In today's society being overweight brings with it a number of challenges.
Unfortunately, being overweight may also affect the cost of your life insurance premiums quite significantly - you'll no longer be able to get the cheapest rates, and your chances of getting a policy easily will decrease.
Life insurance companies consider a number of different factors when assessing for life insurance coverage, the main ones being age, weight & height ratio (BMI), gender, medical condition, and smoking status. With this information, insurance companies can then provide an estimate to the average life expectancy on an individual.
Life expectancy estimations are performed by life insurance companies in an effort to determine how long you will live. As an example, let's presume you are currently 30 years of age. Based upon your health parameters the insurance company estimates that you will live until you are 84. Thus there is obviously a very reasonable probability you will successfully outlive a 30 year term life insurance policy. As such, you will get a low premium on your policy.
If you have a BMI between 25.0 and 29.9, you are considered overweight - male or female. This can mean that your life expectancy is severely reduced. The research health economists at RTI concluded that being overweight may reduce an individual's life expectancy by five to eight years on average, depending on how overweight the particular individual is. Obesity combined with smoking can reduce life expectancy by as much as 21 years.
The question should be asked then, is there any way to reduce the cost of a life insurance policy if you are indeed overweight?
Getting a life insurance policy if you are an overweight or obese man will be more difficult due to the many health issues that being overweight can cause. The premiums will also will be higher and you won't get cheap rates, so, if you are thinking about losing some weight, do it before applying for life insurance coverage.
Example costs for a 20 year term policy for an overweight man:
|40 year old man||$33.18||$53.34||$115.15||$230.60|
|41 year old man||$33.88||$55.75||$128.25||$245.45|
|42 year old male||$34.87||$61.44||$137.50||$263.57|
|43 year old man||$38.22||$64.55||$147.15||$283.79|
|44 year old man||$40.63||$65.79||$160.25||$307.60|
|45 year old man||$43.55||$75.55||$173.69||$335.46|
|46 year old man||$45.89||$80.80||$186.60||$364.55|
|47 year old man||$48.85||$87.25||$203.46||$394.48|
|48 year old male||$53.40||$94.20||$215.25||$426.44|
|49 year old man||$57.20||$103.25||$236.87||$463.22|
|50 year old man||$60.34||$105.63||$258.20||$503.86|
|51 year old man||$64.07||$115.72||$280.23||$547.85|
|52 year old man||$70.85||$133.34||$308.40||$603.45|
|53 year old man||$76.77||$143.30||$341.80||$670.51|
|54 year old male||$85.82||$155.23||$381.50||$745.40|
|55 year old man||$94.51||$176.50||$423.14||$833.25|
The above summary for men also applies for women, but, females will pay less than males for the same coverage. This is simply due to the fact that a woman's life expectancy is greater than a man's. I know, it's not fair if you are male.
Body Mass Index (BMI) is a person's weight in kilograms divided by the square of height in meters. A BMI number greater than 25 can be an indicator of unhealthy body fat ratio.