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In This Article We’re Going To Answer The Question, “Can I Be Declined Life Insurance Because Of My Weight?”
Most likely you’re reading this article today because you’re either interested in life insurance and want to see what you may qualify for or you have applied for life insurance elsewhere and have experienced a decline. You might be wondering if your weight is going to be a preventative obstacle for you to qualify for the kind of life insurance you are looking for.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on Can I Be Declined Life Insurance Because of My Weight?. Enjoy!
Let’s start off with a quick case study about a client of mine who experienced similar circumstances:
This particular lady in her early thirties weighed 380 pounds and was five foot two. Other than her weight, she was healthy – no medications, no bad health history.
She applied for insurance through several well known companies and experienced a decline. I took a look at her circumstances and was able to approve her with a whole life plan and additional accidental coverage to cover for the real risk that she may die from an accident as many people in her age group are more prone to death from accident than natural causes.
While this was a compromise as far as what she originally wanted, we were able to get some kind of plan in place that she would otherwise not have been able to get because of her weight issue. What I’d like to do is talk about some of the elements of what makes or breaks an application for people suffering with weight problems and how you can overcome these obstacles.
Here’s An Overview Of Today’s Topic:
- The Elements Of What Makes Or Breaks An Application Process (Height, Weight Ratio & Gender)
- Strategies To Get Life Insurance, Even With Weight Related Challenges
- Consider Getting An Exam
Your height and weight ratio
First, it’s important to understand that your height and weight isn’t something that companies look at seperatly. Truly what matters most to a life insurance company is the ratio between your height and your weight. Each life insurance company has different height, weight charts to determine what the ratings are.
For particular individuals, they will be considered preferred, standard, or separated. Generally speaking, if you’ve had declines or severe write-ups and prices, most likely the company has offered coverage at a higher premium because of the weight issue.
Gender does play a role in height, weight analysis. Generally speaking, women are given less flexibility when it comes to weight. The reason for this is that men generally carry more weight on their frame because they tend to be larger than women due to naturally having more muscle mass.
Strategies to get life insurance, even with weight related challenges
What are some strategies you can utilize to get coverage even if you have weight related challenges? Whether you haven’t applied yet or have already been declined before due to weight, these strategies give you the best chance of overall possibly qualifying for some kind of life insurance coverage.
Shop with a broker
I think above all else, this is the most important strategy you can employ. When you apply on your own, you have no idea which companies have the strictest policies and risk getting declined. I’ve had clients who have been declined by major life insurance companies only because they had a mild form of diabetes.
I mentioned this because it’s indicative of some of the guidelines these life insurance companies operated on. They’re willing to turn down people much more often than you think simply because the person isn’t in perfect health. That’s why you have a much better chance working with someone like us at Buy Life Insurance for Burial because we are aware of these different carriers and have the experience necessary to understand guidelines that may restrict you from finding the best coverage.
I’ve gotten people approved, who otherwise thought coverage was impossible for them because of all kinds of health history issues. But this comes down to the power of working with someone who can simply go out into the market and shop your coverage. The only way to see who’s going to give you the best rate is to work with a broker.
Simplified issue whole life insurance
I mentioned whole life insurance at the beginning of this article. Simplified whole life insurance is an option when all other options fail. What is simplified issue? Whole life insurance simplified issue is a form of life insurance that is designed to give smaller death benefit coverage, relative to term life insurance, in exchange for much more liberal underwriting standards.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
When I say liberal underwriting standards, what I mean is that life insurance standards for qualifying are much easier to deal with. For example, there’s a lot more flexibility with height and weight guidelines with these life insurance companies, and in some cases surprisingly you can actually qualify for life insurance and not even have to answer questions about your weight.
Take the person I mentioned earlier. We found a company in her state that would qualify her for life insurance and literally didn’t even care about her current height, weight ratio, as long as she could meet the guidelines on prescriptions as well as on the rest of her health history. This company was more than willing to give her first day full covered at a preferred rate and she didn’t even have to have an exam either.
Again, let me say this truly is only an options when all other options have failed. I always first look at what guidelines companies have in place and if I see no way around the restriction, then I go with this option. Why? Because the biggest downside with whole life insurance is that you’ll end up paying a much higher premium than you would with term insurance coverage.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
It’s something that only makes sense if we’ve exhausted all of our other options and can only proceed with simplified whole insurance coverage.
Re-apply at a later date
A third option is to re-apply for insurance at a later date. So let’s say you apply for life insurance and find that your rate is sky high or worst case scenario, that you can only qualify for simplified issue product due to your your weight, height discrepancies.
Should you take the offer that you’re given or should you just skip out? Please heed my advice here. I think it’s duly import that if you have a well defined need for life insurance and you know it’s necessary, even if you have to go with a smaller policy, it’s important to have something in place.
We do not know what tomorrow may bring. Our life is fragile; mortal. We have to not only respect our life but also understand that each passing moment is an opportunity and a blessing to set up protection for those we love when we are gone. Even if you are offered coverage that’s not exactly what you originally wanted, it’s better to get something in the books so that you have some level of protection than nothing at all.
The benefit of most weight problems is that with a little exercise, discipline and healthy eating, you can lower your weight significantly and ultimately find your insurance rates reduced. You can also eventually be eligibility for qualification with more traditional products.
What I recommend my clients do is find something that works for the time being with their budget and goals. Then plan in a year or two to reanalyze their weight and height, looking to see if there are any new companies or companies that have changed their restrictions and reapply if you feel you can get a better deal. If you’re approved, we can replace your old plan. If you’re not, nothing happens and your old plan remains intact.
Consider getting an exam
Sometimes people get declined for life insurance because they use simplified life insurance products that may have stricter underwriting guidelines. Therefore another option to consider is to try to get the attention and approval of an underwriter for your life insurance coverage based on an exam. The benefit of this approach is that the underwriter will get current, up -to-date information on all your vital signs.
Certainly your current height and weight will make a difference. But these this ratio may be looked at or viewed differently through the lens of an underwriter with up-to-date information. You may find more flexibility on an underwriting decision with an exam, so it can’t hurt to have one.