By Chris Herath
When completing the life insurance application, the applicant is asked a multitude of different questions pertaining to their health. In addition to the health questions, applicants are also asked for their height and weight. Just like applying for your license at the DMV, many people are tempted to fudge the numbers in their favor just a bit. Your weight is one of the key factors the underwriters look at in addition to your medical history. Just as I would advise you when answering the medical questions, it is important you are truthful when providing your weight as well.
It is important to know what to expect if you are overweight and applying for life insurance.
One of the reasons to be truthful on the original application regarding your weight is because when a nurse comes to complete your medical exam they will most likely bring a scale and require you to be weighed. It obviously does not look good if the weight you provided, and your actual weight, have a large discrepancy. Honesty is key when applying for life insurance for overweight people.
Will Being Overweight Stop Me From Getting Life Insurance?
Being overweight, and having no other health issues, will most likely not get your declined for life insurance coverage. When we see a decline for someone who is overweight it is often associated with a multitude of other health issues the person is experiencing. The most likely event for someone who is applying for life insurance and who is overweight is they will receive a rated policy, meaning you would be paying a slightly higher premium than someone in a normal weight range. It is best to shop your rate among different insurance carriers since each company may have different build charts.
Losing Weight and Life Insurance
Losing weight is the best option to increase your probability of getting a better rated life insurance policy. It is important to speak with the agent to get a good idea of the build charts, because losing 5-10 pounds may be able to get you in a better rated policy, saving you money on premium.
Be aware, the insurance companies normally ask if you have lost more than 10 pounds in the last year, and if so, they normally average your previous weight and your current weight. They do this because they want to see the weight being kept off, and unfortunately many people end of gaining the weight back on.
Apply Now, Save Later
We are often approached by people who want to put off purchasing their life insurance until they lose weight. Unfortunately, many of those people end of never applying for life insurance, although they need it. Being overweight does not negate the need for life insurance protection. You are still paying pennies on the dollar for your life insurance, and it will still be there to protect your family whether you are overweight or not.
If you are planning on losing weight it is best to apply for coverage now, and then apply for a better rating once your have lost your desired weight. This way you will not be left uninsured in the event of a tragedy, and it will give you an incentive to achieve your weight loss goals.
– Chris is the owner and founder of Waterway Financial Group. We offer life insurance solutions, health insurance plans, individual investment and retirement plans, and help you regain control over your old 401(k). Did you know you can get a life insurance quote in less than 60 seconds?