When you have various adverse health issues such someone needing type 1 diabetics insurance or type 2 insurance for diabetics; it can be difficult to qualify for life insurance. Oftentimes, even if you qualify for coverage, certain conditions can cause you to pay a higher amount of premium for your policy.
While certain issues such as 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, there are other factors that the underwriters will also be reviewing on your life insurance application. These typically include your:
- 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
- Other life insurance coverage that you currently have in force
All of these factors are going to play a huge roll in how much you pay for life insurance and your chances of being accepted for coverage. As you can see, there are several factors that you can’t change, like your family history. On the other hand, there are several aspects that you can improve.
Once the underwriters have had a chance to review all of the information on your application – as well as the information from your blood and urine samples – they will be able to make a determination regarding 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 less likely they are to accept you for insurance coverage. Additionally, the higher risk, the more they are going to charge you for your life insurance policy.
How Much Will Your Life Insurance Cost?
If you are approved for life insurance coverage, your policy will be placed into 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 appear to be of average health, height, and 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, in order to compensate for the additional risk that the insurer is taking on, you will be required to pay an additional amount of premium for your life insurance coverage.
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 pay a lower amount of 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 the only way that you can save money on your life insurance, there are several other lifestyle changes that you can make to keep more money in your pockets. The first thing that you should do is eliminate any tobacco that you’re currently using. If you’re listed as a smoker on your life insurance application, you’re going to pay twice as much for coverage versus what a non-smoker is going to pay for the same size plan.
Applying for Life Insurance Before or After Losing Weight
When you’re ready to apply for life insurance coverage, the next step is to compare policy coverage and premiums. We can help you do just that with many of the top rated life insurance carriers in the industry. By simply using the form on this page, you can get the process started.
We also know that you may have other questions or concerns regarding policy premium rates, coverage, or about life insurance in general. If so, we are here to help. Please feel free to contact us directly at 888-229-7522 and we will be happy to get your questions answered as quickly as possible so that you can be on your way to obtaining the life insurance protection that you and your loved ones need.
You never know what the future is going to hold or when tragedy is going to strike. Don’t wait any longer to get the protection that your loved ones deserve. Not having life insurance could leave your family with massive amounts of bills and other unpaid expenses. That could make an already difficult situation a thousand times more stressful because of the financial burden. Our agents can help you get a quality and affordable life insurance policy to give your family the protection that they need if anything were to happen to you.