It is well-known that if you have medical conditions or poor health, it will be difficult and expensive to acquire life insurance. Insure.com’s article, “Being overweight carries life insurance pains,” explains that even if you seem completely healthy but are overweight, you will most likely pay more for health insurance.
“According to a study published in the Journal of the American Medical Association, excess weight is linked to 280,000 deaths in the U.S. annually.”
The main thing life insurance companies focus on upon determining if you are overweight, is your build. Your build is described as your weight relative to your height.
The average weight for a five-foot, five-inch woman is between 117 and 156 pounds, depending on the size of the frame. A six-foot, two-inch man should weigh between 153 and 197 pounds. Build conversion charts can be easily obtained through the Internet or your doctor’s office.
If you’re just a little overweight, by about 10 to 15 pounds, you should not be too concerned, but if you are severely overweight, you may be denied coverage or at least charged a higher rate.
“Steve Zitney, a senior agency consultant with State Farm, says a person can be denied life insurance at his company if the person is ‘grossly overweight or dramatically obese,’ even if he does not have any other health problems. The company will also charge higher premiums if your weight is significantly more than it should be in relation to your height. If a 40-year-old, 6-foot-tall male is 270 pounds, he will have to pay 15 to 20 percent more than a person of ideal weight, Zitney says. If the person weighs 300 pounds or more, Zitney says that figure jumps to 30 to 35 percent.”
Even being slightly overweight can cost you money because you will most likely be denied for the “preferred rate,” which awards healthy people a lower premium.
There are still ways to qualify for life insurance even if you are overweight and have health problems.
“One way some companies insure obese people is by offering a “graded death benefit policy” that pays out varying amounts depending on how long you live. In short, the longer you live, the more money your beneficiaries receive. For example, if you die within the first year, your beneficiary might get the premium you paid plus 10 percent interest. If you die within two years, your beneficiary could get 25 percent of the death benefit; in three years, 50 percent; in four years, 75 percent; and in five years, the full 100 percent.”
If you feel that the premiums are too expensive regarding your age, health and weight, you may want to find a lower death benefit. This will drastically lower your monthly premiums.
Eat right. Stay healthy. Save Money.