Your weight affects the life insurance rates you pay
Every life insurance company has its own set of life insurance underwriting guidelines that are used to determine the life insurance rates they will charge you.
If you are applying for the “preferred best”, “super preferred”, or preferred plus life insurance rates, you need to meet the life insurance company’s weight cutoffs or you will not get their very best life insurance rates!
How Does the Life Insurance Company Know Your Weight?
When you apply for life insurance, part of the application process will require a paramed exam.
A paramed exam is paid for by the life insurance company and consists of a height, weight, blood pressure check, blood and urine samples, and detailed health questions. The paramed examiner will come to your home or office and the process typically takes about 25 minutes.
If you are applying for the most competitive life insurance rates available, your life insurance agent should tell you ahead of time what the weight cutoff is based on your height. Life insurance companies will not give you their best rates if you miss the cutoff by as little as a pound!
You would think that life insurance companies would like to see a recent weight loss…..but that’s not always the case!
If you just lost a few pounds, that’s no big deal to life insurance underwriting, but what about if you lost closer to 20 pounds, 50 pounds or more?? How would this affect your life insurance rate?
Take a look at the following example:
Male, age 45, perfect health, weighs 205 pounds and is 6 feet tall, looking at $500,000 of 20 year term life insurance.
If you look at the underwriting charts for the most competitive life insurance companies available, it looks like he would qualify for their best life insurance rates as a number of companies have a 207 pound cutoff for this height, but not so fast…..
Last year before starting to exercise again, this man weighed 220 pounds….Does this matter to an underwriter?
The answer is “YES”. Most life insurance companies will average your weight over the 2 year period…205 +220 = 425/2 = 212.5 pound average..here’s the problem.
If your average weight is 212.5 pounds, you will not be getting the best rate class offered, and here’s where a good agent comes in.
The best rate available may be $665 per year….but you’re never going to get this rate class…When you get approved 6 weeks later, this company offers you their second best rates, $795 per year.
A good agent wouldn’t send you down this path, but many do as they are afraid of losing you to a competitor who will quote this rate. What the agent should have done was look for the best rates based on your average weight…that rate would have been $705 per year.
Yes, it’s more than the the $665 quoted (that you wouldn’t get anyway), but far less than the second best rates offered by competitors.
How Do You Get Your Best Life Insurance Rates?
Each life insurance company has its own set of underwriting guidelines with build charts to show what rate you will qualify for based on your build….Ask the agent for a copy of the underwriting guidelines before you apply….
You will save yourself a lot of time, money and aggravation! Good luck.