You Money On Life Insurance

You’ve seen FitBits today. Almost every middle-aged adult in an office is wearing one. It’s an easy-to-use, wearable technology available at affordable prices at any size, color, and model. These new classes of exercise Trackers log an individual’s physical activity in a given day. It breaks down steps taken, heightening activity periods, and calories burned for the ultimate dieting approach. Basically, the FitBit does all the exercise learning for you so you don’t have to. You can still focus on your work, your kids, your house, and your pets. At the end of the day, you can sit back and take in your activity, when it was highest, and where you do need to improve. You can even average out the calories burned and schedule out how many you can consume in a day give your typical movement.

FitBits are the exercise answer to the age of convenience. We live in a world of instant gratification – if it isn’t fast and easy anymore, it’s not worth our time. FitBits are answering this call and incorporating exercise into the modern, working-class individual of the 21st century.

Life insurers are aware of this development, and some have began to insert it into their premium pricing as we've previously discussed here. By linking their information to your FitBit activity, they actually have instant access into your fitness commitment, and real proof that you’re exercising as much as you say you are. They are then rewarding their fit-committed clients with premium discounts. Life insurance companies want a “fit class” of clients – it’s less risk to them that they’ll die. If they can see their clients are running 3 miles a day, they can make a reasonable assumption they won’t die of a heart attack at age 40. In the meantime, they get a discounted rate payment from them, which is more money than they would have received if they never signed on.

Basically, this is a win-win for the both the life insurers and the consumers. Life insurance is an incredibly important asset to take on if you have a family. Life insurance will take care of them if you are gone. You’ll never have to worry about their future or lifestyle again with life insurance protection.

Now, it’s on you to find a life insurance company that has incorporated this FitBit initiative. Because we’re in the Cyber Age, all of this information can be accessed right from the Internet. You don’t have to take your chances with a company you know little about. You’re in control if you put in the time. Make sure to do thorough research about this investment.

Buying the right life insurance

Take your time in taking decisions, chalk out which one is best suited for you and your family from the policies made available by different insurance companies. Look into your age, condition of health, income, health habits, marital status, number of children and lifestyle.

Ask yourself how much your family is depending on your salary. If your family can’t do without your earnings, you really need life insurance. It is difficult to say for how much money should you insure. Yes, it depends on your family’s lifestyle and debts. Generally, people keep it at between five and ten times your annual salary.

It is recommended that if you're under 40 and don't have a family history of life threatening illness, try Term Insurance. It offers death benefit but no cash value. Otherwise, always go for the Whole Life Insurance, as it offers both death benefit and cash value. However, it is much more expensive than the former. As Term Insurance safeguards the policyholder only for a specified time period, it is appropriate for military and young families. It is cheaper than other policy types, but it has no savings feature. Life insurance discount rates are applicable to both types via a FitBit at participating companies.

It is also necessary to calculate your total insurance needs by examining the needs at various stages of your surviving family, and purchase insurance to cover the gaps. Don’t forget to review your life insurance plan periodically. You need to be alert when your financial responsibilities undergo a significant change. Be open to talk about the insurance plan with your spouse and let he/she understand the gaps the current insurance are going to fill.

Life insurance companies like John Hancock have incorporated this new exercise approach into their pricing. Many more will follow to stay competitive. If you already wear a FitBit, this transition will be a no-brainer. Be sure to have a secure and reliable conversation with your life insurer to receive proof that you are getting a considerable discount for your fitness initiative. If they won’t do it, move onto the next one. Be picky about your life insurance, and commit to a fit lifestyle both for your health now and the future of your family.

Last Updated on August 5, 2016 by lifepolicyshopper