If you have a high body mass index (BMI), you may be wondering if obtaining a life insurance policy is possible. The good news is that it is possible, but you may need to take extra steps to find the right insurance for your needs.
Higher BMIs are often attributed to greater health risks, which can lead to inflated insurance premiums or limitations on coverage. However, with some effort, you can find the best life insurance policy for your BMI with these helpful tips.
- Work with an Independent Agent
One of the most important steps in securing life insurance when you have a high BMI is to work with an independent agent. Such agents have contracts with multiple insurance carriers and can help find the right coverage for you by comparing multiple options. An independent agent can also help explain complex insurance terms and conditions.
- Consider Simplified Issue Policies
When looking for life insurance policies with a high BMI, simplified issue policies are a good option to explore. These policies offer coverage at a lower premium cost and are quicker to obtain compared to fully underwritten policies. Simplified issue policies often skip medical exams and only require the applicant to provide basic information and answer medical questions.
- Look for Guaranteed Acceptance Policies
If you have a severe health condition or are unable to qualify for standard insurance due to your high BMI, you may be a candidate for guaranteed acceptance policies. These policies provide coverage without a medical exam or health screening, and acceptance is guaranteed regardless of health status. However, these policies have higher premiums and lower benefit amounts compared to traditional policies.
- Be Prepared to Negotiate
Life insurance policies are negotiable, so you may be able to negotiate your rates based on your BMI. If you can provide evidence that you are working towards improving your health and BMI, then some carriers may be willing to offer lower rates.
- Choose the Right Type of Life Insurance Policy
The type of life insurance policy you select is also important for individuals with a high BMI. Term life insurance policies are typically more affordable than whole life insurance policies and offer coverage for a specified period. However, whole life insurance policies have more benefits and accumulate cash value over time.
In conclusion, obtaining life insurance with a high BMI is possible. Working with independent agents, looking for simplified issue and guaranteed acceptance policies, negotiating rates, and choosing the right policy are all effective ways to find the best life insurance policy for your needs. With diligence and patience, you could secure the coverage you need for your loved ones even with a high BMI.