Life Insurance - cut the pounds – cut the premium

Obesity is becoming a real problem in the UK. In the past twenty years the number of overweight adults has snowballed and latest figures estimate that more than half of the population of UK women are classed as overweight or obese. It’s even worse for men, with six out of ten coming into the "tubby or worse" classification.

Unfortunately things don’t look so good for the future, either. A survey of children ranging in age from two year old toddlers to the mid-teenagers reveals that more than one in five boys and in excess of one in four girls are in the overweight range.

Life insurance companies are aware of the health risks connected with the obesity problems. When working out quotations for life insurance it’s common practice for them to charge up to four times the standard (ideal weight) premium. The bad news for the overweight population is that the limits are steadily being lowered.

The result of these altered requirements will put many people who are only slightly overweight into the higher premium bracket and for the extremely obese the news is really bad. They could even be refused life insurance altogether.

When filling in your life insurance application form, you’ll be asked to state your height and weight. A new little box may have been added under the "weight" part – you may be asked what date you were last weighed. This is to counteract the amnesia caused by overweight – it is easy to knock off a few pounds (or more) here and there and when did you last weight yourself? From this height and weight information, the insurers will be able to work out your BMI, or body mass index. Should your BMI be higher than the normal limits you could be asked to have a medical check-up. If the news is bad and your weight be way over the normal you could find your premium raised by up to 400%. Even being slightly heavier than normal could increase your monthly premium by 50%.

You may decide to check your own BMI. You can do this in four simple steps.

1. Multiply your weight in pounds by 703.
2. Divide the result by your height in inches.
3. Divide this second result by your height in inches (again).
4. And the answer is your BMI

Normally, insurance companies would prefer to you to be in the 18.5 to 24.9 range of BMI to be considered normal. Over 25 and you’re overweight and over 30 qualifies you as obese. Over 35 and medical research shows that your life expectancy would be in question.

Another of the criteria affecting the price of your premium relates to your age. The younger you are the higher will be the increase in premium. This shows an acceptance of the fact that people tend to weigh rather more as they age.

It’s never too late to lose weight though. Whatever your age. The increase in health and vitality will be its own reward. There are lots of slimming club and health clubs and your GP should be able to give you advice and support if you show you really mean to take this important step.

Don’t let the above facts stop you from going ahead and arranging some valuable life insurance. As the weight comes off you should be able to negotiate a reduction in premium.

Your insurers will be happier, too.