You are not alone if you are overweight and are considering getting life insurance. According to recent official statistics, more than one-third of adults in the United States have obesity. You might be shocked to find that your weight impacts the cost of your life insurance. If you meet the definition of overweight or obese, you can still purchase life insurance, but your rates can be higher. Losing weight over the long run can cut your premiums.
How Does Your Weight Affect Life Insurance Rates?
According to the specific risk qualifying standards used by insurers, people are categorized based on their work, family history, smoking status, and general health. Every insurance provider has a height-to-weight chart comparable to a BMI chart, sometimes called a build chart. Some insurance providers only use BMI charts. Where you land on that table or chart will impact your rates. Since no two insurance companies use the same height-to-weight chart, one may offer you lower rates than the other.
What Happens If I Don’t Fit the Height and Weight Ranges?
Many firms automatically increase your premium or apply a table rating to your policy if you weigh more than the maximum for life insurance. A more expensive premium than a normal rate is known as a table rating or substandard rate. Insurance companies typically use a letter or number to identify low rates.
Impact of Weight Loss On Life Insurance
In general, until you have maintained your weight loss for at least a year, you are only entitled to receive credit for 50% of your weight loss. The same rules apply if you lose weight through gastric bypass surgery, but you’ll probably have to wait longer to receive lower rates.
Once you’ve maintained a lower weight for a year or more, you could reapply to your insurer. Your premiums might be reduced, particularly if the insurance gives those who lose weight better rates. One or two years after the policy’s effective date, you can also ask your life insurance provider for permission to retake your medical examination. If your health has improved, this reconsideration “process can result in cheaper premiums.
What to Do If the Traditional Policy Declines Me?
There are alternative cheaper possibilities if your application for traditional life insurance was turned down or if the policy you were accepted for is too expensive because of your weight.
Annual Renewable Life Insurance
The rates for this type of policy start low and are often lower than they would be for a more conventional term life policy. It is renewed with the insurer each year. An annually renewable policy could lock you into a cheaper premium shortly if you want to lose weight over the following few years. You can apply for term life insurance once you drop your weight.
Group Insurance Through Your Employer
Your employer may be able to provide group life insurance to you if your application is rejected or if paying a higher premium is not an option. In this case, you won’t have to provide health information to get insurance, and businesses frequently pay employee premiums up to a certain level, like $50,000 or one to two times your salary.
Buy Life Insurance with Weaver & Associates
If you are overweight but have no other application-related problems, you will frequently still be eligible for the best life insurance prices. Our dedicated team will work directly with you to find the perfect life insurance coverage, so there is no need for stress or guesswork. Contact our insurance experts at Weaver & Associates Insurance to get your personalized life insurance plan at affordable prices.
