Life Insurance: The Better You Look, the More You Save?
The more you weigh in relation to your height, the more likely you are to have health complications and a premature death. Given this fact, it’s not surprising that life insurance companies consider your weight when you apply for a policy. Your insurer will use a formula based on your weight in proportion to your height in order to determine part of your premiums. Comparing your weight to your height gives the insurance company an indication of your “physical build,” and heavy people will obviously pay higher premiums. With the impact your weight has on your life insurance rates, it’s important that you take advantage of potential savings if you’ve recently succeeded in losing weight. In this post, we’ll explain more about the correlation between weight and insurance premiums.
The Costs of Being Overweight
Obesity is an epidemic in America, where 67% of people are overweight. One-third of these overweight Americans are obese. If you’re overweight, you are at higher risk for a dizzying array of medical problems, including heart disease, diabetes, stroke, and more. But the costs of those extra pounds don’t stop there. As far as life insurance premiums go, just 20 or 30 pounds of extra weight can disqualify you from getting the best rates. Even if you don’t have any other health problems, you will probably only get the “normal” rates if you are overweight. This could mean you will pay double the premiums that someone in the “preferred” category would pay.
Shed Those Pounds to Save
To get the best rates on your life insurance policy, you want to make sure that you stay within the recommended weight range for your height. Most insurers have tables that provide guidelines by gender and height. You can request a copy to determine your ideal range. If you have recently lost weight and have been able to keep it off, make sure you let your insurer know. You can request another medical exam, after which you might qualify for better rates. If your insurer will not provide you with lower rates, it might be time to shop around for a different policy. Insurers have different guidelines for weight, so you might be able to get preferred rates with a number of other insurers.
Usually, most overweight policyholders are fairly close to the threshold for preferred rates. For these consumers, a few simple lifestyle adjustments could make a world of difference with their insurance rates. For severely overweight policyholders, you might think about consulting a nutritionist or other medical provider for assistance in achieving your weight loss goals. Not only will you feel better, but you will save a lot of money on your life insurance policy.