“I know my loading is because of my fatness, and that isn’t going to change anytime soon!”
This was a statement from an existing client recently, at her annual review of insurances. She understands that it is vital that she retains her income protection and life insurance cover to protect her family and accepts the loading.
But how do these loadings work if you are overweight?
As a society we are generally getting larger due to our busy life-styles, easy access to fast foods and less regular exercise.
If we are overweight then this does increase the risk of health issues as we get older which is a concern to the insurance companies. However, some of the health risks such as high cholesterol or high blood pressure can be well managed and kept under control by simply taking medication on a daily basis.
These days the insurers are more realistic regarding people who are overweight and they know that this will not always result in serious health issues.
Some can be quite generous with the limits that they will allow before they will look at either declining or loading an insurance policy. (A loading is where the insurance company will still provide cover but because of the possibility of an extra risk involved they would charge you a little bit more to put the cover in place).
Insurance companies use a method called BMI (Body Mass Index) when assessing whether your weight would pose an additional risk to them.
You can check out where you would fit within this range by clicking on the following link with the Heart Foundation
Providing you do not have any health issues that would be a concern to the insurer, then normally they would not worry too much about your weight unless you had a BMI rating of 32 or over (which is in the obese range),
If your BMI rating was “32” or higher then the insurer would look at how old you are (as you get older the insurer actually allows you to have cover at times even with a BMI rating that exceeds “32”) and your overall general health. They also take into account your family history, and any relevant information on your lifestyle.
If you are too thin, the insurer may be equally concerned about your BMI. It is important that if you have reasons for having a higher BMI, for example, you are actively involved in sport and this has lead to higher BMI because of your muscles.
So generally even if you are very much overweight there is a good chance that you would be able to obtain some form of insurance cover.
As being overweight can lead to further health issues down the line, you could possibly suggest that it would be even more important for you to have cover in place now (Noting that once you have a policy in place the insurer will pay out for anything that the policy covers you for should your health later deteriorate regardless of your weight at that time).
Remember, insurance is something that you have to protect your financial situation and to provide for the people that you love. If you are overweight, it is important to acknowledge this.
Different insurance companies assess the role of your weight differently. It is worth getting expert assistance to work out the most appropriate insurer for your situation. To get a quote and review of your existing insurances, fill in the form here – Get Quote Now.
To find out more about whether you do, or whether you should have trauma insurance, Get a Free Quote and Review Now.
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By Paul Swarbrick