I could sum up the rest of this article in one paragraph but to make the post a bit more fulfilling I feel as though I ought to pad it out a bit like a real news article.
There are three types of people in the world;
i) those who see life insurance as a vital part of their financial planning
ii) those who just don’t see the point of life insurance
iii) and those who are told by their wife that they need to sort it out.
People who are fit and healthy with no medical conditions and nothing sinister and serious lurking in their family history can usually take advantage of ‘ordinary’ or ‘standard’ rates from life insurance providers.
However, people who don’t quite fit the neat little mould that represents an almost risk free proposition to an insurance company may find themselves struggling to find insurance or accepting a much higher premium because they don’t know there are other options available.
According to medical research, people with a high BMI (Body Mass Index) may be more at risk of developing serious illnesses such as cancer and diabetes in the future.
Therefore, insurance companies will often increase the price of cover or in some cases, decline cover altogether.
From experience, this can be something of a wake-up call to overweight people who just don’t seem to realise the potential health threats their weight could cause.
For people with a high BMI who fall into category (i) those who see life insurance as a vital part of their financial planning, being turned down can make them even more determined.
I have spoken to a number of people who have tried to find cover only to discover the price will be ‘rated’ by a considerable amount making the cost almost prohibitive.
Some people may have no choice but to accept a higher premium but there are cases where a little shopping around could still yield more competitive results.
The alternative is to do something about the problem.
Working in this industry and experiencing this first hand, almost all of the people with a high BMI that I have helped find cover are already on some kind of healthy regime to get their BMI down so they don’t have to pay through the nose for life insurance.
Some clients have even opted to hold off arranging their cover until they have hit a target weight and the cost has come down.
Shopping around can still prove worthwhile because some insurance companies will start to apply an increase in price for a BMI of 30 where some will allow a BMI up to 35 before the price rises.
Above these levels there will be more to pay but it is still possible to obtain cover from mainstream insurers with a BMI of up to 50 and possibly higher still from some specialist insurers.