If you’re overweight and looking for a life insurance policy, let us guide you through your options and explain all that need-to-know info.
Weight-related deaths are generally covered by most life insurance policies. But how easy is it to take out a new life insurance policy as a person who is classed as overweight?
We’re on hand to explain the facts surrounding BMI, anyone who is classed as being overweight and life insurance. From applying for a policy with an existing weight condition to how much you can expect to pay and beyond, we’ll take you through everything you need to know. Scroll on to learn more.
Can you get life insurance if you’re overweight?
The short answer is yes. However, your options are likely to be more limited than life insurance applicants who are not considered to be overweight and you premiums are likely to be much higher.
Being overweight generally doesn’t mean that you won’t be approved for a life insurance policy. But, there’s a chance that it will affect the type of policy you are eligible for. Remember, weight is just one of the main factors that life insurance providers assess during the application process. All of the factors will be taken into account while calculating eligibility and the risk you are deemed to pose.
We’ll look at the various factors taken into account a little later on.
How does BMI affect your life insurance?
Generally, a healthy BMI (Body Mass Index) means that an applicant will qualify for a lower premium. If your BMI indicates that you are overweight, your life insurance policy is likely to be much more expensive.
Your BMI is calculated using your height and weight measurements. Below are the different BMI ranges as stipulated by the NHS:
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Between 18.5 and 24.9 – this is considered the ‘healthy range’.
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Between 25 and 29.9 – this is considered overweight.
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Between 30 and 39.9 – this is considered as obesity.
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40 or over – this is considered as severe obesity.
And so, the higher your BMI on the scale, the more expensive your life insurance is likely to be.
What is the maximum BMI for life insurance?
The good news is that the majority of life insurance providers will offer an overweight life insurance policy for anyone with a BMI up to 40-45. Anyone over the 45 mark will have their options severely reduced.
That’s not to say that if you have a BMI of 45 or above, you won’t be able to take out a life insurance policy while you’re overweight. You just might have to look a little harder to find the right fit for your needs.
Life insurance is always more difficult to acquire if you are overweight. Being overweight is usually seen as a higher factor to insurers. As such your premiums are likely to be higher.
Term life insurance is usually the easiest type of life insurance to take out as someone who is overweight. Income protection insurance and critical illness cover are much less likely to be available at an affordable rate.
One thing to remember is that life insurance as someone who is overweight can be extremely expensive. If the premiums are high and you’re not confident you’ll be able to afford them, it could be worthwhile postponing your application for life insurance until you have achieved a healthier BMI. This will result in you being a lower-risk applicant and thus the price of your premiums will be lower too.
How much does life insurance for overweight people cost?
The cost of a life insurance premium for anyone who’s overweight is generally dictated by personal circumstances much like any other policy applicant. There are a number of factors that will impact the price of your life insurance policy as an overweight person. These include:
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Usually, the older you are the more expensive a life insurance policy for an alcoholic is likely to be. That’s generally the case with all types of life insurance.
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Overall health. Your medical history also significantly impacts your no-medical life insurance policy fees. If you’ve already been diagnosed with an underlying health issue, a policy is likely to be much pricier if available at all.
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Smoking status. If you smoke, are an ex-smoker or use nicotine replacement products, life insurance is always going to be more expensive.
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Alcohol consumption. If you have a low weekly alcohol unit consumption, an insurer will look at you far more favourably. Whereas, if you have an above the recommended level of alcohol intake (no more than 14 units of alcohol per week, spread across 3 days or more), your premium is likely to be more expensive.
Other things that impact the cost of a life insurance policy for anyone considered overweight include the length of the policy and the level of cover. The longer you want a policy to last the more expensive the premium will be. The level of cover required will impact it too. So, the more you want the policy to pay out, the more it will cost. Consider how much you want and need the policy to pay out.
What if I’ve been refused life insurance due to a high BMI?
If you’ve been refused life insurance due to your being overweight and having a high BMI in the past, it doesn’t necessarily mean that you won’t be eligible to take out a policy in the future.
What it does mean is that you may find that an insurer will require you to undergo a full medical exam with your GP prior to approving your policy. So long as your GP gives you a clean bill of health aside from being overweight, you should be approved for life insurance.
Can you get critical illness cover if you’re overweight?
You shouldn’t have a problem getting critical illness cover while overweight. That said, the majority of insurers will only offer this type of cover to applicants who have a BMI of less than 40. And, you can expect to pay much higher premiums for your cover too.
Does losing weight affect life insurance?
The light at the end of the tunnel is that most insurers look far more favourably on you if you lose weight. Losing weight will help to lower your BMI which will in turn reduce your life insurance premiums.
Having a low BMI is widely associated with being in good health, which reduces your risk factor in the eyes of your insurance provider.
It’s worth pointing out that being classified as underweight will also affect the price and eligibility of a life insurance policy. If you were to drop to a BMI of below 18.5, you can expect your premium price to increase. This is because there are also plenty of health risks that align with being underweight.
Why secure life insurance for overweight with Life Expert
At Life Expert, we provide free quotes from our panel of UK insurers. We’ll also help you to conduct a full comparison between the best life insurance options available for anyone who’s overweight to suit your needs. All of our quotes are completely personalised. Get your free quote today to see your available options.
