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Your weight (more specifically, your BMI) has a major impact on the rate you pay for your life insurance.
Regardless whether you are purchasing term or permanent coverage, almost all carriers consider height and weight in the underwriting process.
A "preferred" rating on a policy will require a specific range of BMI to qualify. A "standard" rating will expand that range but the rate will be higher. "Rated" classifications are the most expensive and will be used for persons that are extremely overweight or have other specific conditions.
An experienced broker can determine which insurers are likely to offer you the best rates based on your current weight and other applicable conditions (if there are any).
Agent, Rural Mutual Insurance Co., Union Grove, WI
Each company has its own standard as far as what is standard and what is non standard and the rates that they apply for such levels. If you weigh more than the federal guidelines for height and weight you will more than likely pay a higher price than if you were within those guidelines. The best thing you can do is contact your local agent to discuss your coverage needs.
There are a number of No Exam life insurance products that do not consider weight at all in determining whether an applicant is qualified for obtaining a life insurance policy. And a smaller number will even issue a policy that is not graded, despite having no weight limit. With the latter, one's health must be pretty good in order to qualify for the policy.
However, the rates for those policies will be considerably higher, so if someone is just overweight and not obese, getting a medically underwritten life insurance policy usually (but definitely not always) costs less. With a wide range of products to choose from, those who are not in the normal weight limit can find the most affordable overweight life insurance.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Your weight is a significant aspect in the underwriting process. Too heavy a build can mean higher rates or an outright decline for a person seeking the best possible rates for themselves. What you have to understand about underwriting is an underwriter has to make a "guess" based on your information one time. They cannot track your health over time and adjust cost as the policy goes. The problem with excess weight is it can be traced to other health conditions which lower life expectancy, which either drives up cost or leads to a decline.
An insured can however after a year or so, ask for the insurance company to reconsider their rating if they have lost weight and can show some consistency in maintaining the weight loss.
Weight can make a big difference on your rate. Insurance companies base preferred rating on a healthy person of normal weight. The further you deviate from that ideal, the higher your rate will be until you can be forced into a guaranteed issue plan. Statistics show that overweight people have a higher risk of mortality. Insurance companies adjust their rates accordingly.
Being overweight affects life insurance differently, depending on what type of policy you are getting. If you are getting a No Exam policy that gives you a set rate just for qualifying, then your weight will not make a difference, just as long as you do not weigh over the maximum amount. Some policies have no weight limit at all.
If you are applying for a policy that does require medical underwriting, fluctuations of just a few pounds can cause your rate to go up. If you start out just slightly overweight, this increase may not make a lot of difference, or you may even find one company that will rate you much lower than the rest. But if you are quite overweight, the price increase can be large, or you can even be declined.
Weight is one of those areas where it really helps to shop around. Not only do different companies have different weight charts, but sometimes going with a No Exam policy can beat the price of one requiring an exam, when the applicant is overweight or obese. Using an agency that specializes in overweight life insurance can certainly help save time, money and frustration.
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Regardless whether you are purchasing term or permanent coverage, almost all carriers consider height and weight in the underwriting process.
A "preferred" rating on a policy will require a specific range of BMI to qualify. A "standard" rating will expand that range but the rate will be higher. "Rated" classifications are the most expensive and will be used for persons that are extremely overweight or have other specific conditions.
An experienced broker can determine which insurers are likely to offer you the best rates based on your current weight and other applicable conditions (if there are any).
However, the rates for those policies will be considerably higher, so if someone is just overweight and not obese, getting a medically underwritten life insurance policy usually (but definitely not always) costs less. With a wide range of products to choose from, those who are not in the normal weight limit can find the most affordable overweight life insurance.
An insured can however after a year or so, ask for the insurance company to reconsider their rating if they have lost weight and can show some consistency in maintaining the weight loss.
If you are applying for a policy that does require medical underwriting, fluctuations of just a few pounds can cause your rate to go up. If you start out just slightly overweight, this increase may not make a lot of difference, or you may even find one company that will rate you much lower than the rest. But if you are quite overweight, the price increase can be large, or you can even be declined.
Weight is one of those areas where it really helps to shop around. Not only do different companies have different weight charts, but sometimes going with a No Exam policy can beat the price of one requiring an exam, when the applicant is overweight or obese. Using an agency that specializes in overweight life insurance can certainly help save time, money and frustration.