Lose Weight and Save on Critical Illness Insurance Premiums

One’s weight can seriously affect the premiums that are paid for critical illness insurance.

In essence, the heavier one is, the heavier their premiums will be. Obesity may be linked to an unhealthy lifestyle – poor eating habits and a lack of exercise. And in turn, obesity is linked to a long list of critical illnesses and other physical ailments – diabetes or heart disease, as surprisingly, even cancer.

Now, if one wants to save on premiums for a critical illness insurance policy, they should also shed those extra pounds. Having a “healthier weight” would mean that one can cut off up to a third of their premiums. This is because being overweight can tack on an additional 50% to the standard premiums.

Losing Weight and Premiums

When underwriting a policy, the insurance company will look at the applicant’s height and weight and use the BMI to determine if one is overweight. The BMI (body mass index) provides an indication of one’s health by looking at the proportion of his weight vis a vis his height. If one have a normal proportion, his BMI will be from 18 to 25. Someone who has a BMI that falls between 25 and 30 is considered overweight, while a person who has a BMI of 30 and above is already counted as overweight.

The increase in premiums is preventive on the part of the insurance company. Even if one doesn’t have any pre-existing conditions, one will still be charged with higher premiums. So you can just imagine if a person is overweight and has a pre-existing condition – they may have to pay higher premiums or end up having their application denied.

Premium Reductions

If you have been issued a policy with an overweight standard rating, you can still work to lower your premiums by showing the insurance company that you are making an effort to lose weight.

With some insurance companies, you can earn points for every instance that you show that you are exerting effort and succeeding about losing weight. Points can be earned by going regularly to the gym or by having a healthier diet. If you have earned enough, then the insurance company may lower your premiums.

An Incentive

This fact that overweight persons are charged with more premiums can be used as an incentive for one to lose weight. So, if you have the same problem, maybe it is high time to think about living a healthy lifestyle.

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