For those who suffer health problems, there’s no secret that the scenario can make life more difficult (and costly) when buying life insurance.
If you are overweight but still in good health, it still might be tricky to find an insurance carrier, and even if you do, the chances are high that you'll have to pay more than the average individual. In general, the more overweight you are, the more you have to pay.
Life Insurance For Overweight Male or Female:
In addition to medical history, lifestyle, and age, life insurance companies consider your build.
Build equates to your weight in comparison to your height (BMI), and life insurers combine both factors in order to determine the level of risk you pose.
Statistics show that an increased risk is posed by overweight people because as they grow older they tend to develop more health problems.
A study published by the Journal of the American Medical Association showed that in the United States, excessive weight is currently linked to 400,000 deaths annually, and that number is set to rise rapidly.
So, if you are an overweight person - male or female, forget about getting the best life insurance rates - these are reserved for those in good health and with a preferred BMI score.
The More You Weigh, The More You'll Pay
Providing you are a little overweight, five to ten pounds for example, you'll see little difference between various life insurance quotes. However, if you are somewhat more overweight, or obese, the costs involved will begin to climb steeply and affordable rates may not be available for you.
Do bear in mind that those who are carrying that little bit extra weight can be disqualified for "preferred rates". "Preferred rates" give provision for a lower premium (best rates) and are offered to people who are in good health.
It goes without saying that insurance rates for obese individuals will be higher. As an example, a 45 year old, six foot male who is 280 pounds will have to pay around 15 to 20 percent more than an individual who is regarded as being the ideal weight.
Should that weight increase to 300 pounds or above, the cost of life insurance also increases to between 30 and 35 percent above the average.
The issues are further complicated because most people who have weight problems also have related health problems such as high cholesterol, diabetes, and/or high blood pressure for example.
Nevertheless, for a person who is 20 to 30 pounds overweight, providing they do not have other health complications, they may be able to get the normal rate. However, they will not be offered the "preferred rate".
Obesity and Life Insurance
Irrespective of whether you are applying for term life insurance or permanent life insurance, weight problems can still pose an issue. After all, underwriting is hinged on survival mortality.
If you are rejected for life insurance because of your weight, where should you go? Fortunately there are companies that specialize in dealing with insurance for people who are not in the peak of health, although some compromise may be required.
By offering a "graded death benefit policy" which pays out dependent on how long you live, some companies are willing to provide life insurance. The way it works is that the pay outs vary and your beneficiaries receive more the longer you live. However, if you still find that premiums are too costly, insurers will probably suggest for you to opt for a lower death benefit.
So, it's obvious, if you want to get the best possible rates on life insurance, keep your weight at healthy levels.
Obtaining Life Insurance at Different Ages
Age is one of the main determining factors when figuring out life insurance rates. As we age we tend to gain weight, so, the fact that you could be overweight and over 60 years of age, could mean high average rates for your policy. It's not difficult to get a policy if you are 60, 65, 70, 75, or even older, as long as you are healthy, not overweight and don't smoke.