Just because you are overweight or obese does not mean you cannot get life insurance. At Life-Wealth-Win, we help find life insurance for overweight and obese people every week.
If you need life insurance, it does not matter what your weight is…you still need life insurance. The good news is that not all life insurance companies look at being overweight or being obese the same (from an underwriting perspective).
Just Because You Are Overweight Or Obese Does Not Mean You Have Poor Health.
Most insurance companies have a “build chart” to determine what insurance ranking (called table ratings) and pricing an insured person will receive. The more you weigh, the higher your table rating. Each table rating increases the cost of your insurance premium by a specified percentage.
Many people we work with are slender and fit looking, yet many suffer from very serious health problems. These problems include diabetes, heart attacks, cancer, mental disorders, and other afflictions that make getting affordable life insurance more difficult.
Many people we work with are overweight and obese and have no medical problems.
All the companies have different build charts, so don’t look at this example and think you may or may not qualify for life insurance; let us help you get qualified!
Here is a sample of one company’s build chart:
Do all insurance companies use the same build charts?
The great news is – NO, THEY DON’T!
All companies do not use the same build charts (height to weight ratio). So, if one company will not accept you at your current height and weight, we can move on to another insurance company with more flexible build charts to accommodate our overweight or obese clients.
What can I do to get better life insurance rates if I am obese or overweight?
1. Be Honest About Your Weight And Other Health Problems
This is not the time to stretch the truth to get into a lower weight class. If your weight is close to the higher build chart table rating, you may have to go in and check your weight. It is only fair to the insurance company to understand the risk they are accepting by insuring you.
The insurance company will also want to know any other health conditions you may have. Be very honest about everything going on with your body!
2. Stay Away From Companies That Only Sell Their Own Insurance Products.
If you shop for your life insurance where you get your home and auto insurance, they may not have a plan that will work for you if you are overweight or obese, based on their more restrictive build charts.
These companies will often only sell you their proprietary life insurance products, and they do not have the flexibility to shop with other companies to get you better rates or more forgiving underwriting guidelines.
Shopping with an insurance broker like Life-Wealth-Win assures you will get the best rates, from the best companies, with the best chance of getting a quality life insurance policy you can afford.
3. Don’t “Stretch The Truth” About Your Past/Current/Recent Weight Loss.
The life insurance companies will check your past medical records to verify whether your weight has been steady, has been increasing, or has been decreasing. Just be honest; don’t try to “game” the system, and let the insurance underwriters do their jobs.
If you have had significant weight loss in the past year, insurance companies will take that into account when determining your life insurance rates.
4. Don’t Go On A Crash Diet Thinking You Will Get Better Rates.
Usually, the insurance company underwriters will not factor in your full weight loss over the last 12 months when calculating your table rating and insurance rates. Often, they will cut your weight loss in half to find out where you are on their build sheet.
Therefore, if you lost 50 pounds in the last year, they may only give you credit for 25 pounds of weight loss. Again, insurance companies are looking for a steady weight level (weight stability), not somebody whose weight is fluctuating up and down.
5. Just Get Some Insurance Now!
If you are overweight and healthy, take advantage of your health and get the life insurance you are eligible for. If you want to lose any weight, we can always go back and shop around for a better insurance plan and better insurance rates in the future.
Tomorrow is a gift, and tomorrow is never guaranteed to anyone. Having life insurance in place will be an important financial safety net in the years to come for those you love.
What does age have to do with being overweight and life insurance?
As we get older, we typically gain more weight. Insurance companies know this, and many factor this into their build charts.
When you are obese, build charts are often more generous if you are older than if you are younger.
When is the best time to apply for life insurance if I am overweight or obese?
Again, we recommend you purchase the life insurance you need now. Some people’s bodies just put on more weight every year. So, if you wait another year, you will just weigh more, and your insurance premiums will be even more expensive the next year (or you won’t qualify at all)!
I always recommend you get insured right now, and if you lose weight, we can always approach your insurance company for modification of your insurance rate. If they do not modify your rate, we can always go to another insurance company with more favorable underwriting criteria and better rates for you.
What if I am overweight, but it is all muscle?
Being very muscular…would not that be a wonderful problem to have for most of us? If this is the case with you, we will work with the insurance companies to help them understand your build.
Often, we will send a picture of you and a health review document showing your weight it is all muscle. We will work with underwriters, so they fully understand you are fit and muscular with 5% body fat, not a person with 50% body fat!
What about life insurance for morbidly obese people?
A guaranteed issue policy is your best bet if you are morbidly obese. Life insurance quotes for morbidly obese people will have policy amount limitations and will likely be a graded policy.
The bottom line is we can get you life insurance if you are obese or overweight. If you have other health complications, we will work with you to find the best options available in the industry.
At Life Wealth Win, we specialize in healthy to high-risk life insurance cases. We can help you understand your life insurance options if you are overweight.
We work with clients across the nation to get the best life insurance rates possible. If you are bigger than you would like, we can help you get the best life insurance rates.