If you’re overweight, you might be wondering whether your chances of getting life insurance are hindered. Obesity is seen as a pre-existing health condition in the eyes of insurance companies in the UK, and as such, will affect your policy.
Most insurance companies do provide cover if you’re overweight or obese. However, there are some details that you should be aware of. Firstly, as it’s classed as a pre-existing health condition, your premium will likely be much higher than a standard life insurance policy.
If your BMI is 39 or under, you shouldn’t have a problem getting coverage from a provider. If your BMI is over 45, you’ll likely be declined by most insurance companies in the UK or pay an even more significant monthly premium. Note that companies will also take into account your age when considering your application. So, if you’re younger and your BMI is over 45, your chances of getting accepted are lower than if you were over 40 years of age.
Being overweight or obese and having a high BMI level will put you at risk of developing other health complications later in life. Insurance companies take this into account when you make an application, which is why they will increase your premium. On the other hand, this increased risk also increases your need for financial protection.
What classifies someone as overweight in the UK?
In the UK, your body mass is measured by your body max index (BMI). According to the NHS, if your BMI is:
You can use the weight calculator offered by the NHS to measure your BMI.
The cost of your life insurance policy will depend on a range of factors taken into account by the insurance company. The insurer will ask for your age, occupation, medical records, smoking status, health, and lifestyle. To give you a rough idea, we’ve put together an example quote below:
Note that this estimate does not take into account other pre-existing health conditions, lifestyle, or occupation. It also doesn’t guarantee that insurance companies will approve your application. Make sure to check with multiple providers to find the right one for you.
We compare plans from the leading life insurance providers
As mentioned before in this article, your premium will be higher than a standard policy if you’re overweight. So, you might be looking for ways to lower your monthly cost to make a policy financially viable.
Firstly, you should start working on the variables that are under your control. This includes losing weight, adopting a healthy lifestyle, and quitting smoking. Taking these steps can have a positive effect on your premium and significantly improve your quality of life.
You should also make sure to get multiple quotes from various insurance providers. Not all companies will approve you and offer the best prices. If you shop around, you’ll likely find better deals. Also, make sure to discuss your policy with the insurance provider in detail to ensure that you aren’t paying for more than you need.
Like obesity, there are various other pre-existing health conditions that you must disclose to your insurance provider. It can be a high BMI, mental health illness, diabetes, or any other condition that makes you a high risk for insurance companies.
It’s essential to disclose this information as failure to do so could result in your family and loved ones being denied a claim. If the insurance company discovers that you’ve lied on your application before your coverage is over, it could result in the cancellation of your policy, or the company could make you pay a flat fee for the increased premium you’ve missed.
The right life insurance policy will depend on your particular requirements. There isn’t a policy aimed explicitly at overweight clients. Most policies are divided into Term Life and Whole of Life:
A term life policy provides cover for a period agreed on between you and the insurance company. Term policies are also divided into two sub-categories – level term and decreasing term:
Unlike a term policy, a whole life policy will give you life insurance coverage until you pass away, regardless of when that happens. Since there’s a guaranteed payout, this type of policy tends to cost more.
Some companies offer an insurance policy specifically for over 50s, which is usually used for covering funeral costs. This type of policy usually lasts until you pass away.
If you’re overweight or obese, you could be at risk of developing other health complications in the future. If you passed away, would your family and loved ones be able to stay in the same family home and continue with the same level of lifestyle?
Getting a life insurance policy will give you peace of mind that your family is protected should the unexpected happen, especially if you are the primary or sole income earner.