Obesity is prevalent all round the world and Canada is no exception. A survey initiated in 2004 by the Canadian Community Health reported that over 23% of the adult public suffered from obesity. Falling under the obesity level but still overweight was another 8.6 million Canadians.
With so many more Canadians facing the truth of Obesity and the issues that go with it, such as high blood pressure, diabetes and coronary heart disease, this new truth can have a direct impact on their classification and their ability to get life insurance. Life insurance and its four types:
Preferred Rates: For those that are totally healthy and have a family history of outstanding health.
Standard Rates: The rates the bulk of individuals receive.
Rated/Substandard: Those customers who’s fitness makes them a greater risk.
Declined: The insured is denied a policy.
Standard cover would be given to a healthy man who weighed 250lbs and had a height of 5’9″ – this is derived on an in-house report completed by some of the life insurance companies.
However, the issue with obesity is that it often leads to other health conditions and insurance underwriters connect risk variables to determine the classification given. Purchasing an affordable premium by writing a covering letter with your application and/or asking for a preliminary offer is one of the reasons you need to find a reputable broker to help you.
Making an insurance company aware of lifestyle or any inconsistencies that may influence your quote is common sense if you want a tolerable quote, especially as many companies use the same height/weight chart for both genders. If you are overweight, then as an option to standard Life Insurance, it could be more cost saving for you to read up about Simplified Issue Life Insurance. The perk of this type of application is their lack of medical tests and fewer questions on your health. They come with higher premiums and lower face amounts, but pricing options have improved significantly in recent years.
For more information, visit our instant life insurance quote calculator.
