Body Mass Index (BMI) is an essential calculation that determines your health status based on your weight and height. A high BMI score indicates that you are overweight or obese and may have health complications such as hypertension, heart disease, and type 2 diabetes. Therefore, it is understandable that many people wonder how BMI affects their life insurance premiums. In this article, we will explore the relationship between BMI and life insurance.
BMI and Life Insurance
Life insurance is a financial tool that provides financial protection to your beneficiaries in the event of your untimely death. The amount of life insurance premiums you pay is based on several factors, including age, gender, occupation, and health status. Insurance companies use BMI as an essential factor when determining your life insurance premiums.
Insurance companies consider BMI as a significant risk factor. This is because a high BMI score indicates an increased likelihood of developing chronic health conditions such as diabetes, high blood pressure, heart disease, and even cancer. This means that individuals with a high BMI score are more likely to die earlier than those with a healthy BMI score.
How Does BMI Affect Life Insurance Premiums?
Several factors affect the cost of life insurance premiums, including health status. When it comes to BMI, insurance companies divide applicants into two categories: standard and substandard. Individuals with a healthy BMI score fall under the standard category, while those with a high BMI score fall under the substandard category.
Standard Rates
Individuals with a healthy BMI score usually pay standard rates, which means they are considered low-risk individuals. These individuals have a low chance of developing chronic health conditions and are expected to live longer. Therefore, their life insurance premiums are relatively lower than those with high BMI scores.
Substandard Rates
Individuals with a high BMI score fall under the substandard category, and their life insurance premiums are higher than those with standard rates. This is because such individuals have a higher risk of developing chronic health conditions and are expected to live shorter than those with healthy BMI scores.
Higher BMI scores can significantly increase life insurance premiums, and in some cases, it may be difficult to get approved for traditional life insurance policies. In such cases, individuals may have to opt for high-risk life insurance policies, which are expensive and offer limited coverage.
Final Thoughts
Your BMI is an essential factor that determines your life insurance premiums. If you have a high BMI score, you are likely to pay higher premiums than those with a healthy BMI score. However, this does not mean that you cannot qualify for life insurance or get affordable premiums. You can still get affordable life insurance premiums by maintaining a healthy lifestyle, losing weight, and improving your overall health status. If you are concerned about how your BMI affects your life insurance coverage, speak to an insurance agent to help you find the best policy that suits your needs and budget.