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Losing Weight Can Help You Save Money on Life Insurance. Here’s Why

Sep 25, 2019 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team
Losing Weight Can Help You Save Money on Life Insurance

Everywhere you turn, there’s a “get in shape” this and an “eat healthier” that. Maybe it sounds a little over played, but you might want to listen up. Look, for some of you who have been boo-hoo-ing about your health insurance premiums, you could benefit from some of the gurus and gym heads that seem to creep their way onto your devices, TV and magazines.

How living healthy helps?

If you are healthy, you get sick less often. This means you go to the doctor less often and your insurance policy remains intact longer. You don’t need to see your doctor if, due to your healthy diet and strengthened immune system, you’re not sick. And since you’re not sick, you don’t need a prescription for antibiotics. If you’re a low-liability customer who takes care of him or herself, an insurance company may lower your premium for good behaviour and less investment.  

In a 2013 Duke University study, researchers tracked health care spending by body mass index levels. The average annual cost for a person with a low BMI of 19 was $2,541, in the American context. With a BMI of 25—considered overweight—it was $2,893. At a BMI of 33, which is deemed obese, the costs topped $3,439. “The risk of illness starts increasing already from the lower end of “normal weight,” says lead researcher Truls Ostbye.[1]

You can potentially use your weight loss to get cheaper premiums on your health insurance policy down the line. Some life insurance companies will let you take new medical exam one or two years after the policy goes into effect. This depends entirely on the insurance company and your specific situation, but an independent broker can help you navigate this.

What can weight loss do you your general health?

Losing weight through healthy means after having consulted an expert can have huge health benefits. It can lead to lower cholesterol levels, lower blood pressure, and a reduced risk of heart attacks, dementia, sleep apnoea, and a host of other diseases.

Since every insurance company will treat your weight loss different, you can run quotes and compare the various health insurance plans. If you lost weight because of a gastric bypass surgery, some smaller life insurers may take a more lenient stance. Otherwise, the same rules apply: show twelve months of stable weight and undergo a medical exam to catch health issues.

Life insurance companies are looking for stable, and lasting weight loss, so they require 1-2 years of maintained weight before they give you full credit. [2]

It makes sense to lose a few kilograms to meet weight chart requirements, but not at the cost of your health. It is advised that you consult your doctor before trying any fad-diets.

Weight loss and life insurance

While there is a plethora of policies that give different kinds of benefits for losing weight, it is ideal to compare each policy and select one which is dependable. Note that your decision making must not be driven solely by cost – the cheapest policy may not always offer you the most comprehensive coverage. Any choice you make must be well informed and must take into consideration the medical and financial needs of you and your family.

Bottom line

It is important to understand that having the optimal body mass index has long term health benefits, regardless of if your specific insurance provider takes it into consideration. So, it may be time to renew that gym membership or take that zumba class you had been planning for the longest time!

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