I believe there is a massive link between your financial health and your physical health and in this article I want to tell you how exercising can save you money.
As a Chartered Financial Planner it’s usually the other way round. I usually help improve people’s financial well being which in turn improves their physical health. As an example, being free of money worries can significantly reduce anxiety and stress. Achieving your life ambitions, appropriate periods of relaxation and eating the right food can all lead to a contented mental state.
Exercising can save you money through discounts and rewards
As a society I believe we are realising more and more how important our physical health is and there seems to be a buzz around getting fit. Technology is playing a massive part in this as we have access to all sorts of gadgets that can track our steps, calories and heart rate to name a few.
Whilst we should do everything in our power to maintain good physical health by exercising regularly there may come a time when factors outside our control cause us to suffer ill health or worse, no longer be here. This is another area where good financial health can protect you and your family through appropriate protection planning.
As a minimum I believe most people who have yet to retire should have some form of income protection and life assurance in place. The first pays you an income if you are no longer able to work through ill health and the second pays a lump sum or income to your family on your death.
Just ask yourself how you or your family would cope without any insurance?
But let’s be honest, thinking and talking about insurance is pretty boring no matter how important it is. But what if there was a way that by having insurance in place could save you money and motivate you to stay fit? Well there are now insurance policies out there that do this!
Certain providers will significantly reduce the premiums you pay for insurance as long as you carry out regular exercise. The more you do the cheaper the premiums get and the more rewards you receive.
For example, how about an Apple Watch for £29, and 50% off running shoes and bikes each year, 75% off Spa days, free cinema tickets….the list goes on. Not only are you improving your physical health you are improving your financial health too!
Please don’t think you need to be an olympic athlete to receive these rewards, even a brisk walk every day will significantly improve your health and reward opportunities.
What you need to do to ensure exercising can save you money
First things first you need to know where you stand from a protection point of view. Ask yourself the following questions:
- What would happen if I couldn’t earn an income for a long period of time? How would the bills get paid?
- What about debt such as a mortgage, how would I pay this off if I couldn’t earn an income?
- What if I suffered a terrible illness or injury that meant modifications needed to be made to the house? Could I afford the changes?
- How would my family survive financially if I died?
Once you have answered these questions you will have a rough idea of how much and what sort of protection you need in place.
If you already have protection in place you should be reviewing it at least once a year. Is it still relevant and is it good value? Rates for insurance change all the time and if your health has improved since you previously set up the plan (perhaps you no longer smoke?) then you could be in line for a discount. Please remember, if you do decide to change insurers, do not cancel your existing policy until you know the cover on your new policy is in place.
If you would like us to carry out a review of your current protection position and show you how you could make savings and be in line for a number of rewards then please give us a call. We do not charge anything for an initial consultation and guarantee it will be worth your time.
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Stock market linked investments and any income from them, can fall as well as rise and is not guaranteed. Any figures quoted are for illustrative purposes and should not be taken as a forecast or guarantee. Past performance should not be seen as an indication of future returns and clients may get back less than they have invested.