There are many factors that go into determining your life insurance rates, from your age, hobbies, health, occupation, and more. Life insurance carriers use these factors to determine the final rate they can offer you, and one of the main pieces of information you’ll likely be asked to provide during the application process is your height and weight. Because your weight can be an indicator of possible health issues, it plays a role in how carriers measure your risk level. Let’s walk through the ways in which your weight affects your life insurance rates.
Can I get life insurance if I’m overweight?
Overall, your health can make a difference in the availability and cost of your life insurance coverage, but being overweight or obese doesn’t mean you can’t get coverage. One of the ways insurance carriers evaluate your health is by looking at your body mass index (BMI). Your BMI is a measure of your height-to-weight ratio and is an easy way for insurance carriers to determine your overall health. Each insurance carrier has its own set of rules to determine your life insurance rates, with some being more lenient than others. Even if you’re considered overweight, there’s still a chance you could qualify for affordable life insurance.
Losing Weight Can Lead to Lower Life Insurance Rates
While weight isn’t the only factor that goes into determining your life insurance rates, maintaining a healthy weight can help keep your premiums more affordable. If you apply for life insurance and are quoted for higher premiums due to your weight, it doesn’t mean affordable life insurance is out of reach. If you reapply for life insurance after losing weight and maintaining that weight loss over a period of time, you will likely qualify for lower quotes. However, it’s also important to remember that putting off purchasing life insurance for a long time because you plan to lose weight could end up costing you more in the long run. Life insurance tends to get more expensive as you age, so you’ll want to balance the pros and cons of waiting to apply for life insurance until after you’ve lost weight or accepting higher premiums to lock in coverage at your current weight.
Be Honest on Your Life Insurance Application
Your life insurance application will ask for your height and weight, and those numbers will be verified during the medical exam. If the insurance carrier finds that you lied on your application, they will likely rate you at a higher premium or deny your application altogether. Providing the most accurate and complete information will help secure your most accurate life insurance quote.
Remember, Not All Life Insurance Companies Are the Same
Life insurance isn’t one-size-fits-all, and there’s no standard set of rules for insurance carriers to determine rates based on your weight. Shopping a variety of carriers will help ensure that you find the most affordable coverage for your needs. If you’re not sure where to start, SelectQuote can help. We have nearly 40 years of experience helping people with different needs and priorities find life insurance coverage. We work for you, not the insurance companies, so you get unbiased quotes that are tailored to your situation. Don’t wait to get the protection you need for your loved ones—reach out to us today to get started.
