How To Get The Best Life Insurance Rates For Obese People In 2023

 Life insurance is a vital financial tool that can protect your loved ones from the unexpected. But getting life insurance can be challenging if you are obese or overweight. Obesity is a condition where a person has a body mass index (BMI) of 30 or higher, according to the Centers for Disease Control (CDC).

Obesity can have serious health risks and challenges, such as increased risk of heart disease, diabetes, stroke, and some cancers, as well as lower life expectancy and quality of life. Obesity can also affect your life insurance rates and options, as life insurance companies consider your weight and height as one of the factors to determine your risk and rate.

But don’t worry, you can still get life insurance if you are obese or overweight. You just need to know how to shop for the best life insurance policy for your needs and budget, and how to lower your life insurance premiums by losing weight.

In this article, we will explain how obesity affects life insurance rates, how to find the best life insurance policy for obese people, and how to lower life insurance premiums by losing weight.

How Obesity Affects Life Insurance Rates

Life insurance companies use height-to-weight tables or BMI charts to determine the risk and rate for applicants based on their weight and height. BMI is a measure of body fat based on weight and height. The CDC defines adults with a BMI of 18.5 to 24.9 as normal or healthy weight, 25 to 29.9 as overweight, and 30 or higher as obese.

The higher your BMI, the higher your life insurance rates will be. This is because obesity can increase the risk of various health problems that can shorten your lifespan and increase the likelihood of a claim. Some of these health problems include:

• High blood pressure
• High cholesterol
• Type 2 diabetes
• Coronary artery disease
• Heart attack
• Stroke
• Sleep apnea
• Osteoarthritis
• Gallbladder disease
• Liver disease
• Kidney disease
• Certain cancers

Depending on your weight and height, you may be assigned a different rating class by the life insurance company. The rating class determines how much you will pay for your life insurance policy. The rating classes are usually:

• Preferred Plus: This is the best rating class for people who are in excellent health with no history of medical issues or risky habits. If you are obese or overweight by more than a few pounds, you are unlikely to qualify for this rating class.
• Preferred: This is the second-best rating class for people who are in very good health with minor medical issues or family history of moderate conditions. If you are slightly overweight but have no other health issues related to your weight, you may qualify for this rating class.
• Standard Plus: This is the third-best rating class for people who are in good health but have a negative family history or a single condition that prevents them from qualifying for a Preferred rating class. If you are moderately overweight but have no other health issues related to your weight, you may qualify for this rating class.
• Standard: This is the fourth-best rating class for people who are in average health with a couple of common but manageable issues, such as high blood pressure or high cholesterol. If you are significantly overweight or obese but have no other health issues related to your weight, you may qualify for this rating class.
• Substandard: This is the lowest rating class for people who are in poor health with multiple or severe medical issues or risky habits. If you are morbidly obese or have other health issues related to your weight that affect your mobility or organ function, you may qualify for this rating class.

The difference between rating classes can be significant in terms of cost. For example, according to our data from Policygenius.com, a 40-year-old male non-smoker who wants a $500,000 term life policy for 20 years would pay:

• $32 per month if he qualifies for a Preferred Plus rating class
• $38 per month if he qualifies for a Preferred rating class
• $46 per month if he qualifies for a Standard Plus rating class
• $54 per month if he qualifies for a Standard rating class
• $105 per month if he qualifies for a Substandard rating class

As you can see, the difference between the best and the worst rating class is more than three times the cost. That’s why it’s important to shop around and compare quotes from different life insurance companies, as they may have different height-to-weight tables or BMI charts and offer different rates for obese or overweight applicants.

The type of life insurance policy you choose can also affect your rates and options if you are obese or overweight. There are different types of life insurance policies, such as:

• Term life insurance: This is the most common and affordable type of life insurance. It provides coverage for a specific period of time, such as 10, 20, or 30 years, and pays a death benefit if you die during that time. Term life insurance usually requires a medical exam or uses accelerated underwriting to qualify for coverage. If you are obese or overweight, you may have to pay higher rates or be denied coverage depending on your health and lifestyle.
• Whole life insurance: This is a type of permanent life insurance that provides coverage for your entire life as long as you pay the premiums. It also has a cash value component that grows over time and can be used for loans or withdrawals. Whole life insurance usually requires a medical exam or uses simplified issue underwriting to qualify for coverage. If you are obese or overweight, you may have to pay higher rates or be denied coverage depending on your health and lifestyle.
• Universal life insurance: This is another type of permanent life insurance that provides coverage for your entire life as long as you pay the premiums. It also has a cash value component that varies depending on your premium payments and market conditions. Universal life insurance usually requires a medical exam or uses simplified issue underwriting to qualify for coverage. If you are obese or overweight, you may have to pay higher rates or be denied coverage depending on your health and lifestyle.
• No-exam life insurance: This is a type of life insurance that does not require a medical exam to qualify for coverage. It can be either term or permanent, and it can use simplified issue underwriting, guaranteed issue underwriting, or no underwriting at all. No-exam life insurance can be easier and faster to get than other types of life insurance, but it also has some drawbacks. It usually offers lower coverage amounts (up to $500,000), higher premium rates, and fewer policy options than other types of life insurance that require a medical exam or use accelerated underwriting.

How to Find the Best Life Insurance Policy for Obese People

If you are obese or overweight and want to get the best life insurance policy for your needs and budget, here are some tips on how to shop for it:

• Compare quotes from different insurers: As we mentioned earlier, different life insurance companies may have different height-to-weight tables or BMI charts and offer different rates for obese or overweight applicants. You should compare quotes from different insurers online or through an independent agent or broker to find the best deal for your situation.
• Check the financial ratings and customer reviews of the insurers: You should also check the financial ratings and customer reviews of the insurers that you are considering to make sure that they are reputable, reliable, and responsive. You can use rating agencies such as A.M. Best, Standard & Poor’s, or Moody’s to check the financial strength and stability of the insurers. You can also use online platforms such as Trustpilot, Consumer Affairs, or Better Business Bureau to check the customer satisfaction and complaints of the insurers.
• Read the policy details carefully: You should also read the policy details carefully and ask questions if you do not understand something or if you want to make changes to the policy. You should look for any exclusions, limitations, fees, charges, riders, or benefits that might affect your coverage or costs.
• Consult an independent agent or broker if you need help: Shopping for life insurance can be confusing and overwhelming, especially if you are obese or overweight and have special needs or circumstances. If you need help with choosing a policy, you should consult an independent agent or broker who can offer unbiased advice and guidance and help you compare different options from different insurers.

How to Lower Life Insurance Premiums by Losing Weight

One of the best ways to lower your life insurance premiums is to lose weight. Losing weight can improve your health and reduce the risk of obesity-related diseases, which can lead to better rating classes and lower life insurance rates.

Here are some tips on how to lower your life insurance premiums by losing weight:

• Follow a healthy diet and exercise plan: The most effective way to lose weight is to follow a healthy diet and exercise plan that suits your needs and goals. You should consult your doctor or nutritionist before starting any weight loss program. You should aim to eat a balanced diet that includes fruits, vegetables, whole grains, lean protein, healthy fats, and water. You should also avoid processed foods, added sugars, saturated fats, trans fats, sodium, and alcohol. You should also exercise regularly according to your fitness level and preferences. You should aim to do at least 150 minutes of moderate-intensity aerobic activity or 75 minutes of vigorous-intensity aerobic activity per week, as well as strength training exercises for all major muscle groups at least twice a week, according to the CDC.

• Set realistic and achievable goals: Losing weight can be challenging and frustrating, especially if you have unrealistic or unachievable goals. You should set realistic and achievable goals that are based on your current weight, health, and lifestyle. You should also track your progress and celebrate your achievements along the way. You should aim to lose weight gradually and steadily, rather than quickly and drastically. According to the CDC, a healthy weight loss rate is about 1 to 2 pounds per week.
• Request a reevaluation or apply for a new policy after losing weight: If you have already bought a life insurance policy and have lost weight since then, you may be able to lower your life insurance premiums by requesting a reevaluation or applying for a new policy. A reevaluation is when you ask your current insurer to review your policy and adjust your rates based on your current weight and health. A new policy is when you shop for a new life insurance policy from a different insurer that offers better rates based on your current weight and health. However, both options have some pros and cons that you should consider before making a decision.

A reevaluation can be easier and cheaper than applying for a new policy, as you do not have to go through the underwriting process again or pay any fees or charges. However, a reevaluation may not guarantee lower rates, as your insurer may have other factors that affect your rates, such as age, health history, or lifestyle changes. A reevaluation may also take some time, as your insurer may require you to provide proof of your weight loss, such as medical records, lab tests, or photos.

A new policy can be faster and more effective than requesting a reevaluation, as you can shop for the best rates from different insurers based on your current weight and health. However, a new policy can also be more expensive and risky than requesting a reevaluation, as you have to go through the underwriting process again and pay any fees or charges. A new policy may also result in higher rates or denial of coverage if your health has worsened since you bought your original policy.

Conclusion

Life insurance is a vital financial tool that can protect your loved ones from the unexpected. But getting life insurance can be challenging if you are obese or overweight. Obesity can affect your life insurance rates and options, as life insurance companies consider your weight and height as one of the factors to determine your risk and rate.

But don’t worry, you can still get life insurance if you are obese or overweight. You just need to know how to shop for the best life insurance policy for your needs and budget, and how to lower your life insurance premiums by losing weight.

In this article, we explained how obesity affects life insurance rates, how to find the best life insurance policy for obese people, and how to lower life insurance premiums by losing weight.

We hope you found this article helpful and informative. If you are interested in getting life insurance for obese people, you can get a free quote online or contact an agent for more information. Life insurance for obese people can be challenging but not impossible. You should explore all your options and find the best one for you.