How Expensive is Life Insurance if You’re Overweight?
You need life insurance but consider yourself overweight. You think that life insurance is going to be unaffordable, so you decide to wait until you lose 20 or 30 pounds before you apply or you don’t even bother applying at all. This scenario occurs often but what people don’t realize is that life insurance companies are forgiving when it comes to your weight as long as it does not come with additional health issues. So if you are interested in life insurance but are waiting until you lose those last few pounds before you apply, you should know there is a good possibility that you could qualify for affordable rates right now.
How Do Insurance Companies Assess Your Weight?
Insurance companies use build charts to help determine health ratings. These build charts describe the height measurement versus maximum weight that a person can be for a specific rating. For example, to be considered preferred plus by one company, a 5’9’’ male can weigh no more than 190lbs and a 5’6” female can weigh no more than 148lbs. Each height measurement will have its own weight limit for preferred plus, preferred, standard plus and standard. It is important to note that each insurance company has its own build charts which can vary substantially in some cases. There are even some companies out there that use a unisex build chart in some cases which can be very generous for women.
Let’s Talk Numbers
For one company out there that is more generous than others when it comes to overall build tables, you can be 5’10” and weigh up to 243 pounds and still get a standard or better rating. It should be noted for applicants at lower health ratings that insurance companies are a little more generous on other criteria such as blood pressure, cholesterol and family history. That being said, there can’t be any major issues such as heart disease or diabetes. Here are some sample monthly rates for male applicants at various ages for $500,000 worth of coverage for 20 years that are classified as standard select non-smokers and match the aforementioned build.
Insured’s Age Monthly Premium
40 $53.83
45 $86.63
50 $129.50
55 $204.31
60 $346.50
If you happen to weigh more than the threshold mentioned above, you would most likely be assessed a table rating. Basically, the insurance company would charge an additional 25% above standard rated premiums for each for each table. If you are looking for permanent coverage, some companies will give you a “table shave” or credits if you are overweight but otherwise healthy. You can read more about table ratings and credits in this post.
More Facts to Consider
If you are thinking about losing some weight before you apply for life insurance, you should know that the insurance company will ask you if you have lost more than ten pounds or more over the last 12 months. If you answer yes, the insurance company will use the average of your previous and current weight to determine your weight for underwriting purposes. They can always verify this through your medical records if necessary. The important thing to remember is that you shouldn’t put off getting life insurance because you want to lose a few more pounds. You should at least get a quote to find out your tentative rating so that you know what you are up against.
If you do purchase a policy and lose a substantial amount of weight and keep if off for a few years, you might be able to go to back to the insurance company and ask for a reclassification or better rating. The insurance company will most likely ask you to take another paramedical exam and require your medical records for review but it could save you thousands over time.
Conclusion
Although you might consider yourself overweight, life insurance companies might not. Some insurance companies have separate build charts for older applicants that are a bit more liberal. Some companies even use unisex build charts which can be even more forgiving for women. The important thing is to use an agent that can shop your case to multiple carriers to get you the best rate. If you need life insurance but you feel that you are overweight, we can help you get the best rate available. We have access to over 40 insurance companies and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
