NO. Being Overweight Does Not Mean An Overpriced Policy.
Are you putting off your decision to purchase life insurance? The best time to get insured is now.
If you are diagnosed to be overweight, you might be thinking that your premium will break your bank. This misconception has been going around for decades. It’s not the end of the world for you if you are overweight. We at Hi BMI can help you find the right life insurance policy that fits your needs and suits your budget ideally.
We have helped hundreds of overweight and obese men to get insured, We specialize in high-risk cases, and we can definitely help you.
How Do I Know My Health Rating?
BMI does have an impact on your health rating. But it’s important to know that your health rating does not rely on your BMI alone. If you have been denied by other life insurance carriers because of your weight issues, fret no more. We are here to help you find a life insurance provider that approves you.
Are you diagnosed to be overweight? You might be classified into four health ratings- Preferred Plus, Standard Plus, Standard and Preferred. People without serious illnesses can be classified to these health ratings. However, if you are diagnosed to have any terminal disease from high cholesterol, high blood glucose or heart ailments- you might be classified to sub-standard rates.
Preferred is given to people with optimal health and only minor issues such as a small increase in either of the blood cholesterol or blood sugar levels. These people might be non-smokers.
Standard Plus is given to individuals in good health with only isolated conditions that disqualify them from being put under the preferred health rating.
Standard is for individuals with average health and with normal life expectancy. Minor health issues such as a little increase in blood pressure and blood glucose levels can still be covered by this rating.
Sub-standard is for overweight individuals that have serious health conditions. If you have a complicated health history or you are diagnosed with terminal illness, you might be classified for the sub-standard rate.
People issued a DUI, engaging in hazardous hobbies or have a high-risk occupation also belongs to the sub-standard rating.
Individuals who have complicated health backgrounds from their family tree or are diagnosed with terminal illnesses falls onto this class.
Why Should I Want To Purchase Life Insurance?
Life insurance for men plays a key role since men are usually the financial providers of the family.
According to Pew Research Center Survey, 71% of American adults say that it is very important for a man to support the financial needs of his family. This is why getting a life insurance is paramount- to leave your family financially sound after your death
Life Insurance Can Cover Up For Your Lost Income
Are you the breadwinner of the family? This the reason why you should get insured. If you have an income-dependent spouse or a financially-incapable family member, a term life insurance is a great option for you. This helps your beneficiaries cope up with financial loss in case of a lost income.
By the time you pass away, how much money do you think your family needs to get by and live their comfortable lifestyle? Do you think they would be able to pay the utility bills and eat three times a day.
For younger individuals who obviously have more working years, they have better potential earning loss if they die at an early age. This case no longer bothers seniors, as they tend to have a retirement pension. It would be the best option to replace income about 7-12 years of your current earning capacity.
To Pay Off Huge Debts
If you have any significant debts that you are still paying, getting a life insurance to pay for the remainder of your debt. This makes it easy for you loved ones to pay off the remaining amount, if not the entire amount of your mortgage. Term life insurance and universal life insurance are the best options to pay off huge debts such as educational loan, auto loans, mortgage and credit debt.
How many years will it take for the remainder of your debt to be entirely paid? It’s a great option to match the duration of the term to this timeline to help you cut costs. Do you still have 20 more years to complete the payment for your dream home? Best to get a 20-year term policy. If you are still alive by the end of the policy, you may call your life insurance carrier and ask for your policy’s convertibility feature.
To Leave An Inheritance
Do you want to avoid hefty estate taxes? Do you want to leave your beneficiaries an inheritance or donate to your favorite charity? Life insurance will help you pass dollars along without big tax deterrence.
If you own a business or a real estate, it needs to be financed to make up for the expenses and upkeep. Even if the market is ‘’in-demand’’, it probably will take months, even years, for your estate to be sold. Your business can also take a long time to be acquired.
A whole life insurance policy is best for this situation. This type of policy builds up cash value. At the event of your death, the death benefit is paid out to your beneficiaries via lump sum or installment. With having enough money on hand, they can have enough time to look for the best bid for your estate. Your family can find a business successor that has the ability to maintain your business’ legacy. You can save your family from endless price bargains or from rushing into a sale.
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.
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.
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.
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.
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.
Reach out to us, Hi BMI team, and we will help you get insured with the right policy that covers all your needs.