Finding affordable life Insurance with obesity, or if you are overweight is not as hard as you may think.
It really all comes down to knowing the answers to a few major questions:
- Can I get life insurance if I am overweight or obese?
- What is considered obese?
- How much does it cost?
- What affects my rates?
- Compare rates
- What are my policy options?
- What are the best companies?
- How can I save money?
- What if I have other conditions?
- Where can I get life insurance quotes?
Can I Get Life Insurance If I Am Overweight/Obese?
Yes. Your health will determine the policy options you have and the rates you pay. Even if you suffer from a terminal illness related to obesity, you will usually be able to obtain coverage.
Note that with life insurance, risk reflects rates, so you will pay higher premiums for this type of guaranteed issue policy.
What Do Life Insurance Companies Consider Obese?
In the life insurance industry, companies typically use BMI charts in order to determine the overweight and obesity standards for life insurance underwriting. This can sometimes reflect poorly on someone who is more muscular. However, a full medical exam can reveal more about your health and physique, which will help to keep rates low.
Each company has their own specific standards and underwriting processes which determine risk. That’s why it is so essential to work with an independent agent. A lot of companies rely on this scale for BMI in order to determine at what weight you are obese for your specific height.
Some life insurance companies which are better for overweight/obese people offer superior rates. We will address this a bit later in this guide.
How Much Does Life Insurance Cost If I Am Overweight?
The following tables below show both term and whole life insurance rates for people who are obese, but otherwise in good health:
20-Year Term $250,000 Obese Male
This sample quote is for a man who is 5’9 240lbs in otherwise Standard Health.
Age |
Monthly Rate |
| 30 | $22 |
| 40 | $35 |
| 50 | $80 |
| 60 | $176 |
Use Whole Life $250,000 Obese Male
This sample quote is for a man who is 5’9 240lbs in otherwise Standard Health.
Age |
Monthly Rate |
| 30 | $176 |
| 40 | $280 |
| 50 | $693 |
| 60 | $1,020 |
What Affects Life Insurance Rates for Overweight People?
1. Family Health History
Family health history reveals which of your conditions might be genetic and which are simply based on lifestyle.
If you are overweight and you have a family history of things like hypertension or heart disease, being overweight has the potential to exacerbate these conditions and therefore places you in a higher risk category.
2. The Company You Choose
Different life insurance companies will vary in terms of their categorization of BMI. With some companies, individuals might be placed in a high BMI category which results in higher premiums. Other companies understand that BMI is not indicative of body structure, and offer preferred rates to people who are in good enough health.
Each company is entirely different, making it hard to find out which one is right for you. But with the help of an independent agent, you can easily find the right coverage for your family’s needs.
3. Policy Type
The type of policy you choose will affect the price of your life insurance policy. Permanent Policies are much more expensive than term life policies. That is not to say they are not right for some people. However, for most people, term is the best option.
No exam policies are also a great option for people who are overweight or obese. This type of policy asks medical questions, but requires no medical examination. This can sometimes result in lower rates for people in certain situations, and will save some obese people money over a traditional term policy. However, you should always try to take the medical exam if you ae in good health, as it can save you thousands.
Guaranteed issue life insurance is best for people who are denied from traditional life insurance policies, including no exam coverage. Sometimes, when combined with other pre-existing conditions, obesity can result in denial of coverage because of high risk. In that case, guaranteed issue is your only option. This type of policy offers less coverage, typically up to $50,000, and is generally the most expensive type of coverage.
We will talk about each of these policies later in the article, where we also give helpful links to resources for each type.
4. Other Pre-Existing Conditions
Any other pre-existing conditions you might have will impact the cost of life insurance. If you have had trouble with mobility or you have other medical issues related to obesity, this will increase rates and limit policy options.
5. Age
Age is perhaps the most important factor in calculating life insurance rates. Generally speaking, you want to try to secure life insurance coverage by the age of 75, otherwise you face much higher prices and very limited options.
Even at age 65, term and permanent policy options begin to thin out and dramatically increase in price, even with the best life insurance companies for obesity.
There is no perfect age to buy life insurance, but almost anyone in the industry will tell you that the younger you are when you apply for life insurance with obesity, the better.
Compare Life Insurance Rates for Overweight/Obese People
Looking to find quick quotes on affordable life insurance with obesity? At JRC, we work with 45 of the Best Life Insurance Companies to find our clients the best rates and policies on the market, every time. Get started with our instant quote tool below:
Compare GUL Rates from 30 Top-Rated Companies Get your FREE instant quote online in less than a minute
Life Insurance Policies for Obese People
So you are probably asking, “what are my policy options?” Let’s quickly review the types of life insurance in order to help you figure out which is best for your family’s needs.
Term
You have a few policy options when you go to take out life insurance. Term life insurance is the most popular. This particular policy exists for a set term, typically between 10 years and 30 years. It is designed to align with financial needs for specific periods of time.
For Example: If you have 10 years left on your mortgage and 5 years left on your car loan but you don’t want to leave these bills to your family in the event of your death, you could take out a 10-year Term Policy with a face amount equal to your remaining debt.
This type of policy is generally the most affordable, but for some people with severe health conditions, it will be unaffordable or denied. Working with an independent agent is essential in order to make sure that you examine all of your policy options. You may be able to find the right coverage with the right company.
Permanent
Permanent life insurance policies by comparison do not expire unless you reach the maximum policy age, which is typically 101, 111, or 121 years of age. Until that point, permanent policies remain in effect as long as you pay your premiums. Over time, these policies accumulate cash value, which is part of an investment component built in to the policy.
Depending on the way that this cash value grows, there are different types of permanent life insurance policies.
Permanent life insurance is best for someone who needs to provide for dependents for the rest of their lives and beyond. This includes covering your spouse, child, or other dependent.
Permanent policies are best for people who have the need to:
- Leave a Legacy
- Establish a Trust
- Provide for a Business
- Create an Estate
But, if you are obese, the rates may be far too expensive to be reasonable. However, if you are overweight, depending on your overall health and other factors, you may qualify for affordable permanent coverage.
If you are looking for truly affordable permanent life insurance coverage with obesity, we strongly suggest you consider guaranteed universal life insurance. Use the quoting tool below to compare rates and learn more.
Compare GUL Rates from 30 Top-Rated Companies Get your FREE instant quote online in less than a minute
No-Exam
No exam policies, as the name suggests, do not require you to take a medical exam to get life insurance coverage. With traditional term and permanent policies, a medical practitioner will visit you in order to conduct a routine medical exam complete with blood and urine samples. No exam policies forego this in exchange for slightly higher premiums.
Guaranteed Issue
Guaranteed issue policies are a solution for people who might otherwise be denied coverage through traditional term or permanent policies.
Guaranteed-issue is guaranteed which means regardless of your health condition or situation and you will still receive a policy. These policies do not require the medical exam, the application is much smaller, the application is processed much faster, but the premiums are higher.
We only recommend this type of policy to people who have no other options, or to people looking for guaranteed universal as a form of permanent coverage.
5 Best Life Insurance Companies for Overweight People
These 5 companies truly stick out as having some of the best policy options and rates for overweight and obese people.While thCey maymay not be the best for every condition or situation, these top obese life insurance companies come out on top in a vast majority of cases.
1. Banner Life
Financial Rating |
Prices |
Policies |
Reviews |
Our Review |
| A+ | $22.91 |
|
A+ | 4.8/ 5 |
Why Banner Life?
Banner Life is known for their superior rates for people who are overweight and obese. On top of that, they have a quick application process. Banner is best for people who are looking for affordable term life insurance.
Additional Riders:
- Child Protection
- Disability Waiver of Premium
- Accelerated Death Benefit
For a comprehensive review of Banner Life Insurance Company, click here.
2. Protective Life
Financial Rating |
Prices |
Policies |
Reviews |
Our Review |
| A+ | $22.82 |
|
A+ | 4.7 / 5 |
Why Protective Life?
Protective has a wide range of products, both term and permanent. They are also known for their affordable rates for overweight and obese people. Overall, they are a very financially stable company, with excellent customer service and reviews.
Additional Riders:
- Child Protection
- Accelerated Death Benefits
- Accidental Death Benefits
For a more in depth review on Protective Life Insurance, check out this guide.
3. AIG (American General)
Financial Rating |
Prices |
Policies |
Reviews |
Our Review |
| A | $22.91 |
|
A+ | 4.6 / 5 |
Why American General?
AIG has some of the best underwriting practices for people with health conditions. They offer mostly term life insurance, but have great customization on their policies, as well as great riders and benefits.
Additional Riders:
- Child Protection Riders,
- Disability Waiver of Premium,
- Accelerated Death Benefit
- Accidental Death Benefit.
For a comprehensive review of American General life insurance, read more here.
4. Pacific Life
Financial Rating |
Prices |
Policies |
Reviews |
Our Review |
| A+ | $22.88 |
|
A+ | 4.6 / 5 |
Why Pacific Life?
Pacific Life has some of the best life insurance rates for obese people. They have a quick and easy online application process, and offer both term and multiple types of permanent life insurance.
Additional Riders:
- Accelerated Death Benefits
- Disability Waiver of Premiums
- Child Protection
For more information on Pacific Life, their policies, rates, and more, read our company review.
5. Prudential
Financial Rating |
Prices |
Policies |
Reviews |
Our Review |
| A+ | $32.38 |
|
A | 4.8 / 5 |
Why Prudential?
Prudential is known for their affordable life insurance rates for people with pre-existing conditions. From diabetes to heart disease, they have lots of policy options for people under age 65. For people over age 65, it is very important you read this guide.
Additional Riders:
- Child Protection
- Disability Waiver of Premium
- Accelerated Death Benefit
- Accidental Death Benefit
To learn more about why Prudential is the best life insurance company for people with pre-existing conditions, including obesity, check out our comprehensive review.
5 Tips to Save on Life Insurance with Obesity
1. Listen to Your Doctor
It is imperative that you listen to your doctor. When you visit your doctor and are given instructions on how to better manage your condition or medications to help you with that management, that is all annotated by the physician in question and they will know long-term if you have listen to the advice based on the results you achieve.
All of that information gets reviewed by the life insurance companies and if they see that you are not listening to your doctor, not following your doctor’s advice, that puts you at a higher risk category which means higher premiums.
2. Try to Change Your Diet + Lifestyle
It is important that you try and change your diet and your lifestyle as well. There are situations where you may be right over the line for placement in a specific health category and taking not but a few months to make some changes in diet and lifestyle can put you under the line.
3. Work With and Independent Agent
Working with an independent agent is in your best interest, as they can help you to compare multiple quotes from different life insurance companies without being beholden to a specific company or trying to sell a specific product.
Life Insurance With Other Pre-Existing Health Conditions
Many people who are overweight and obese worry about being denied coverage because they have additional pre-existing conditions.
Factors like:
- Severity of condition
- Management
- How long you have had it
- Medical complications
- Family health history
- Etc…
All affect your rates and policy options. With health conditions, things can get a bit more complicated, so finding personalized quotes is easiest when working with an agent.
This comprehensive guide has everything you need to know about life insurance with pre-existing conditions. These resources are also very helpful:
- How Family Health History Affects Life Insurance Rates
- Easy Ways to Save Money on Life Insurance
Where to Find the Best Rates and Policies
If you are looking to find the best life insurance rates and policies with obesity, we have you covered. At JRC Insurance Group, we work with some of the top life insurance companies in the world in order to compare dozens of options instantly.
Then, our independent life insurance agents are available for free consultations in order to help you find the right coverage. We are here to educate you, find you the best options, and help you understand the entire process start to finish.
Give us a call today to speak with one of our highly experienced agents, or get started with the quoting tool below:
This post first appeared on JRC Insurance Group: Term Life Insurance Quotes, please read the originial post: here
