Life insurance can be hard to obtain when your health gets in the way. Take for instance type 1 diabetics insurance or type 2 insurance for diabetics; with these conditions, you might have a harder time than most. And even if you do qualify, you could be strapped with some expensive premiums.
While a condition like high blood pressure and various types of cancer are more obvious when it comes to potentially shortening one’s life expectancy, there are other factors such as being overweight that can also cause your premium to skyrocket. This may leave some people to wonder whether before applying, they should lose weight to save money on life insurance premiums.
While some may feel that it may not matter, the truth is that there is actually some validity to doing so. In fact, depending on just how much weight you end up losing, you may be eligible for a life insurance carrier’s Preferred rate class – which could save you a great deal of money on your overall premium cost.
As an example, by losing approximately 10 pounds, a person could be able to go from a Standard to a “Preferred rate” class- and, depending on their age and gender, this could equal a savings of $30 or more per month. While that may not seem like a lot on the surface, over a 20-year period of time that adds up to $7,200!
In addition to lowering the numbers on the scale, losing weight by exercising and staying away from fatty foods and options that are high in carbs, you can also improve your body in other areas as well. For example, your blood pressure, cholesterol, and blood glucose results will likely show better results in the blood and urine tests that are run in your underwriting medical exam (unless you opt for a no medical exam life insurance policy). This, too, can help to push your application’s results into a better rating class territory.
Other Factors that Life Insurance Underwriters Will Review
In addition to your weight, whoever is underwriting your policy will also be reviewing the factors below:
- Height (as compared to your weight)
- Smoking habits / tobacco usage
- Alcohol usage
- Marital status
- Whether you have children
- Overall health history
- Family health history
- Occupation and income
- Foreign travel
- Any other life policies you have in action currently
Whether or not you get approved and how much you pay will be largely determined by the considerations above.
Unfortunately, family history is something you can’t control. But there are plenty of factors you can.
Once the insurance company has reviewed the information you provided- as well as the information from your blood and urine samples – they can decide whether or not to approve you for life insurance coverage.
The higher risk that you are to insure based on your health and all other related factors, the more likely the company will decline you for insurance coverage.
Additionally, the higher risk, the more you’ll be charged for your life insurance policy.
How Much Will Your Life Insurance Cost?
If you are approved for life insurance coverage, you will be categorized in one of several rate classifications.
While all insurers differ, most have the primary classes of Standard, Substandard, and Preferred.
The better the rating that you receive, the lower your monthly premiums are going to be.
If it is found that you seem to have average health and heigh with an acceptable weight, with no family history of major health conditions, then it is likely that you will be rated as a Standard.
In this rate class, you will pay a Standard, or average, premium rate – which is typically on par with what most average insureds also pay for coverage.
If, however, the underwriters determine that your health is sub-par and poses additional risks to the insurance company, then you will likely be put into the “Substandard class”.
This means that, you can expect to pay more for your policy because the company considers you as more of a risk to insure.
Conversely, should your health be excellent, then you could be deemed as a Preferred.
Those who are rated as a “Preferred class” are considered to have superior health, and will, therefore, get a more affordable premium than the average, or Standard, insureds.
With all of this in mind, it may or may not be worth the effort to lose weight to save money on life insurance.
Other Ways to Save Money on your Life Insurance
Losing weight isn’t your only option for saving when it comes to life insurance; with some other lifestyle changes, you can save with your policy.
The first step to saving is kicking tobacco use to the curb. If you happen to be a smoker on your life insurance application, you ca ngo ahead an expect 2x the premium amount of a non-smoker with a comparable policy
Applying for Life Insurance Before or After Losing Weight
Once you’re ready to get life insurance, the next step is to compare policy coverage and premiums.
We can help you do just that as we work with highly esteemed insurers throughout the country.
By simply completing our form here, you can get the process started.
You also may have more questions about policy premium rates, coverage, or other elements of how life insurance works.
Your wish is our command. Pick up the phone and call us at 888-229-7522 to get the info you need.
We’ll be happy to get your questions answered as quickly as possible so you can get your perfect policy in place.
You never know what the future is going to hold or when tragedy is going to strike.
Why delay one of the most important decisions you can make?
You certainly don’t want to leave your family with massive amounts of bills and other unpaid expenses, adding devastation to an already trying time.
Our agents can help you get a quality and affordable life insurance policy to keep your family covered if anything were to happen to you.