How Does Your Weight Impact Life Insurance?
September 16, 2024
By Claire Jones
This is a highly important topic that often gets overlooked when it comes to managing our weight.
So for this guest article I’ve partnered with the experts from www.Reassured.Co.Uk, the award-winning & FCA-regulated UK life insurance broker, to shed light on this very important matter. If you like this article, do give them a follow.
Please note the information provided by Reassured in this article is for information purposes only and is not to be considered as personal financial advice.
What is life insurance?
Life insurance provides a vital financial safety blanket for our family should we no longer be around to provide. It is especially relevant for those with young children.
You pay a fixed monthly fee (the premium) and if you were to pass away during the lifetime of the policy (the term) a cash sum would be paid to your loved ones.
A pay out can be used as your dependants wish. However it is commonly used to clear a mortgage/cover the rent, meet rising living costs, leave an inheritance, put the children through school / university, etc.
The cost of life insurance is largely determined by the likelihood of a future claim and the set cover amount (the sum assured).
Therefore, the older you are at the point of application, the higher the cost, and those who smoke will pay more than non-smokers etc, because of the associated health risks.
Unfortunately, being classed as overweight can also increase your life insurance premiums – another great incentive to lose weight this year.
Below we explore how our weight can impact life insurance, helping save you money on your cover whilst also providing some extra motivation to reach your target weight.
Do I have to inform the insurer of my weight?
Yes. An insurer will ask you about your weight as part of the standard application process. This is completely normal and helps them to gain a better understanding of your overall health from which they can calculate your monthly life insurance premium.
It is important that you do not mislead or withhold any information during the application as this could jeopardise a future pay out and render your selfless life insurance investment a waste of money.
Failure to be completely open and honest with the insurer is known as non-disclosure.
Can you get affordable life insurance if overweight?
Body Mass Index (BMI) is an initial screening tool used by many organisations that measures the ratio of your height to your weight. It is rarely used in isolation but as part of a range of indicators to predict health risks.
Under normal circumstances, the higher a person’s BMI, the higher the percentage of body fat they are likely to have.
The good news is that it is possible to get affordable life insurance if you are overweight or currently have a high BMI.
You will likely have to pay more compared to an applicant classed as a healthy weight.
If your BMI score is under 30 then you should be offered a policy at the standard rate unless you have any related pre-existing medical conditions.
If your BMI is over 30 then this is likely to inflate the cost of your monthly premiums, but it may still be possible to get affordable life insurance.
Top tip: A great way to secure the best life insurance deal is to compare multiple quotes from different insurers as prices can vary due to different underwriting criteria. Therefore, what one insurer deems overweight and high risk another may not.
You can compare life insurance quotes from all the leading providers completely free of charge at Reassured.co.uk.
How does BMI impact life insurance?
During the standard application process, the insurers will enquire about your height and weight so they can determine your BMI score.
BMI can impact your life insurance and the cost of premiums. If you have a high BMI, you will pay more due to the increased risk of developing certain medical conditions.
If your BMI is 25 -30 you should be able to secure your policy at the standard rate, depending on your medical history and smoking status.
If your BMI is over 30 then you are more likely to be considered higher risk, and your premiums may be increased accordingly.
Although insurers may have different BMI thresholds, you can see a general insurer guide below:
- BMI under 18.5 = Underweight
- BMI 18.5 – 24.9 = Heathy weight
- BMI 25 – 29.9 = Overweight
- BMI 30 – 39.9 = Obese
- BMI over 40 = Morbidly obese
In reality, one’s BMI score can be a misleading metric as it simply measures weight, not bodyfat percentage, and on occasions insurers may require additional information about your circumstances to help better access your application.
They may ask questions such as:
- Whether you have had any surgery
- Your waist measurement (trouser/dress size)
- Any medication you are or have taken
- Your family medical history
What if you have been declined life insurance due to your weight?
Just because you have been declined life insurance by one insurer because of your weight in the past, it does not necessarily mean that you will be declined by all insurers, so shop around.
Top tip: A reputable FCA-regulated life insurance broker can use their industry insight to help put you in touch with the insurer most likely to accept your application, saving you time and money.
In a worst-case scenario, you could use a specialist impaired insurer such as MetLife or The Exeter.
What if I lose weight after taking out life insurance?
If you have an existing policy in place but have recently lost a significant amount of weight (well done!), then it may be beneficial to consider cancelling the policy and taking out a new policy.
Why? Because you may be able to secure a lower premium based on your new weight and improved BMI score (depending on key factors such as your age).
Reviewing your existing policy and sourcing new quotes will enable you to determine whether getting a new policy will offer you a saving.
If you are over 50 there is another option
If you are a UK resident aged 50 – 85 you can apply for an over 50s plan (or guaranteed over 50s plan) which guarantees a pay out when (not if) you pass away. Here the insurer does not ask you about your weight or your medical history (unlike level term and decreasing term policies which only pay out if you pay away during the policy term).
How are life insurance premiums calculated?
As well as your weight and BMI the following key factors are taken into consideration when calculating your monthly premium:
- Age
- Health & wellbeing
- Medical history / family medical history
- Smoking status
- Cover amount (sum assured)
- Policy term (length of cover)
Top money saving tips from Reassured
For many families up and down the UK money is tight due to current high inflation and cost of living. Therefore, any saving on your monthly outgoings is welcomed.
A term life insurance policy can last up to 40 years and so even a small saving each month could equate to a sizeable sum over the lifetime of policy.
Below are some top money saving tips:
- Try to lose weight and live a heathy lifestyle. Quitting smoking and lowering your alcohol consumption could dramatically reduce the cost of cover.
- Take the time to accurately calculate exactly how much cover you need and for how long. If you take out more cover than is required and for too long it will unnecessarily inflate your premium.
- Factor in any employee benefits you may receive such as a death in service benefit to help lower the level of personal cover you need.
- Take out life insurance whilst you are still young and lock in a super low premium for many years to come. Your age at the point of application is extremely influential when determining premium cost.
- If you are aged 50 – 80 consider an over 50s plan as a payout is guaranteed and you do not need to disclose your weight or medical history.
- If you are in a relationship, consider a joint policy which covers two lives simultaneously. Joint cover is approximately 25% cheaper than two separate single policies.
In summary
Life insurance is not the most glamorous of topics and discussing our own mortality can be difficult, especially with our nearest and dearest.
However, it could be one of the most important investments you ever make, providing vital funds at a difficult time, enabling loved ones to remain in the family home and lessening the financial burden.
So why not make 2024 the year that you prioritise your personal weight loss goals and secure your loved ones’ financial future with life insurance.
About Claire Jones
Claire Jones of YourOneLife Healthy Weight Solutions, is a multi-award-winning Sustainable Weight Loss Coach, Mentor, Therapist, Speaker and Author of the popular book “How To Eat Less”, available on Amazon.
She helps people learn how to confidently manage their weight well for life, after successfully managing her own weight since 2011, following a 25 year yo-yo dieting battle.
With a career background of over 25 years spanning the NHS, HM Prison Service, and the UK Fire Service, she has seen first-hand what happens when people don’t look after their health, and has a natural desire to help and to serve those in need.
However, it was after overcoming decades of yo-yo dieting and learning how to look after her own health, that she found a particularly unique way to be of service.
She realised she had found an effective, unique and sustainable solution to the weight loss and regain cycles that so many go through, that cripples their confidence and holds them back from the lives they really want.
She is known for her relatable, down-to-earth manner and for helping her clients finally crack the code to their healthy weight and happiest selves.
She offers both standard and bespoke packages to work with her intensively on a one-to-one basis, as well as lower cost options to suit more limited budgets.
You can find out more about her services by clicking here.
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