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Obesity is prevalent all round the world and Canada is no exception. A survey initiated in 2004 by the Canadian Community Health found that over 23% of the adult public suffered from obesity. But it didn’t stop there, over 36% were reported to be overweight.
Obesity can make you susceptible to heart problems, joint disease and stroke to name a few, consequently life insurance can be hard and expensive to obtain. Life insurance comes in four categories:
Preferred Rates: For people in very good health and with an exemplary family health history.
Standard Rates: The standard rate that an person is usually classified.
Rated/Substandard: For customers for whom their lifestyle or family health put them in the higher risk level.
Declined: No policy agreed.
Based on in-house survey of six life insurance companies, a male with no other health obstacles can qualify for life insurance coverage at standard rates at 5′9″ and 250 lbs or 6′0″ and 265 lbs.
Regrettably futher health issues usually arise when a person is obese, as a result insurance underwriters take these factors into account when deciding on the classification a person falls under. Acquiring an affordable premium by writing a covering letter with your application and/or asking for a preliminary offer is one of the reasons you need to find a reputable broker to help you.
Lots of insurance companies, ironically enough, use the same height and weight tables for males and females, so a covering letter detailing lifestyle issues or other variables can really help. If you are overweight, then as a substitue to standard Life Insurance, it could be more cost efficient for you to look at Simplified Issue Life Insurance. These plans have no medical examinations and less health questions. Although at one stage these type of plans had higher premiums with tinier potential payouts, there has been a marked enhancement in the pricing policies which make these a viable option.
For more information, visit our instant life insurance quote calculator.
