How does being overweight affect your life insurance?
How does being overweight affect your life insurance?
We all understand that being fit and healthy is great for our mind, body, and soul, but have you considered how it might impact your ability to secure affordable life insurance?
Below are the answers provided by a leading life insurance expert from Reassured to some common questions regarding weight and life insurance.
Will I be asked about my weight during the application process?
Yes, all life insurance applications, with the exception of guaranteed over 50s plans, will ask you for your weight or BMI when they take your medical history.
Insurers need to evaluate the level of risk posed by all applicants and being significantly overweight may mean you are classified as ‘high risk’ because of the associated health risks.
Will being overweight or having a high BMI affect my life insurance premiums?
First it is worth remembering that measuring BMI is not a fool proof way to assess whether someone is overweight or not. For example, a body builder whose weight comprises a lot of muscle may have a high BMI but will not necessarily have a high fat percentage.
In general, if your BMI is between 18.5 and 24.9 you will probably be classified as a healthy weight by an insurer and be able to secure a standard rate for your premium. A BMI between 25 and 29.9 would be classified as overweight and between 30 and 39.9 obese which could result in you paying higher premiums.
For more information on how BMI affects life insurance see this comprehensive article from leading insurance broker Reassured.
Could a high BMI lead to me being declined a policy?
If your BMI is around 45 or above insurers could decline your application, and you may need to attempt to secure cover through a specialist impaired insurer.
If my weight changes will this impact the cost of my life insurance premiums?
This will depend on whether you currently have a life insurance policy in place or not. A change in weight will not impact the cost of premiums on existing policies as these are fixed at the point of application.
If you have lost a significant amount of weight you may wish to consider obtaining a quote for a new policy which factors in your lower BMI and may enable you to pay a reduced premium.
Are there other ways to secure cheaper premiums?
Making improvements to your lifestyle is the best way to reduce your life insurance premiums. If you are overweight this could involve losing weight together with other healthy lifestyle changes such as quitting smoking and cutting back on alcohol.
Once you have made these changes, talking to an FCA-regulated life insurance broker could help you make an informed decision about your next steps, while also helping you compare quotes from the UK’s leading providers free of charge.
Comparing multiple quotes is essential as each insurer employs a different underwriting criterion.
It can be really hard to lose weight but knowing that it will not only improve your health and wellbeing but also your bank balance may be a further incentive to help you stick to your weight loss plan.
Credit: https://www.reassured.co.uk
