Difficulties of Life Insurance If You Are Obese
posted in Cheap Auto Insurance |Obesity is commonplace all over the world and Canada is no exception. A survey initiated in 2004 by the Canadian Community Health reported that over 23% of the adult public suffered from obesity. Furthermore 8.6 million, or 36.1% were overweight.
With so many more Canadians confronting the truth of Obesity and the problems that go with it, such as high blood pressure, diabetes and coronary heart disease, this new truth can have a direct impact on their classification and their ability to get life insurance. Life insurance comes in four types:
Preferred Rates: If you are fit and well and have no family history of medical issues.
Standard Rates: The rates the bulk of applicants have.
Rated/Substandard: Those applicants who’s lifestyle makes them a bigger risk.
Declined: Whereby the insurance company refuses to cover an customer.
For an example – a male that is 6′ and weighs 265lbs and no health issues can obtain life insurance at the standard rate; according to an in-house inquiry between six life insurance companies.
Unfortunately futher health dilemmas usually arise when a person is obese, so insurance underwriters take these factors into account when deciding on the classification a person falls under. If you are obese find yourself a good broker as they are able to help obtain a unbiased premium for you.
Many insurance companies, ironically enough, use the same height and weight tables for males and females, so a covering letter detailing lifestyle issues or other variables can really help. If you are overweight, then as a substitue to standard Life Insurance, it could be more cost efficient for you to look at Simplified Issue Life Insurance. The advantage of this type of application is their lack of medical examinations and fewer questions on your health. Although at one stage these type of plans had larger premiums with tinier potential payouts, there has been a marked improvement in the pricing policies which make these a viable option.
For more information, visit our instant life insurance quote calculator.