If you’re packing on a few extra pounds or even more than just a few, you’re in good company.
In this blog post, I’ll cover how being overweight or obese can affect your life insurance rates.
In another article, I wrote about understanding life insurance health ratings, and I’ll give a quick recap here. When you apply for life insurance, you are typically eligible for one of four possible health ratings – Preferred Plus, Preferred, Standard Plus, and Standard.
Life Insurance Premiums and Weight
As you can imagine, someone who gets approved at Preferred Plus gets better pricing than someone applying for the same coverage who gets approved at Standard.
There are several factors that determine which health rating you will get. Factors include any pre-existing health conditions, your blood pressure, cholesterol, height & weight, as well as family medical history are just a few.
Assuming that someone is otherwise very healthy, let’s take an example of a male and a female and see where you would fit in based on your height & weight in terms of health rating.
Overweight Life Insurance Example
According to the Centers for Disease Control, over 35% of Americans over age 20 are obese, while 69% are considered overweight.
The average male is about 5’9. At 5’9, you could be up to about 190lbs and get a Preferred Plus rate. Up to 210lbs, that same male would get a preferred rate, up to 220lbs the rate would be Standard Plus, and up to about 230lbs, the rate would be Standard.
The average female is about 5’4. At 5’4, she could be up to 145lbs and get preferred plus. Up to 180 would be preferred, up to 188 would be Standard Plus, and up to 195lbs, she would get a Standard rate.
What happens if you are obese and don’t fit into one of these categories? You can still get approved for life insurance, however, you will be paying higher rates – also called “Sub-Standard rates”. As I wrote about in the article on health and table ratings, life insurance companies use something called “table ratings”.
These are either numbered from one to eight, or from letter A to H and are reserved for those that don’t qualify for regular Standard rates but can still get approved for coverage. If your weight doesn’t qualify at Standard pricing or better, you may be able to get approved, but at a higher substandard rate.
Let’s go back to our example of the 5’9 male. One he reaches over 230lbs he can not qualify for Standard (also called regular) pricing anymore. Let’s say he is 259lbs – in this case, he would qualify for a Sub-standard Table 2 rating, paying about 25% higher rates than at Standard Pricing.
Our 5’9 male, could probably still get approved up to about 330lbs or so – assuming he is generally in good health – although, at 330lbs, he would be facing much higher rates for coverage.
High Risk Life Insurance
What if our 5’9 male was over 330lbs? In this case, it is unlikely that he could get approved for a regular life insurance policy. We would have to look at high-risk life insurance options or buy a policy that would cover him for accidental death only. With a high risk policy – or a graded benefit policy – there would be an initial waiting period before the coverage was in effect.
Even if you’re considered overweight and high-risk, there are plenty of life insurance companies that are going to offer you affordable life insurance coverage. Each company is going to look at your weight differently,
With a graded benefit policy, there is a two-year period that starts once you purchase the life insurance plan. If you were to pass away within the first two years after buying the plan, the insurance company isn’t going to give you the payout from the plan.
Life Insurance Needs for Obese
Aside from getting the best type of plan, the next thing to do is add up your insurance needs. Not having enough life insurance protection can leave your family with leftover expenses and no money to cover those bills.
Before you apply for insurance, you should calculate your life insurance needs.
There are several things that you should account for before applying. The first thing is your debt and expenses if your family would pay for.
The next thing that you should calculate is your paycheck. Your life insurance plan should be able to replace your salary if you were to pass away.
Cheap Life Insurance for Overweight Applicants
You can increase your chances of getting life insurance or getting affordable rates for your protection. The best way that you can do this by improving your health.
The first things that you should do are start a healthy diet and get regular exercise. This will give you more energy, and improve your mood, and it can keep some cash in your pocket. Better health means better rates.
If you’re a smoker, it’s time to quick. It doesn’t matter what the rest of your health looks like. There is no way around it. Smoking is expensive.
But if you haven’t kicked the habit yet, we can provide you with the cheapest life insurance for smokers that is available to you.
Our agents have years of experience working with high-risk applicants, which includes anyone that is considered overweight or has high cholesterol. Don’t waste weeks calling different companies, let us bring the best insurance policies to fit your needs directly to you.
If you have any questions about life insurance or about getting coverage if you are overweight, please contact one of our agents today and we would be happy to answer those questions and ensure that you’re getting the best rates for your insurance protection.
Not only do we have the experience to find you the best plan, but we have the connections as well. We’ve built partnerships with more than 30 companies, which means you get all of those quotes without having to call them separately.
Hopefully, you have a better understanding of how to quote yourself for coverage based on your height and weight. You can use our quote tool on this page to compare quotes.
If you would like to speak with us so that we can go over your options and provide you with an idea of what to expect in terms of pricing for coverage, call us at 800-574-0245.