Certain health issues and lifestyle habits lead to an increased premium which can be troublesome. Obesity is one of those issues that is considered risky by insurance providers. So if you are overweight and are worried about a pricey premium, here is all about life insurance for overweight applicants.
Impact of Obesity on Insurance Premium
Insurance companies safeguard you against risks by providing you with a life cover. But if there are potential risks to your health which can increase the probability of an early claim, then the premium will be higher. These potential risks can be numerous elements like lifestyle habits, past health records and gender amongst which obesity is one. Being overweight can lead to several health risks in the future due to which the premium can be higher than that of a normal applicant.
Can You Hide That You Are Obese?
No, you cannot hide that you are obese because the insurer requires details like your height, weight, and other personal information. You are also required to take a mandatory medical test before getting life insurance. But if you think that you can avoid taking the test, then you will have to pay a higher premium anyways as the insurer wouldn’t want to take the risk of unknown health problems. Thus, it is better to reveal all your health issues rather than hiding it and losing the claim.
4 Ways of Getting Life Insurance If You Are Overweight
If you think that you cannot get an affordable life insurance plan anymore, do not lose hope because here are four ways to reduce the premium quote:
Get Your Policy Online
One way to decrease the premium cost is by opting for online insurance instead of going for the offline policy. This is because offline term plan also included the cost of the agent and the commissions. The online mode eliminates the agent and hence, the premiums are more affordable. You can easily find all the insurance plans available on the particular insurer’s website.
Premium Payment Frequency
For paying your premiums, you can choose from four different frequencies like monthly, quarterly, half-yearly and yearly. So, when you get the premium quotes for all these modes and compare the total amount you will be paying for all four ways, you will realize that the amount differs. The monthly premium makes you pay higher than the annual mode. This option can only be chosen if you can pay a hefty amount, as the yearly premium can be way higher as it’s not regular.
Let Go of Lifestyle Habits
Lifestyle habits like smoking and drinking alcohol pose a danger to health, hence, leading to a higher premium. Instead of proceeding with such habits, you can give them up for a healthy lifestyle and get term insurance at a considerable amount.
Add Rider Benefits
Riders provide you with extra protection for situations like a major illness. You can choose such a rider and combine it with your policy to maximize your coverage. It’s advised to add critical illness rider and other such health riders if you are overweight. Also, you need to check with your insurer if the plan or the rider covers obesity. Buying riders can lead to an increased premium but will benefit you in the times to come.
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