Why Do Life Insurance Providers Care About a High BMI?
When the time comes to buy life insurance, it becomes a whole new experience for many. It starts off as a simple process, but it can become complex very quickly. A person needs to take the time to work through it properly. Then this will be a type of product that provides many benefits.
The insurance companies are going to be very interested in the life insurance shopper. They are going to focus a great deal on their health and their circumstances. The reason being is because they want to know what their risks are going to be when insuring the individual. There are many different health conditions that can affect this. Insurance companies are also concerned about the general health of the insurance applicant.
Weight and Life Insurance
Many individuals will complain about being overweight. They may not realize how much of an impact their weight is going to have. When it comes to purchasing their life insurance.
The insurance companies are going to look at body mass index. This BMI helps the insurance companies determine how fit the applicant is. The BMI gets calculated according to the individual’s mass and then divided by the height.
The insurance companies have metrics that they will use to determine how to factor the results of the BMI in. There are ranges used to help them determine this. For example, an individual might get classed as being severely underweight. If they have a BMI of less than 15. An individual that is severely obese would have a BMI of over 40. Then within these two figures, it is determined what category the applicant fits in. An individual for life insurance purposes is going to want to be between the 18.5 to 25 range for a healthy BMI. Although this metric may fluctuate according to the individual insurance providers.
Life Insurance High BMI
It is important to know where an individual fits in on the BMI chart. Also, it dictates what risk it is going to pose for the insurance companies. It will help to determine the final cost of premiums. This along with all the other metrics that they gather. It will also determine whether there is going to be a set rate of insurance. It can even determine if the insurance company is going to turn down the applicant.
How does Weight Affect Life Insurance Rates?
Many individuals that are classed with a high BMI may not feel that they have any health issues. In general, they know that they need to lose weight to be fit. But in their opinion, it is not creating any health problems for them. This may be true. However, the insurance companies are looking at the future. They must assure themselves that the applicant is going to remain healthy. For many years. If an occurrence leads to death for the insured, the insurance company has a large payout to make.
Being overweight can lead to certain health conditions. It can also make conditions worse. When the weight gets combined with other risk factors, this is where the concern arises. Those that have weight problems can also have sleep apnea which can be affected by the weight. Weight affects those with diabetes. Cholesterol and high blood pressure is other concerns that insurance companies have. Obesity can make these conditions worse.
Insurance companies will tally up their overall risk. To determine the health situation of an applicant. The figures may lead to a good outcome. Then the insurance company will give the applicant preferred rates. The BMI is going to play a big factor in this.
Insurance companies normally have standard rates that they applied. In many cases, this is what the average individual will end up paying.
The BMI factor can affect the health score of the individual. They could end up having rated insurance. Which means that they are being placed at a higher risk level.
Denied Life Insurance Due to Weight
There are many health conditions that exist. Creating many possibilities that can put insurance companies at risk. There are some that are more important than others. Smoking is high on the scale for creating risk factors. BMI is another one. It is shown that one in four Canadians in their adulthood are considered to be obese.
The insurance providers have the option to be able to deny insurance to an applicant. They will only do this if they have good reasons to do so. If an individual is scoring well in all the other health areas but is obese, they still may be able to get insurance. If the BMI is high and there are other risk factors, there is a possibility that insurance gets denied.
Life Insurance Underweight Issues
Obesity is the main factor when it comes to BMI. Being underweight can also pose a risk for the insurance company. They are going to look at those that have a below-normal BMI. It could mean that they have an underlying medical condition. Or, they are dealing with a mental illness that is a factor in their being underweight.
Shopping For Life Insurance When BMI is a Factor
There are many insurance companies in Canada that offer life insurance. It is also fortunate that they each have their mandate. Also, schedule when it comes to providing life insurance. They will determine what are the major risk factors for them based on their opinion. This allows room for the life insurance shopper to do some comparison shopping. Individuals that know that their BMI is going to be a factor will have to shop carefully. Keep in mind that this is going to play a role.
It may determine whether they are going to be able to get life insurance and at what cost. It is still worth doing comparison shopping because of the variations. The easiest way to do this is by getting a collection of quotes based on the information you provide. Then with these quotes, they can compare not just the price but other factors. One may see a lower premium, but there may be a lot of restrictions because of the BMI. Life insurance is a very important product. Individuals want to make sure their beneficiaries are going to get the best advantage. Taking the time to make the right choice now is a wise decision.