Summary
Insurers are not happy with overweight clients. They may refuse insurance in some circumstances. Lose some weight and the position will change for the better.
Life Insurance cover - fat chance
Author: Dot Piper
The Government predicts that by 2025, obesity rates in children will be a frightening statistic. It is thought that around 33% of girls and 25% of boys will be clinically obese. This means overweight to the extent that their health will be likely to suffer. (car insurance cover)
The rate at which UK children are getting fat is the worst in the world. There are experts that believe that the UK will top the tables as the most obese country, overtaking the USA.
Obesity and conditions related to this condition are costing the country £4billion in working days lost. Disability pay and lost tax payments through being unable to work are believed to be costing up to £20billion per annum.
Obese people are likely to visit the GPs surgeries and hospital clinics more frequently than average weight patients and there is an increased need for treatment. With the National Health Services cost for these "obesity" patients estimated to be at £15billion per year, its a worrying thought that these costs will spiral as the younger generation figures come into play.
Naturally, insurance companies are showing a lot of concern about these predictions. Many of them now ask specifically for the weight of the applicant on the day that they fill in the form. Asking how heavy you were when last weighed is not quite the same thing. Its easy to get "weight amnesia" and omit a few pounds ...or more. If the answer is not to the insurers liking the premium could rise significantly, or you may even be refused cover.
We have some figures from one of the main insurers. Take, for example, a man in good health and aged 40 and applying for 20 years life insurance worth £100,000. If hes Mr Average, hell weigh around 12 stone and be 5ft 10ins tall. Now consider the same person but put his weight at 18 stone. Still in good health, but the premium for his life insurance would rise by over 50%. (cheap car insurance)
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- An introduction to one very valuable form of life insurance called critical illness insurance.
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If a medical was insisted on and he was found to have one or two problems which would be quite usual for a person of his age and weight, then either the premiums would be considerably higher or he would be refused cover.
In the case of critical illness insurance, its unlikely that this same person would get any cover at all. Certainly there would be a refusal if the result of a medical showed any weight-related complications, such as high blood pressure or raised cholesterol.
Women weighing over 16 stone are likely to have similar problems when it comes to insurance, and the extra cost of insurance at this weight, as opposed to "normal" weight, would be an additional 33%. Again, if in ill health or weighing very much more than this, then the ability to get cover would be doubtful.
These facts present major problems for both sexes as, due to health problems, life insurance becomes an important issue. (car insurance quotes)
So what you can do to change the situation?
Life insurance in particular is extremely important. If you have a problem in organising life insurance due to obesity and possibly ill health due to the condition, then youll need a good broker to help you to find the right company to help you. It might be expensive, but remember if you take the cover that you need now, if there is an improvement in your position at a later date and your weight has fallen, it will be possible to switch to a more reasonably priced policy.
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organizing Life Insurance- When you have family members depending on your income, saving for the future of your loved ones is a good idea. Investing in life insurance will give you enough financial support to take care of the future of your loved ones when you are no longer around. A life insurance plan also makes provision for a cash value where a part of your premium is put into a savings account. Hence, while you invest for a secured future, you can make savings too.