Statistics show that there are some 130 million overweight people in the United States. And yes! It is costing them higher premiums on their life insurance. They are paying more because insurance companies know that obesity can lead to diabetes, heart problems, and other health issues. These problems can cause a much shorter life expectancy.
This means that the insurance company won't be collecting your premiums as long as they would hope to. Therefore, they raise the premium rates for overweight people to compensate for their loss. Sadly, many of these people are not really considered obese or even terribly overweight for that matter.
Here's the way insurance companies work it. They go by a height to weight ratio. The insurance company has a scale they go by. Here's an example: Let's say that you’re a 40 year old man and your height is 5 feet 11 inches. Your weight should not exceed 170 pounds. The more you go over that 170 pound limit, the higher your premiums would be. (Note: costs can vary from one insurance company to another. This is just an example)
Now let's say that same man, in his mid 40's, 5 feet 11 inches, and weighing 170 pounds, wants to get a $500,000 Term life insurance policy. He is going to pay around $22 per month. Now, that same mans weight were 230 pounds, he could expect to pay around $64 per month. Fact is being overweight can cost up to an additional $10,000 in premium payments on a 20 year Term life policy.
So, even just a few extra pounds can put you in the 'overweight' category according to the insurance companies scale. Just dropping those few extra pounds could save you a lot of money. Not to mention, make you healthier too!
If you are overweight and paying those higher premiums, lose the extra pounds to put yourself in the insurance companies 'height to weight' ratio. Ask your insurance company to reevaluate your policy when you lose the weight. If they won't do that for you - look for a new insurance company. If you find a new insurance company, and after time you should put the weight back on, the good news is, the insurance company cannot raise your rates! So even being a little over weight should not keep you from finding a cheap life insurance quote.
Please visit our web site for free in-depth information on a term life insurance quote. You can also read free information on a whole life insurance quote or universal life insurance quotes. We will help you decide what's best for you and your family.
Source: EzineArticles.com/?expert=Keith_Ule
This means that the insurance company won't be collecting your premiums as long as they would hope to. Therefore, they raise the premium rates for overweight people to compensate for their loss. Sadly, many of these people are not really considered obese or even terribly overweight for that matter.
Here's the way insurance companies work it. They go by a height to weight ratio. The insurance company has a scale they go by. Here's an example: Let's say that you’re a 40 year old man and your height is 5 feet 11 inches. Your weight should not exceed 170 pounds. The more you go over that 170 pound limit, the higher your premiums would be. (Note: costs can vary from one insurance company to another. This is just an example)
Now let's say that same man, in his mid 40's, 5 feet 11 inches, and weighing 170 pounds, wants to get a $500,000 Term life insurance policy. He is going to pay around $22 per month. Now, that same mans weight were 230 pounds, he could expect to pay around $64 per month. Fact is being overweight can cost up to an additional $10,000 in premium payments on a 20 year Term life policy.
So, even just a few extra pounds can put you in the 'overweight' category according to the insurance companies scale. Just dropping those few extra pounds could save you a lot of money. Not to mention, make you healthier too!
If you are overweight and paying those higher premiums, lose the extra pounds to put yourself in the insurance companies 'height to weight' ratio. Ask your insurance company to reevaluate your policy when you lose the weight. If they won't do that for you - look for a new insurance company. If you find a new insurance company, and after time you should put the weight back on, the good news is, the insurance company cannot raise your rates! So even being a little over weight should not keep you from finding a cheap life insurance quote.
Please visit our web site for free in-depth information on a term life insurance quote. You can also read free information on a whole life insurance quote or universal life insurance quotes. We will help you decide what's best for you and your family.
Source: EzineArticles.com/?expert=Keith_Ule
No comments:
Post a Comment