If you’re overweight with a BMI of 30 or above, you may have found getting affordable, or any, Life Insurance difficult. One of the reasons for this is that Life Insurance companies consider overweight and obese people to be at a higher risk of developing certain health problems. In this blog post, we will explore some of the options available to individuals who are in this situation.
First, it is important to understand how being overweight or obese can affect your life insurance rates. Insurance companies use a measure called Body Mass Index (BMI) to determine an individual’s risk of health complications. BMI is calculated by dividing your weight in kilograms by your height in metres squared. A BMI of 25 to 29.9 is considered overweight, while a BMI of 30 or higher is considered obese. With Life Insurance a BMI of over 30 will often result in higher premiums but it’s not until a BMI of 35 or above that getting cover at all can be challenging.
Individuals who are overweight or obese are at a higher risk for health complications such as heart disease, diabetes, and stroke. These health complications can increase the risk of premature death, which makes it more challenging to qualify for life insurance. Additionally, overweight or obese individuals may have a harder time passing a medical exam, which could be required when applying for life insurance.
Despite these challenges, there are still options available for individuals who are overweight or obese. One option is to look for a life insurance company that specialises in high-risk individuals. These may have more lenient underwriting guidelines for individuals who are overweight or obese. However, it is important to note that these policies may have higher premiums than standard life insurance policies.
Another option is to consider a guaranteed acceptance life insurance policy. These policies do not ask any medical questions and are quick and easy to set up. However, these policies may have lower death benefits and higher premiums than traditional life insurance policies.
It is also important to note that losing weight and improving your health can help you qualify for better life insurance rates. If you are overweight or obese, consider making lifestyle changes such as improving your diet and increasing your physical activity. By doing so, you may be able to lower your BMI and reduce your risk of health complications. There are also life insurance policies available that will reward you for getting fit and active, with discounts and cashback on everything from gym memberships to cinema tickets and coffee.
In conclusion, while it may be more challenging to find life insurance as an overweight or obese individual, it is still possible. Consider looking for a high-risk life insurance company, a guaranteed acceptance policy, or making lifestyle changes to improve your health and qualify for better rates. Remember that having life insurance is an important financial decision, and it is worth taking the time to find the right policy for you.