LIFE INSURANCE: REDUCE YOUR WEIGHT - AND YOUR PREMIUMS!

4When you're buying Life insurance, losing a few extra pounds could save you big dollars - money that you could apply to pay for the policy or increase the amount of coverage.

Here's why: According to two recent nationwide polls, more than 35% of American adults are overweight; another 30% suffer from morbid obesity, based on such measures as the body mass index (BMI), which correlates height and weight with the percentage of body fat. As a rule of thumb, the higher an individual's BMI, the higher their risk of dying - and thus the higher their Life insurance premium. In fact, those who are morbidly obese might be unable to buy coverage at any price! Conversely, the lower your BMI, the less you'll pay for a Life policy.

For what it's worth, obesity is also a major factor in driving up Health insurance premiums: A recent Cornell University study found that the annual medical expenses of an obese person exceed those of their normal weight counterpart by a hefty $2,741 a year - which comes to $190 billion a year (20.6% of the nation's health care tab).

By reducing their weight, policyholders easily can reduce their premiums hundreds of dollars a year - or thousands over the term of coverage. For example, one sample analysis of a $1 million, 20-year Whole Life policy found that a 200-pound male in his mid-30s would save $730 a year by losing an average of 30 pounds; a 180-pound female in the same age bracket who shed 30 pounds would reduce her annual premium by $527. Savings of that size add up quickly.

If you lose weight during the term of the policy, your insurance company might not necessarily lower the premium - any more than a weight gain would lead to a premium increase. If you're planning a long-term weight reduction program, it would make sense to switch to another policy after you've completed your regimen and kept the pounds from coming back. The insurance company will verify your weight by reviewing the results of your latest physical or having an examiner take a scale to your home.

The professionals at our agency would be happy to discuss this issue, or any other aspect of your Life insurance program at your convenience. Just give us a call.
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Further Reading
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