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If you have loved ones you really want to protect with life insurance, but think you would be better off losing some weight before you apply, you might be surprised by the rates you can get right now.
Would the rates be better once you lose the we weight? Yes, of course. But your loved ones need protection today. Moreover, once you lose the weight you can look for a better priced policy. The important issue is to protect your family as affordably as possible today. After all, none of us are guaranteed tomorrow. Hearing "She was waiting to lose weight to get insurance" is not a great legacy for your loved ones.
Applying for coverage today (while you still have weight to lose) is not giving up on losing weight. Rather, it's being responsible today. Tomorrow is a new day and starting it with life insurance coverage does nothing to diminish your drive to get healthy. What it does do is allow you to look in the mirror and "I may still need to lose some weight but my family is protected and I'm proud of that"!
The underwriting health class that you are graded will determine your cost of life insurance. While we would all like to be PREFERRED BEST, the truth is that only 12% of applicants get the highest rating. Your health rating starts with your build, that is , height and weight.Once you have determined the best class for your build, you rating will be dependent on your overall health and lifestyle.
If your weight is above the maximum for standard rates, you may still get an affordable policy.The chart below shows common build chart with ratings all the way to table 6. Each "table" is .25% above STANDARD rates. However, the truth is that by adjusting carriers, coverage amounts and terms nearly everyone who is overweight but not afflicted with a major medical condition can get good coverage.
Don't feel bad that you aren't getting the $500000 policy for $20 a month deal you hear on the radio- the truth is almost nobody does. The commercials on the radio are awfully misleading. What's important is that you protect your family without busting your budget.
Common Height and Weight Chart with Table Ratings
Exam Required, Moderate Underwriting, Best Pricing
Instant Approval Height and Weight Chart
No Exam Required, Strict Underwriting, Good Pricing
Fast Approval Height and Weight Chart
No Exam Required, Easy Underwriting, Cost More
The reason that height and weight or "build" is asked before any other questions about your health or lifestyle is that the answers to those questions will not move you up in class higher than build grade. With few exceptions, the additional information will either keep you in your current grade or lower it.
That being said, life insurance carriers are very worried about anything that increases the risk they are taking. Aside from build, the issues that most concern underwriting are listed below.
While "dings" on any of these issues can be a big issue if you are shooting for 'preferred plus" , many are not a big deal if you are already looking at a standard or "table 2" rating.
For instance with most carriers family history will not be an issue below preferred and a couple of minor moving violations won't matter at all in such a case. However, if you have medical conditions that are life threatening, or you have multiple DUI arrests and skydive for leisure, then even standard or table 2 files can be an issue.
As a general rule if your weight gets you into a standard class and you have other minor issues going on, you can start the process using Standard as a rate and go from there. If you have more serious issues beyond weight, call and get an assessment. We are happy to help.
Because you can be approved in just a few minutes or days depending on the carrier, instead of 4-8 weeks. Additionally this gain in speed of decision happens for little or no additional premium cost. Fill out the quote form and you will receive a quote from carriers who will take a no exam application for term insurance.
Unlike the commercials you hear on radio and television for no exam insurance, these policies are not limited to a few thousand dollars for funeral expenses. Rather, these are real term policies with amounts up to 500K. While there are great advantages to policies like this, including not having to take an exam, they don't fit every need.
If you are over age 70, need more than 1MM of insurance or have a health concern that will not pass instant approval please call.
While the information that concerns life insurance carriers has remained mostly the same, technology has dramatically changed how underwriting is done.
Obtaining the necessary information can now be done at the speed of light. The underwriter will have a copy of your driving, prescription and credit history in seconds. Using risk algorithms rather than exams allow carriers to make faster decisions. This is certainly not always the case. If you are over age 60 or have health issues the the carrier will often request a statement of health from your doctor and this can slow the process considerably.
Nonetheless, even if an APS (Attending Physicians Statement) is requested there is still the advantage of not having to take an exam. The exam, all too often, turns up issues that negatively affect rates. While we want you to be healthy, we think it's best you find out about any health issues at your annual physical, not at your life insurance exam.
While the no exam trend is industry wide, most carriers are unwilling guarantee no exam. Rather, they'd like to look at your information first and then decide whether or not to require an exam. It is for this reason that you may only see a few carries listed. If this is of concern to you, you can get a quote with the full range of carriers here.
The Life Insurance Help Desk can't help you get a better deal from any specific carrier, in fact no broker can. The rates are set by the Department of Insurance at the state level. However, an experience broker can help you with which carrier will view you most favorably. This information can save you thousands over the life of a policy. Additionally, an experienced broker will give you some sage advise, such as don't choose a carrier that saves you $2/ month if it means taking the risk of an exam.
Lastly, unlike call centers that turn over their staff at astronomical rates, the Life Insurance Help Desk will be here if you need to service your policy. That means address changes, beneficiary changes and even death claims. This is service that is not provided by call centers.