Finding Life Insurance: Best Options For The Obese

Life insurance is a financial safety net that can help protect your loved ones in the event of your death. When applying for life insurance, several factors are considered to determine coverage options and premiums, including body weight and overall health. For those who are obese, this can impact the cost of coverage and eligibility. Obesity is often considered a risk factor by insurance providers as it may indicate other health conditions such as heart disease or diabetes. While it is rare to be denied coverage based solely on weight, obese individuals may face higher premiums due to the potential health risks associated with obesity. However, it is important to note that each insurance company has different requirements and processes for assessing risk and determining rates. Working with an independent agent and shopping around for multiple quotes can help obese individuals find the best coverage options and rates that fit their needs and budget. Additionally, maintaining a healthy diet and consistent exercise can benefit the life insurance search by reducing weight and improving overall health, which may lead to lower premiums.

How to find the best life insurance rates for obese individuals

Being obese does not automatically mean that your life insurance rates will be more expensive. However, it is a factor that can influence the cost of your insurance, as obesity is associated with a higher risk of developing potentially life-shortening conditions, such as heart disease or diabetes.

How your weight affects your life insurance rating

Insurance companies use a variety of health and lifestyle factors to assess your risk level and determine the cost of your policy. One of the main tools they use is Body Mass Index (BMI), which is a numerical value calculated based on your height and weight. While BMI is not a perfect measure and may not be accurate for everyone, it is used by insurers to indirectly estimate the amount of body fat an applicant has.

In addition to BMI, insurers may also calculate your height-to-weight ratio, which allows them to compare this ratio against other data for risk classification. This method may be more favourable for individuals with a higher muscle-to-fat ratio, who might be classified as "overweight" by BMI but are actually in good health.

Strategies for obtaining affordable coverage

• Work with an independent agent: An independent agent can help you navigate the life insurance process, gather quotes from multiple companies, and pick the best policy for your needs. They have the advantage of not being committed to a single insurer and can provide valuable insights, especially if they have experience helping overweight individuals.
• Shop around for quotes: Different insurance companies have varying criteria for determining rates, so it's worth comparing quotes from multiple providers. This can be done through an independent agent or by using online resources.
• Consider no-medical-exam life insurance: Some insurance companies offer coverage without requiring a traditional medical exam. This option can reduce the impact of your health on your rates and speed up the application process. However, no-exam policies may be more expensive and have lower coverage amounts.
• Maintain a healthy diet and exercise consistently: Improving your diet and incorporating regular exercise can benefit your life insurance search in several ways. It can help reduce your weight, demonstrate weight management, and mitigate disease risk, potentially leading to lower insurance rates.
• Get a life insurance quote: Although obesity may lead to higher rates, there are still plenty of insurance options available. Shopping around and taking steps to manage your weight can provide you with more choices and potentially lower rates.

How to save on life insurance when obese

Being obese can place you in a higher risk category for life insurance, which can result in higher premiums. However, there are several ways to save on life insurance if you are obese.

Work with an Independent Agent

An independent insurance agent can help you navigate the life insurance process, gather quotes from multiple insurers, and select a suitable policy. They have experience working with multiple insurance companies and can help you find the best rates for your specific situation.

Shop Around for Quotes

Don't settle for the first quote you receive. By shopping around and comparing rates from different insurers, you can find the most affordable coverage that meets your needs.

Consider No-Exam Life Insurance

No-exam life insurance policies allow you to apply for coverage without undergoing a medical exam. This option can reduce the impact of your health on your premiums and speed up the application process. Simplified Issue life insurance, final expense insurance, and guaranteed issue life insurance are some types of no-exam policies available.

Maintain a Healthy Diet and Exercise Consistently

Adopting a healthy diet and regular exercise routine can benefit your life insurance search in two ways. Firstly, it can help reduce your weight, which may lead to lower premiums. Secondly, it demonstrates to the insurer that you are actively managing your weight and health, potentially resulting in a lower-risk classification.

Look into Group Insurance

If your employer offers group life coverage, this may provide cheaper coverage than an individual policy. Group coverage is common in high-risk occupations, and having a high BMI may make you eligible for this option.

Lose Weight and Reapply

If you lose enough weight to improve your height-to-weight ratio and move to a lower risk category, you can reapply for life insurance and potentially get a better rate. However, insurers consider your full health history, so they may use your starting weight to determine your risk if you have recently lost weight.

Choose the Right Company

Different insurance companies have varying definitions of obesity and build charts. Some companies, like Prudential, have more lenient guidelines and are more accommodating for obese individuals. It is essential to work with an independent agent who can help you find the insurer that best suits your health profile.

How to find the best life insurance companies for obese people

Being obese does not mean you will be denied life insurance coverage. However, insurance companies will consider your weight, Body Mass Index (BMI), and other health factors when determining your risk class and the cost of your coverage. Obesity is often considered a risk factor because it may be indicative of other health conditions.

Understand how insurance companies assess weight:

Insurance companies use different criteria to determine if an applicant is overweight or obese, including BMI, height-to-weight ratio, and their own build charts. Understand these criteria to know how your weight will be evaluated.

Compare multiple insurance companies:

Different insurance companies have varying standards and rates for obese individuals. Compare quotes and criteria from several companies to find the most favourable options for your specific situation.

Work with an independent agent:

Independent agents can help you navigate the process, gather quotes, and find the most suitable policies for your needs. They have experience working with multiple insurance companies and can provide valuable insights.

Consider no-medical-exam policies:

Some insurance companies offer no-exam life insurance, which does not require a traditional medical exam. This option can reduce the impact of your health on your rates and speed up the application process.

Maintain a healthy lifestyle:

Improving your health through a balanced diet and regular exercise can benefit your life insurance search. It can reduce your weight, demonstrate weight management, and improve other health indicators, potentially resulting in lower risk and more favourable rates.

Shop around for group insurance:

If you are employed, check if your employer offers group life insurance coverage. This option may provide cheaper coverage, especially in high-risk occupations where employees might have difficulty obtaining individual coverage.

Re-evaluate after weight loss:

If you lose a significant amount of weight, you can reapply for a new policy or request a rate reconsideration. Insurance companies prefer to see sustained weight loss, typically maintained for at least 12 months, before offering lower rates.

Be honest on your application:

It is important to be truthful about your weight and health on your life insurance application. Misrepresenting your information could be considered fraud and may lead to issues with your coverage or payout in the future.

Recommended insurance companies for obese people:

While each case is unique, some insurance companies are known for having more flexible guidelines and favourable rates for obese individuals. These include Prudential, Banner Life, Protective Life, AIG (American General), Pacific Life, and Mutual of Omaha.

How to get the best life insurance rating if obese

Being overweight or obese will not automatically disqualify you from getting life insurance, but it might affect your rate and the type of policy you qualify for. Here are some tips on how to get the best life insurance rating if you are obese:

Work with an independent agent

Independent insurance agents can help you navigate the life insurance process, gather quotes to compare, and pick a good policy. They are not committed to helping a single insurer, so they can be more objective in finding the right company and coverage for your needs. Some agents also have more experience helping overweight people or those with medical conditions, so working with them can make finding a suitable policy at budget-friendly rates easier.

Shop around for quotes

Insurers calculate risk differently and must compete for new policyholders, so you can shop around for multiple quotes and pick the one with the best rates for your required coverage.

Consider no-exam life insurance

No-exam life insurance lets you apply for coverage without taking a medical exam, which reduces the impact of your health on your rates and speeds up the process. Simplified Issue life insurance, Final Expense insurance, and Guaranteed Issue life insurance are some options to consider.

Maintain a healthy diet and exercise consistently

A healthy diet and consistent exercise can benefit your life insurance search in several ways. It can reduce your weight, demonstrate proof that you’re working to manage your weight and improve your health, and mitigate disease by improving cardiovascular health, muscle mass, mental health, and other health indicators.

Be honest about your health

When applying for life insurance, always be honest about your health and lifestyle. Include all relevant health information, such as if you follow a healthy diet and consistent exercise program, and are monitored by your doctor on a regular basis. If you have overweight but no other issues, you'll still qualify for the best life insurance ratings.

Prepare for the life insurance medical exam

A simple way to improve your health rating is by preparing for the life insurance medical exam. Schedule your exam for first thing in the morning, when you've fasted, to get the best rating. Your weight can fluctuate by several pounds throughout the day as you eat and drink, so scheduling the exam early removes some of the variability.

Reapply after losing weight

If you lose weight, you may be able to qualify for a better rating and lower premiums by being reassessed and showing that you're keeping the weight off.

What to do if denied life insurance due to obesity

If you are denied life insurance due to obesity, there are several steps you can take to secure coverage. Firstly, contact your financial professional and/or the insurer to confirm the reason for the denial and ensure that no mistakes were made on your application.

Next, consider appealing the decision, especially if you believe the denial was based on incorrect or insufficient information. You can improve your chances of a successful appeal by providing up-to-date and complete information, including recent medical records and other relevant personal history.

If you are still unable to obtain coverage, you have several options:

• Work with a financial professional: They can assist you in applying to insurers that offer better chances of approval and guide you through the application and appeal process. Some specialise in helping higher-risk individuals obtain life insurance.
• Apply with a different insurer: Each insurer has different criteria for approvals, so try applying with other insurers before giving up.
• Consider a workplace life insurance plan: You may be able to gain coverage through your employer's group life insurance plan, although the coverage limit may be lower than desired. These plans typically don't require a medical exam.
• Try again later: Use the waiting period to improve your health, quit smoking, clean up your driving record, and enhance your finances. Showing progress in these areas can increase your chances of obtaining life insurance.
• Explore different life insurance policies: Simplified issue life insurance and guaranteed issue life insurance are options that don't require a medical exam, although they may have lower coverage limits and higher costs.

Additionally, working with an independent agent can be beneficial. They can help you navigate the process, compare quotes from multiple insurers, and find a suitable policy at a reasonable rate.

Frequently asked questions