Let me guess. The reason why you are reading this is that: you might be declined by all other companies or you are shaken with a very expensive premium rate you have been quoted. We know that morbidly obese people suffer from endless declines by life insurance carriers. We also know that morbidly obese individuals just put off their decision to purchase life insurance because the premium rates are just incredibly expensive.
You might be one of these people, and we are here to help.
Hi BMI helps you shop through different life insurance providers to make sure that you get the right policy and the right premium rate that fits your budget. If you are diagnosed to be morbidly obese, we can help you get approved. We will help you find life insurance carriers that give reasonable substandard rates. If you are lucky enough to have your BMI considered by one carrier’s weight chart, then you can classify on a better health class with cheaper rates! It’s not the end of the world if you are beyond overweight. We have helped hundreds of obese and morbidly obese individuals get insured. These high-risk cases are our specialty, and we are definitely capable of helping you.
Is There Any Chance For Me To Qualify On A Different Health Class?
The answer is…YES!
In fact, not all companies use the same health rating charts that classify weight and height. Company A can get a 156-pound 5’’10 male insured while Company B can get a 263-pound 6’’0 male insured. Meanwhile, Company C can approve a 178-pound 5’’8 female and decline a 173-pound 5’’6 male. The possibilities are endless.
If you are not a smoker and still try your best to regulate your blood pressure and blood glucose, you might as be classified into a cheaper health class. You might even qualify for a policy that requires a medical examination. But, if you are not comfortable about having a medical exam done, you can always ask for our help to find carriers that don’t even ask about height and weight. Yes, they do exist!
But, What’s The Substandard Rating For?
Substandard rating is given to individuals who preferred to not get a medical examination, or failed a medical examination. Substandard ratings are given for high-risk people. These people might be obese, diagnosed with existing terminal health conditions, chainsmokers or anyone exposed to occupational hazards every single day.
If you are working on a construction site or a mine site, you are classified to substandard rates. People who have dangerous hobbies or do ‘daredevil stunts’ for fun are also classified to this health rating.Drivers that are issued a DUI and have bad driving records also are included to this category. If you are morbidly obese with complicated health backgrounds from your family tree, you are also included in this list.
Don’t worry if you are classified to substandard rates. You can always try to shed some weight gradually. We can help you re-apply for another policy and be reconsidered for cheaper premiums. We advise you to not put-off purchasing life insurance. We’ve known hundreds of clients who are ‘’waiting for the most affordable rate’’ and passed away, unfortunately, without the chance of ever getting insured. Do not take this risk, because it risks your family as well.
The best time to get insured is now, while you are in the peak of health and motivated to lose weight.
Is Life Insurance Really Important For Me?
Life insurance is not important for you alone, but your entire family. According to LIMRA, 40% of Americans are not insured. However, 30% of them believe they need more coverage.
If you want to know the importance of life insurance to your family, think of it this way. Can your family survive with a comfortable life after you pass away? Life insurance helps you secure your family’s future financially.
Life insurance gives you and your loved ones peace of mind. Once you die, your spouse and children (your beneficiaries) will be able to fend for your final expenses. The death benefit they will be receiving can pay off the outstanding debts, mortgage and even your kids’ educational loans.
Life Insurance Can Make-Up For Your Lost Household/ Individual Income
If you are the breadwinner of the family, you know how it feels to have income dependent members that are counting on you. If you are married to an income-dependent spouse or a family member who is financially incapable, a term life insurance is a practical choice.
How much money do you think your family might need to be able to live a comfortable life after your death? Will they survive with only half of the household income you’ve once had while you and your spouse are still working? Will they be able to pay the utility bills and eat thrice a day?
According to the US Department of Agriculture, the average cost of raising a single child up to the age of 18 is approximately $250,000. Having a life insurance coverage can help raise your children and fend for the expenses after you pass away.
For younger people who of course, have more working years, pose more significant potential income loss if they pass away at an early age. This is why it is advisable to get life insurance that can cover 7-12 years of your earning capacity at the present.
To Pay Off Significant Debts
Do you have existing loans you need to pay before the interests increase? Mortgages? Credit Debts? Unpaid educational loans? Life insurance will be able to cover up all of these debts and pay off their remainder. This makes it easy for your beneficiaries to finally pay off the outstanding amount of your debts. Term life insurance, as well as universal life insurance, are best to be used to pay off these debts.
How many years do you still need to pay off the remainder of your debt before it is entirely paid? It’s a smart decision to match the duration of your term to the timeline of completing your payments. Do you still need 20 more years to pay off the entire amount of your dream home? If yes, then go ahead purchase a 20-year term life insurance.
If you survive these years and you happen to still be alive at the end of the policy, you may call your life insurance carrier and ask if you can take advantage of your policy’s convertibility feature.
To Leave Behind A Legacy
No, you don’t need to have a multi-million dollar company to leave a ‘’fortune’’ to your family. You don’t even have to run giant real estate companies.
The best part of being insured is the ability to pass dollars along without getting your money reduced by taxes. Estate taxes are not an issue here, as you can leave your beneficiaries an inheritance without being taxed. You can also donate to your favorite charity without paying tax.
Are you a business proprietor or do you own a real estate? You probably know that both need to be financed to make up for the expenses and upkeep. Even if the real estate market is in the ‘’hot market’’ season, it will take months, even years, to close a top-dollar deal for your real estate. Your business can take a long time to be acquired. Life insurance can give your family time to complete the process of leasing or selling your estate so they don’t have to sell it at a ‘’bargain cost’’.
A whole life insurance policy is the best policy that applies in this situation. This kind of policy accumulates cash value. By the time you pass away, the death benefit is paid out to your beneficiaries as stated on your contract with the insurer. Having enough money to survive, your loved ones can have enough time to look for the best bid for your estate before a closed deal. Your family can successfully find a business successor to maintain your business.
I’m Confused About The Kind Of Policy I Should Get…
We know it’s both a confusing and a painstaking journey to get insured. Hi BMI listed down the types of life insurance for you to understand what makes these different from one another.
Term Life Insurance
Term life insurance policies last for a specific period of time, given the name term. This time period can be 10, 20, 25, 30 or even more. This type of life insurance is the most affordable. In addition, it is most appropriate when you need coverage for a period of time when you are paying major debts just like mortgages and car loans. This also gives you support until your children are no longer financially dependent. Unlike whole life insurance, term life insurance policies only pay a death benefit if the insured dies within the policy of the term they purchased.
There are various types of term life insurance, we listed some of them:
Renewable Term Life Insurance- This type of life insurance can be renewed after the initial contract term has expired. The insured no longer need to undergo medical examination or go through the start of the application. You can keep in touch with your life insurance carrier and ask them regarding this feature. This is the perfect term life insurance for the morbidly obese for the reason that you can get insured earliest and lock in an insurance coverage while working on losing weight. Once you’ve lost a considerable amount of weight, you can be reconsidered to get a policy with more affordable premiums.
Convertible Term Life Insurance- Convertible life insurance allows a term life policy to be converted into a permanent life policy. However, the conditions outlined on the initial policy should be met my the insured. If you successfully meet these criteria, you will be eligible for policy conversion, without the need to urgo a medical exam.
Decreasing Term Life Insurance- This type of life insurance is ideal for those that are expected to outlive their term as their death benefit comes down to $0 at the end of the policy term.
Increasing Term Insurance- With increasing term, the death benefit increases as time goes by. The great thing about increasing term life insurance is the same amount of premium the insured needs to pay despite the benefit continuously increasing.
Permanent Life Insurance
Permanent life insurance is also termed as the whole life insurance. This gives the insured protection for as long as he or she lives, giving them an entire coverage without the limited time like that of term life insurance. The great thing about permanent life insurance policy is its ability to accumulate cash value. Permanent life insurance is a crucial part of retirement, making it an important financial planning strategy as individuals age.
There are three types of permanent life insurance available for the morbidly obese:
Whole life insurance- This type of life insurance policy includes a savings component that grows in amount as the life insurance company pays out dividends to your beneficiaries. This savings component is granted on top of the death benefit.
Universal life insurance- This is a flexible type of policy allows the insured to change their death benefit, premium rates and savings as the insured’s need changes over time. This ensures that the insured gets a coverage that is tailored-fit to his or her necessities. The insured pays the premium from the interest made from the savings account.
Variable life insurance- This allows the insured to allocate of the portion of his or her premium to invest funds.
I Want To Get Insured. Do I Still Have Any Other Chance To Get Cheaper Premiums?
We at Hi BMI will always explore for more and more possibilities for you to get insured with the right premium and the right coverage. Get a quote now, and we’ll start shopping for the life insurance carrier and policy that suits your needs.
If you still worry about your BMI, it’s important to know that it is not about your weight alone. Not all life insurance carriers use the same height and weight charts to classify you into a certain health rating.
Do you want to get the best rates and get approved for your insurance application? Read on.
Be Really Honest
Inconsistency has no place if you want to be approved for the life insurance policy you are applying for. During your interview process, expect series of questions asking about your personal information, medical history and the medications your physicians ask you to take. Tell nothing but the truth. Reason is, you cannot fabricate anything once the medical exams tell otherwise. Don’t risk trying to get away with lying as you might get a higher premium or even be declined on your application.
2. Lose Weight Safely
If your life insurance carrier finds out that you have shed around 10 pounds or more during the past year, most life insurance providers will opt to put back half of the weight you’ve actually lost.
This will classify you to a health rating where your previous weight qualifies.
Shedding weight around 2-3 pounds weeks before your medical examination is a safe measurement. Monitor your calorie intake closely as your cholesterol and blood pressure levels might go up with a calorie-rich diet.
3. Prepare For Your Medical Examination, Religiously
Yes, you’ve read it right…. Religiously.
Be sure to withdraw from smoking around 2-3 weeks before your medical examination. Also, it’s a good way to avoid drinking any alcoholic beverage at this period.
Get a healthy diet plan revolving around fruits, vegetables and grains. Avoid fatty, sugary and salty foods as they might trigger the rise of your blood glucose, blood pressure and weight.
Minimize your caffeine intake and the use of recreational drugs/ cannabis. Also, be sure to not ingest anything 8-12 hours before your medical examination or do any strenuous exercises as it might raise your blood pressure levels.
4. Work With An Independent Agent
If you want the best bang for your buck, there’s no better way to save up tons when working with an independent agent. This is because independent agents are not tied with one carrier alone. Agencies tend to sell their own life insurance products for a very costly price, not to mention the ridiculous amount of commission they want to get after every closed deal.
We at Hi BMI can shop for your applications to our access of the top-rated life insurance carriers and help you save thousands of dollars. With us, you can find the best deal that fits your budget and a coverage that suits your and your family’s needs.
5. Purchase Life Insurance Right Away
Do you want to save more and stay away from pricey premiums? The perfect time to purchase a life insurance is now, when you are younger and healthier than you’ll ever be for the next coming years.
Premium rates increase rapidly as you age. The life insurance policy you might be approved for in your 60’s might be exactly the same policy you could have gotten in your 30’s- only that you’ll be charged 70% more! The best time to get insured is now, while your age is still of peak approvability and you do not have the price of growing old- being diagnosed with high-risk illnesses.
NEVER put off your plan of getting insured just for you to get a better rate. We’ve had hundreds of clients that have passed away without the chance of being insured. You might not want to leave your family in financial turmoil most especially if you have income-dependent family members.
Stop risking your family. Purchase life insurance right away. What you can do to reduce your premiums is to dedicate your time to lose weight so you can be reconsidered for a cheaper rate.
What Type Of Life Insurance Is The Best For Me?
While health class ratings and premium costs differ from one individual to another, many obese individuals are marked as Standard rating. However, premiums vary due to different health histories, active medications and lifestyle habits.
As what I mentioned earlier, if you’ve lost around 60 pounds about twelve months ago, your life insurance carrier may only credit 30 pounds you’ve lost. This can give you a higher rating, as only half of the weight you’ve lost is listed. In cases that you are morbidly obese and you happen to have scarce mobility, you will get a Sub-standard rating. If on top of that, you have high risk health conditions such as heart disease and a history of stroke, your application might be declined.
Term Life Insurance is best if you have kids that are still at home and dependent on you financially. This life insurance is relatively the cheapest and does not build up cash value, but has the ability to support your family as an income replacement at the event of your death. Once your kids, or let’s say your beneficiaries, grew up within the duration of the term to become financially independent individuals, you now have the option convert the term life insurance to permanent life insurance.
If you surrender the term policy, there will be no return on your investment. However, term life insurance has the premium fixed throughout the entire policy. In case you are not able to convert it into permanent policy, the premiums increase. This does not automatically cancel the policy.
Permanent life insurance, also called as whole life insurance, build up cash value. These policies can be kept as long as the insured person lives. While this policy is much expensive than term life insurance policies, it has bigger benefits.
In case you pass away, permanent life insurance policies can shoulder your funeral expenses. Permanent life insurance can protect your estate and your business as your family looks for a potential buyer or a business successor. With permanent life insurance policy, you can pass along dollars to your beneficiaries without tax. This way, you can leave an inheritance to your beneficiaries, donate to a charity or pay off large debts without the costly tax! If you are the family breadwinner, and you have income-dependent family members, a permanent policy can have them financially sound even after your death.