Does BMI Affect Term Insurance

Imagine gifting your loved ones the best thing in the world- peace of mind!

The smile of relief knowing that they are very well-protected. Term Insurance does that exact thing!

Term Insurance is a solid safety net to ensure your family’s financial stability, even if life takes an unexpected twist!

Say you meet an untimely death, and your kids' future gets in question.

Term insurance can protect your loved ones from all such curveballs and give them a proper shield in times of need. The core beauty of this policy lies in its simplicity- no complex jargon, just a pure-protection policy. It is a smart way to financially plan, especially if you lock it with early premiums.

Here is a twist, though- they vary based on factors like Body Mass Index (BMI)!

Curious to learn more?

Let’s get more insights on this subject!

What Is BMI?

BMI is a value obtained from a person's height and weight. This value is the output of a predetermined formula. Just divide a person’s weight by the square of their height, and you will get their BMI. The unit of weight is kilograms, while the height is measured in meters. Based on the resulting value, a person is classified into different categories, such as underweight, normal weight, overweight, or obese.

Why Is BMI Important?

BMI has the potential to directly impact the cost of your term insurance. It is extensively used by insurers as it provides a clear assessment of who falls under the high-risk category. The calculation becomes quite straightforward: those who have a high BMI are at a greater risk of health issues. It is important to note that BMI does not measure body fat; it is simply a screening tool for insurers. Individuals with high BMI are at a higher risk of having diseases, including cardiovascular disease, diabetes, and other chronic conditions. These conditions have the potential to significantly impact life expectancy. This works as a crucial factor for insurance companies while analysing premiums and policy terms.

How Does BMI Affect Term Insurance?

Insurers use various criteria to assess risk before issuing term life insurance policies, and BMI is one of the key factors. Let’s find out how BMI impacts your term insurance:

1. Increased Premiums: If your BMI score falls under the overweight and obese categories, you will be charged higher premiums than those in other categories. This is because companies are at higher risk when insuring an individual with a higher BMI.

2. Medical Examinations: The insurers may need to run some extra medical tests in order to examine your overall health in case the BMI score is outside the normal range.

3. Policy Rejection: In extreme cases, if the individual is highly prone to severe health complications, the insurance companies have the right to reject the application. This happens when the BMI score is over the top, and other medical tests point toward serious health issues.

While BMI is a significant factor in calculating term insurance, it is noteworthy that there are other factors as well that are highly considered by the insurers. These may include age, occupation, family medical history, smoking habits, or pre-existing health conditions. The significance of these factors may vary from company to company.

How Can You Get the Best Term Insurance Rates With A High BMI?

Individuals can take various steps to get lower rates on term insurance. The following are the same:

1. Share Detailed Medical Information: Disclosing accurate information about your medical history is extremely important when applying for term insurance. If an individual has shown efforts in managing good health, they can easily resolve the issue of BMI. Insurers appreciate honesty and transparency. If you share clear information about your health, there is a high chance of you getting a better offer.

2. Opt For A Better Insurer: Various insurance companies might have varying prerequisites and risk assessment methods. Doing personal research and comparing multiple insurers can help you find a suitable term plan that fits your requirements.

3. Improve Your BMI: This may sound obvious, but sometimes the best option is to work on your BMI. If the BMI score is not far from the normal value, then improving the BMI becomes a perfect alternative. You can do the same by altering your lifestyle habits by exercising regularly, having a balanced diet, and living stress-free. These are some of the most effective ways to improve BMI.

4. Seek A Good Insurance Advisor: It is suggested that you look for a professional insurance advisor if you don't have the resources to compare the policies yourself. They can help you find a term plan that better suits your requirements. They can also help you in the application process and offer insights into the best rates.

Conclusion

Term insurance is a significant asset that helps your family combat financial challenges. Insurers weigh various factors to understand the amount of risk you might possess, and BMI is one of them. BMI has the potential to directly impact the rate of your term insurance. You can still secure a good term insurance plan even if your BMI is high. You can attain the same by sharing a clear medical history, opting for a better insurer, improving your BMI, and opting for a professional advisor. Term insurance is an important step; make sure you take it carefully so that your family is secure.