The Sunday Star Times recently reported that unhealthy Kiwis are paying more for life insurance cover than Australians.
Fidelity Life’s Chief Executive Milton Jennings says there are many factors why New Zealanders are paying more for their life insurance cover citing poor health, high smoking levels and an increased rate of obesity.
A report of mortality rates of New Zealand policyholders by actuary Eriksen & Associates shows that mortality is 9,2 per cent higher for females and 8 per cent higher for males across adult age brackets than for Australians.
Smoking increases life cover in both countries. Male smokers in NZ pay double the premiums while male smokers in Australia are paying 75 per cent more. Females in the former category pay 175 per cent with 148 per cent in the latter.
The extra cost of life insurance cover for:
SMOKING +75%-100%
OBESITY +50%-300%
CANNABIS USE infrequent (up to 8 times a month) +0% moderate(8-16 times a month) +50%-75% heavy use (at least 16 times a month) +150%
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