Is losing weight good for life insurance premiums?
[social_share]Life insurance premiums are very dependent on the policy holder’s life expectancy. One of the lifestyle factors affecting life expectancy the most is the height to weight ratio. If a person is overweight, he or she will tend to pay a higher life insurance premium.
If a person is overweight, he or she is more likely to fall victim to a number of life-threatening conditions, as well as have less resistance if a disease, injury, or condition does occur. This means that an overweight person’s chance of dying prematurely is higher, which in turn will mean that either that person’s life insurance premiums will be higher or the payout from the life insurance will be lower.
This is especially true if a medical examination is required before the applicant will receive a quotation for a life insurance policy. Being overweight will be seen as a problem, particularly if there are other health threats as well, such as a smoking habit or concern about alcohol consumption.
If an overweight person manages to lose weight before submitting to a life insurance medical exam, then he or she will likely receive a lower quote for the life insurance premium. However, an attempt to quickly lose weight before the exam can result in other health problems, with endurance and blood readings.
As shown, an overweight person isn’t likely to receive the cheapest life insurance policies from the largest providers. In these cases, the best course may be to engage an insurance broker. Brokers are professionals who are familiar with the whole insurance market, and usually have the knowledge and contacts to find an applicant the best priced policy. Brokers are paid either through an up-front fee or through a commission, and there are some specialist brokers who deal with harder-to-insure applicants.
Lifestyle factors do affect a person’s life insurance premiums. As many such lifestyle factors, including exercise and diet, are hard to verify, the more easily verified ones, such as smoking and weight, can take on a greater emphasis, in part because they’re seen as a proxy for the more difficult ones. The presence of smoking or weight problems generally indicate a person with poorer health and so a lower life expectancy.
