Thanks to Aaron Crowe at Insurance.com for the interview for his article on the impact of build and losing weight on applying for life insurance. Every insurance company uses different criteria in setting parameters on height and weight for their top tier (and all) rate classifications. It’s important to look at different companies to determine where you can get the lowest premiums dependent upon your build (this excludes the other factors of choosing the right policy & company). Doing your research before replacing your policy is critical. The Questions and Answers on Life Insurance Workbook features worksheets and information on the process of choosing a policy while Questions and Answers on Life Insurance: The Life Insurance Toolbook provides further resources and information for those looking to dig deeper. Insurance Literacy is a lifelong process.
The full article titled: How much can you save on life insurance by losing 20 pounds? by Aaron Crowe can be read by clicking on the article name.
Article excerpt including my comments are below: “Weight is one of a dozen factors insurers will use to determine life insurance quotes, and underwriters of permanent or whole life policies have more leeway to give breaks for an extra 10 pounds of weight loss, says Tony Steuer, a licensed Individual life and disability insurance analyst in California. For thinner people seeking lower rates, providing proof can be as easy as having an examiner bringing a scale to their home, or the insurance company checking their medical records, Steuer says. But you may face problems if your weight changes every time you apply for a policy change, or if a dramatic weight loss from dieting is unsustainable, he says. For someone who plans to lose weight, getting a five- or 10-year life insurance plan now, and then updating to another plan when they lose the weight is a good idea if they follow through, Steuer says. “The danger there is something else occurs health-wise, or they don’t lose the weight, and they don’t have the coverage they need,” he says.
Tony Steuer, CLU
California Life and Disability Insurance Analyst
Author: Questions and Answers on Life Insurance