Having life insurance is an important part of ensuring financial security for yourself and your family members. As you go through life and work on building a family, you realize the need to extend protection for your family members in the event of your death.
Fortunately, ensuring financial security for your family members is quite a common practice today. By getting life insurance, you will protect yourself and your family members from financial difficulties and enjoy the peace of mind that you deserve.
It is not uncommon for overweight/obese individuals to face difficulties when trying to find affordable life insurance rates. This article covers all the important questions that people have regarding life insurance for overweight and obese people.
Can I Get Life Insurance If I am Overweight?
This might sound strange, but life insurance providers have a different policy offering for people that are overweight.
Life insurance premiums are calculated based on risk. Those who are overweight put themselves at greater health risk than those who are not, causing them to experience higher life insurance rates.
It is noteworthy that for a rejection from a life insurance provider, you generally have to be morbidly obese.
Most life insurance providers have policies for people in higher risk classes. A few example policies are:
No Exam Life Insurance for Obese/Overweight People
No medical exam life insurance policies are also as their name implies, they do not require a medical examination to issue a policy. Unlike guaranteed issuer, however, no medical policies do require additional health questions to be answered.
These types of life insurance policy also typically offer more coverage than guaranteed issue. Affordable no exam life insurance for obese and overweight people is also not very hard to find.
There are 2 Types of No Exam Life Insurance Policies:
Guaranteed Issue Life Insurance
Guaranteed issue or guaranteed acceptance life insurance policies are exactly what they sound like. The insurance company guarantee coverage over a term or whole life insurance policy.
This is the most expensive type of life insurance policy because the insurance company is taking on a higher risk due to the potential of you having serious health conditions.
If you can not pass a medical exam, or answer even a few health-related questions, without being considered terminally ill or otherwise uninsurable, guaranteed acceptance is for you.
Simplified Issue Life Insurance
Simplified issue life insurance policies ask a few health questions, such as:
Usually, a few more health-related questions are asked that are not too invasive. After this, the life insurance company will determine your risk based on your answers, and you will likely qualify for coverage as long as you are not terminally ill.
Lying on a life insurance application is insurance fraud, a federally punishable crime. Not only that, your policy can lapse and no death benefit is given to your family if you are found to have died from a health problem you tried to conceal that they asked about.
Is Being Overweight/Obese an Uncommon Problem?
Obesity is a major problem in the United States. We have the 2nd highest obesity rate in the world, behind Mexico, and the highest obese population, of over 70 million adults.
However, when looking for life insurance policies, you need to know that the rates vary according to your height and weight ratio. But these rates are not standard and therefore differ from one provider to the other. This is why you will need to do some homework and look into the providers that offer the best rates according to your profile.
How Do Insurance Companies Determine If I am Overweight?
In the United States, you can either enjoy Preferred rates or Standard ones. Numerous factors can affect your rates. However, many providers consider your BMI to be an important element.
Every provider has a unique chart that they use to determine the rate that will apply to you. People who are considered to be the healthiest get the preferred plus rates, and some providers offer preferred rates to individuals with an average weight and height too.
No two insurance companies will have the same chart. You will have to choose one that gives you the highest rate for your height to weight ratio.
How to Determine Your BMI
The widget below is provided by BMI Calculator USA. It helps you to identify whether for your height and weight you are overweight and if so, how overweight you are considered.
Keep in mind, for people who have highly athletic builds, their BMI can be skewed to be higher. For example, professional athletes often have high BMIs that would be considered as obese, when obviously, they are in phenomenal shape.
This usually isn’t a problem after a medical exam reveals more about your overall health.
Why Do Rates Vary According to My Weight?
It is a well-known fact that obesity puts stress on one’s cardiovascular system and can lead to serious illnesses. Keeping this in mind, life insurance providers consider you at risk of premature death and therefore offer different plans.
If you already have diabetes or any other serious health condition, your premium will increase even further. Generally, life insurance providers consider you at risk of suffering from the following medical conditions:
What Will My Premium Look Like?
The amount of premium you will have to pay increases with every pound. Insurance providers take your weight very seriously, which is why it is an important factor in determining how much you will be paying.
The underwriting conditions for each provider vary and should be read and understood beforehand. To understand how the premium changes with weight, here is an example of a 35-year-old man with a 20-year term life insurance of $500,000 and 5’9’’ in height.
|Weight (in Pounds)||Premium|
For a 35 year-old-woman with the same type of policy but a height of 5’4’’, this is what the premium table looks like:
|Weight (in Pounds)||Premium|
It is important to remember, however, that the premium chart according to one’s height and weight will vary across different providers. This example is useful in understanding the impact of weight on the premium amount.
Is Being Overweight the Same as Being Obese?
Being obese is a much more serious problem when it comes to getting insurance than being overweight. As an overweight individual, you will find many life insurance providers that are willing to offer favorable rates to you.
Many overweight individuals are even able to enjoy preferred rates and do not have to settle for standard rates. However, apart from your weight, your health condition also plays an important role in determining your premium.
What Rating Will I Get If I am Overweight?
Just because you are overweight does not mean you are only eligible for standard rates. You might even be considered fit for preferred rates if you do not suffer from any serious diseases.
It is because of these variations that experts recommend everyone to research before deciding on one insurance provider.
What if I Lose Weight?
What Other Important Factors Do Life Insurance Providers Consider?
It is not only your weight that determines how much you will pay for particular life insurance. There are also some other factors that might hurt or help your eligibility. These factors include:
Some life insurance providers also take into account your credit history and driving record. They will also look into whether or not you have a dangerous hobby or occupation.
Is a Medical Exam Necessary?
The premium that the insurance provider quotes does not take into account the information you provided in the forms only. You will have to take a medical exam, which is a part of the underwriting process.
In this medical exam, a medical practitioner will measure your heart rate and blood pressure. They will also ask you questions about any illnesses that you have and discuss your family medical history as well.
You also need to give a blood and urine sample during this medical exam.
5 Tips to Lower Your Life Insurance Premium
How Do I Find the Right Life Insurance Provider?
Before you move on to shop around for life insurance, first determine how much in life insurance you need. This is because any agent you meet will try to sell you a significant amount in life insurance to meet their sales targets.
However, depending on your needs, you might require only an amount that is equal to your current annual income. Moreover, you should link the length of your life insurance with the duration that you expect your expenses to last. You should also keep in mind how you can be able to finance your burial costs, pay off your debts, and cater to the needs of your dependents after your demise.
Once you have done all that, you can move on to finding the right insurance provider. Since being overweight further complicates the process of getting life insurance, it is best to find someone independent.
Look for an independent agent who is skilled at finding the right provider for people suffering from weight problems. Since such an agent will not be adamant about selling only one company’s plan, they will give priority to your interests.
The Top 5 Best Life Insurance Companies for Obese/Overweight People
There are many life insurance providers who offer lie insurance for obese people. However, among these providers, there are a few who stick out as being the best life insurance companies for obese/overweight people.
The chart below shows 5 of the best life insurance companies for obese people:
|Prudential||A+||4.3 / 5|
|Transamerica||A+||4.2 / 5|
|AIG||A||4.1 / 5|
|SBLI||A+||4.2 / 5|
|North American||B++||3.9 / 5|
Keep in mind, these are just a few of your life insurance options. We chose these companies based on a few key factors we use to assess the overall strength and value that a life insurance company brings to policyholders:
While these companies are some of the premier providers of life insurance for obese people, they are just a few of your options. The best thing you can do for yourself if you are looking to compare rates is to speak with an independent life insurance agent.
Our life insurance agents work independently of any life insurance companies and can help you compare life insurance rates and policies from dozens of companies to find the perfect life insurance policy for you and your family’s needs.
Best Life Insurance Companies for Overweight/Obese People – Overview
Having life insurance is an absolute must for every individual that has dependents. Life insurance can prove to be extremely helpful in paying off your debts and providing financial security to all your family members.
Being overweight affects your premium only to remind you of the dire need to lose a couple of pounds and maintain a healthy lifestyle. While it is not impossible to get better rates for an overweight individual, it should serve as a motivation to lose weight and maintain your health at an optimal level.
If you are looking for life insurance coverage for your family, look no further. Use our quoting engine to compare rates quick and easy, and then give one of our independent life insurance agents a call to begin working towards finding the best life insurance company for your needs.