Now that the results are in and we’ve quietly sneaked on and quickly back off of the scales, let’s talk about what that number means in the world of life insurance. Whether it’s just extra pounds or obesity life insurance is available and at reasonable rates…..up to a point.
We’ve talked a lot about the life insurance underwriting of build and the fact that underwriters are well aware that weight alone isn’t going to kill you, but it does put you at a higher risk of some serious health issues than someone who is a recreational BMI calculator user.
So, let’s consider what it takes to get approved at different rate classes. I’m a pretty average size guy at 5’10″. At my age nearest of 58, I would be looking at the following approvals for $250,000 of 20 year term insurance or term/UL. With no other risk factors I could get preferred best rates from Genworth Life and Annuity at 209# or under for $1052.08 annually. For preferred rates I would need to be 229# or under for a rate of $1214.14 annually, select (standard plus) rates 243# or under for $1653.48 annualy and for standard rates I would shift to Prudential at 265# for a rate of $2070.00 annually.
Prudential has always been the go to company when it comes to problems with obesity. We consistently get approvals from them that no other company will approve. Assuming the same 5’10″ and no other risk factors Pru should be good with these rates at these weights:
I know. Moans and groans. “Of course they’ll approve them for those prices!” But stop for a minute and think. 5’10, 387#????? That is a health disaster waiting to happen. If you’re that weight and don’t have any health issues yet, get life insurance now because if you add something like diabetes or high blood pressure to one of those builds, you won’t be getting traditional life insurance anywhere.
Bottom line. A few extra pounds over the holidays isn’t the issue. Chronic overeating is. While you may still be able to get life insurance at some pretty enormous builds, for you, your health and your family you should be looking at a way to dump those pounds. Whether it’s with diet and exercise if your health isn’t in imminent danger or a gastric bypass if you’re morbidly obese, do something.