Life insurance is one of the most important safety nets that you’ll ever purchase for your loved ones, but there are several different circumstances that could impact your policy that could make it difficult to get the best plan.
Before the insurance company approves your application or coverage, they are going to calculate how much of a risk you are to insure for life insurance. There are dozens of different factors that the insurance company is going to look at when reviewing your application. The higher risk that you are to insure, the higher your monthly premiums are going to be every month.
There are certain limitations set by insurance companies which make it harder to buy maximum life insurance coverage for overweight people. This is due to the additional risks one carries when they are overweight for a prolonged amount of time.
Many people do not realize how weight can affect your coverage, they feel only “higher risk” situations such as coping with diabetes or suffering from liver disease and trying to obtain life insurance, or even Cerebral Palsy life insurance are concerns to companies, but this is not true. Along with weight comes the affects of BMI on life insurance rates, which can affect your capability for coverage.
While some companies are strict, we know who is more liberal than the rest.
Sometimes, the company you apply to matters more than anything when it comes to getting approved, even if you are obese. Every insurance company is going to look at your application differently. Some companies give much better rates to anyone that is overweight. Finding the best company could be the difference between getting an affordable life insurance policy or getting turned down for coverage.
Even when another company may have already turned you down, we’re here to help you find the coverage you need to protect your family. Whether that be a traditional policy, a no medical exam life insurance coverage or a guaranteed issue policy, we will make sure you find the best fit for your needs.
Life Insurance For Overweight People
You need to understand how underwriting works for life insurance for those who are overweight because it will impress upon you the importance of finding the right agent and right company to apply to the first time.
This can sometimes make all the difference in whether you’re approved or declined.
Underwriting guidelines are the rules an underwriter must follow before offering any type of insurance to a consumer. They are based on data from statistics and the laws of large numbers, both on mortality rates and by individual health concerns.
The calculation of your height and weight, called BMI (body mass index) is a very important one because of the additional health risks implied by being overweight. This includes a greater chance for:
In order to make an offer all things will be underwritten, including your weight, other health concerns like those mentioned above, and even your driving record. All of these factors are going to play a huge role in your life insurance policy. Improving all of these categories, can drastically improve your life insurance plans.
What Can You Expect To Pay?
Depending on the type of coverage you apply for, there are a range of different ratings you could get, which ultimately define your premium.
For those who fall into a heavy BMI range, like 30 or higher, it starts to become much more difficult to find insurance at affordable rates. Expect no better than Standard rates, and this is dependent on the fact you are otherwise still healthy.
If your BMI goes beyond 35, Standard may be available, but most companies will issue a low to moderate table rating which means you can get a standard issue policy but pay a slightly higher premium.
With any BMI exceeding 40, some companies begin to drop out altogether at this point, where some may still offer you a moderate table rating. However, a few select carriers may still go as high as Standard to this point, although it’s rare due to other health factors beginning to play a major role.
If you fall into this category, it’s vital that you find the perfect insurance company to fit your needs. Because there are so many to choose from, it could take you a very long time to find life insurance, or you can let our experience agents to all of the work for you.
How Does Weight Loss Factor In?
Believe it or not, weight loss within the past year could still play against you, depending on how much you lost and how.
If by diet and exercise you lost your weight, and you’ve been at a stable weight for at least one year, only your current height and weight will matter. However, if you lost weight due to an gastric bypass surgery within the past year, you will probably be rated lower than Standard until 12 month has passed.
In most cases, any weight you have lost during the past year exceeding 20 pounds will be added back on at a rate of 50% of your losses. For example, if you lost 50 pounds in the last 12 months, 25 will be added back on at the time of application.
This is to prevent the insurance company from taking too much risk on someone who gains and loses weight rapidly. This is still an unhealthy long-term lifestyle.
Before the insurance company accepts your application for coverage, they are going to require that you take a medical exam. The results from the medical exam are going to play a huge role in your chances of being accepted for coverage and how much you’ll pay for your protection. The better your results, the lower your insurance premiums are going to be. Losing weight can help you secure much lower rates.
Losing weight can save you hundreds of dollars on your life insurance plan. Losing a healthy amount of weight can play a huge role in how much that you pay for your life insurance coverage. Sticking to a healthy diet and getting regular exercise can work wonders on your life insurance policy and your overall health.
Getting An Affordable Life Insurance Plan
One of the most common reasons that people don’t purchase life insurance is because they assume that it’s going to be too expensive to fit in their budget. In most cases, that couldn’t be further from the truth. There are several options for affordable life insurance coverage. Additionally, there are some changes that you can make to ensure that you’re getting the lowest insurance rates available.
Aside from losing any additional weight that you’re carrying, there are several other changes that you can make to lower your insurance premiums. The best thing that you can do is eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance policy, your premiums are going to go through the roof. In fact, smokers are going to pay twice as much for their life insurance versus what a non-smoker is going to pay for the same amount of coverage. If you want to get the most affordable life insurance plan, it’s time to kick that bad habit once and for all.
The best way to ensure that you’re getting the lowest insurance rates is to compare the quotes of dozens of life insurance companies before you choose the one that’s going to work best for you. Because there are thousands and thousands of insurance companies on the market, you could spend weeks trying to find the best policy, or you can let our agents do all of the work for you.
Our independent agents have years of experience working with overweight applicants and many different types of specific needs such as seeking life insurance with depression, so we can help with just about any issue you may throw our way. Unlike a traditional insurance agent, our independent agents represent with dozens of companies across the nation. Instead of having to call al of the agents yourself, we can do all of the work for you and bring all of the lowest rates directly to you. We can save you hours of time and frustrating talking to different agents and answering the same questions over and over.
If you have more questions about how life insurance works for those who are overweight, please contact us and we’ll be happy to help you find the coverage you need. Our agents would be happy to answer any questions that you have and ensure that you’re getting the best plan to fit your needs. Our agents have years of experience working with overweight applicants and we can help make the process as quick and simple as possible.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that you need. Life insurance is one of the best safety nets that you can purchase for your family, and it’s important that you get the best plan to meet your needs at an affordable price.