Shopping for life insurance? We’ve got some great news for you!
Purchasing life insurance is now easier than ever before. Also rates have been going down which really puts the icing on the cake.
What is the ticket to getting the lowest premiums?
One of the key factors in getting the best life insurance rates is using the right life insurance company. Using the correct insurer will make or break the goal of getting the lowest rates possible. All life insurance companies have their own way of underwriting applications. Applying with a company which is liberal towards height and weight irregularities is an absolute must.
Being a little heavy does not always mean heavy premiums
Reaching out to an independent insurance agent who specializes in life insurance will be your ace in a hole. These agents represent the best carriers in the nation. They can run a simple medical pre-screen and easily pinpoint companies with the lowest rates. Life insurance companies treat obesity as they would a typical medical condition. Being overweight can lead to heart attacks, strokes, Diabetes, and even death. An overweight or obese person’s application is taken very seriously by all life insurance companies. Still, there are many A-rated insurers that offer excellent affordable rates to overweight applicants.
Term life insurance will always reflect the lowest premiums
Term will always be your most cost-effective plan available, though there other plan designs including Universal Life and Whole Life. These are permanent products which could easily triple the premium of affordable term insurance.
Over 90% of the life insurance products sold in America are term. With the higher face amounts people need today, Universal and Whole Life can easily be too expensive to buy.Click To Tweet
The difference between overweight, obese, and morbidly obese
Most people wonder what is the difference between these three classifications. This terminology all revolves around your Body Mass Index. Medical professionals define “overweight” as a condition in which a person’s body weight approximately is 10%-20% higher than normal. This can be defined by a conventional height/weight chart, or as a body mass index rating (BMI) of 25 to 30.
Obesity is normally defined as a condition in which a person’s body weight is 20% or higher above normal weight or as a BMI of 30 or more. “Morbid obesity” normally means a person is either 50%-100% over their normal weight. Being more than 100 pounds over the normal weight can severely interfere with health or normal functioning of internal organs. Your classification affects your rate.
These are the four basic rate classes that will impact your final rates
Once your application is approved, your rate classification will fall under one of these four classes.
- Preferred Plus
- Standard Plus
When comparing rates on a quote engine, pay attention to the health class drop-down menu. If you are noticeably overweight you may need to be looking at Standard Plus or possibly Standard rates. If you are extremely overweight you possibly could be placed in one of the other rate tables.
Rate tables are basically rate classes that are below the Standard class. They run from number 1-10 or A-J depending on the life insurance company. For example, an applicant could be approved with a Standard rate class in Rate Table D or Rate Table H. The more obese the applicant is, the higher they go in the rate tables.
A sample of multiple life insurance rates classes an overweight person may experience
We will use a 40-year-old male applying for a 20-year term policy with a $250,000 face amount. Banner Life will be the company we will compare for this illustration.
- Preferred – $257.49
- Standard Plus – $339.49
- The conventional Standard class – $380.99
- High-Risk Standard Rate Table B – $479.24
- Higher Risk Standard Rate Table D – $618.98
- Increased Rating Standard Rate Table F – $758.73
- Advanced Rating Standard Rate Table H – $898.47
- The Highest Possible Rate Class Standard Rate Table J – $1038.22
If an applicant’s rate class exceeds rate table J, the individual would be declined. This comparison clearly shows what is actually involved in quoting and an overweight applicant. This is why a medical pre-screen is so important.
Medical conditions the life insurance companies associated with being overweight
- Various forms of heart disease and stroke
- Hypertension (High blood pressure)
- Diabetes (Type 1 and 2)
- Some forms of Cancer
- Gallbladder diseases and including gallstones
- Osteoarthritis (Brittle Bones)
- Gout (Severe Joint Pain)
- Respiratory conditions, such as Sleep Apnea
Statistics of overweight people in America
- There are more than 2 in every 3 adults are believed to be overweight or obese.
- Statistics indicate more than 1 in every 3 adults are believed to be obese.
- More than 1 in every 20 adults are believed to be extremely obese.
- About 1/3 of children and young adults ages 6 to 19 are believed to be overweight or obese.
- More than 1 in every 6 children and young adults ages 6 to 19 are believed to be obese.
Save time and connect with an independent agent
Provide your agent with your information and let them shop the entire market for the lowest rates. You also have the choice of no medical exam life insurance to consider. No medical Exam policies can be approved as quickly as 24 hours. If you are in a high-risk classification these policies can work out well for you.
Your agent can help you find the best rates that you may qualify for. Securing the best life insurance quotes for overweight people is not difficult when you are working with a good agent.
Here is some of information the insurers pay special attention to:
- Overall Health History
- Tobacco Use
- Driving Record
- Credit History
- Medical Records
- Dangerous Sports
- Dangerous Occupation
- Medications Used
Our final word
Purchasing life insurance is a simple process. Contact an agent from the very beginning so you don’t spend your valuable time bouncing from one website to another. Life insurance like any other type of insurance is never a one size fits all product. Take your time and get to understand the many types of life insurance products available to you. Take a minute to reach out to an independent agent and let him do all the leg work. Their job is to help you find the best plan for your needs.
We are always here to answer any of your questions and help you select the best policy for your specific needs and budget. Contact us today and let’s chat.
Don’t hesitate to download our free eBook and learn how to save money on your new life insurance purchase.
All the best,