There are a variety of factors that go into determining your life insurance rates. From the type of policy you choose to the type of hobbies you’re into, life insurance carriers use these factors to determine the final rate they can offer you. Whether you’re applying for traditional life insurance with a medical exam or going for a no medical exam option, one of the first questions you’ll likely be asked is your height and weight. Your weight can be a quick indicator of possible health issues and can play a significant role in the cost of your life insurance coverage. Below we further explain how your weight can play a part in determining 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
Although weight isn’t the only factor that goes into determining your life insurance rates, maintaining a healthy weight can make a big difference in how much you pay for coverage. Insurers want to see that your weight loss is sustained, so trying to lose weight through a crash diet is probably not the best way to go about lowering your rates. However, once you’ve maintained the weight loss for about a year, there is a strong chance that you could qualify for lower quotes.
It’s also important to note that putting off purchasing life insurance because you plan to lose weight could end up costing you more in the long run.
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 could 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
There’s no standard set of rules for insurance carriers and determining rates based on your weight, making it all the more important to shop around. At SelectQuote, the life insurance companies we work with have been carefully chosen to provide favorable rates and affordable coverage for all types of health conditions—even if you were turned down or quoted sky-high rates elsewhere.