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Obesity and life insurance, critical illness cover and income protection

The facts about getting life insurance with Obesity

Being classed as overweight can result in you paying a higher premium than a standard price for cover. If you are obese, your application for life insurance will be assessed based on your current health and statistics. If your weight lowers, you can always speak to us about getting your premiums lowered.

What does life insurance cost when you are Obese?

Some considerations that underwriters will need to know about you and your health when applying for Obesity life insurance are:

  • Height, weight and clothing size
  • Regular medications
  • Whether you are going to have weight loss surgery
  • Any medical conditions linked to your obesity

Your premiums for Obesity life insurance will also depend on:

  • Sum assured (£’s)
  • Term of cover (years)
  • Type of policy (e.g. Family, Mortgage, Whole of Life etc.)

Obesity life insurance rates/ratings

Rates for any non-standard cover such as Obesity life insurance will vary from one insurance provider to another, depending on their underwriting philosophy. Insurance providers use a risk-based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time, so can be difficult to predict unless you regularly speak to them.

Percentage (%) loading for Obesity life insurance

A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your Obesity life insurance premium, which will be based on your health at the time of your application. You should also know that some insurance providers have different maximum levels to others, so some are prepared to take on higher risks (e.g. 250% or 400%).

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for Obesity life insurance

You may also find that a ‘per mille loading’ could be applied to your Obesity life insurance premiums, but this is more rare and only tends to be used for more severe conditions such as Cancer. A ‘per mille loading’ will be an additional amount that is applied to your premiums, which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your Obesity life insurance policy, or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).

Another potential outcome when applying for a non-standard cover such as Obesity life insurance, critical illness cover or income protection is for an ‘exclusion’ to be applied to your policy. This means that you may have certain conditions which can be linked to your Obesity (such as Diabetes) excluded from your policy.

If you have recently had weight loss surgery, underwriters may want a postponement period depending on the kind of surgery you had. If you need to postpone full cover, this doesn’t mean you need to go without any protection at all. Speak to our experts at Iam Insured, who can help you arrange some alternative interim cover while you recover from your surgery.

It is difficult to say how much cover you need when you are applying for an Obesity life insurance, critical illness cover or income protection policy. There are however some simple rules that you can follow which will give you a good idea for how much cover you need before you apply.

  1. You should also be aware that an Obesity life insurance, critical illness cover or income protection policy could increase after underwriting to reflect any additional risks of claim, so affordability may be a consideration.

Even if you may have been declined Obesity life insurance elsewhere, we can still help you here at Iam Insured. If you are classified as having a high BMI or Obese, it is best to apply through a specialist broker so you can receive the best cover for your circumstances. We can help you do this so that you receive the best affordable rate possible.

Obesity life insurance amounts of cover

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependants
  • Spouse or partner
  • Income (after tax)
  • Assets (e.g. car, house, business etc.)

Obesity critical illness cover amounts

Critical illness cover is slightly different to life insurance in the sense that it is designed to provide a lump sum payment if you are diagnosed with a critical or serious illness. Most people relate this type of cover to Cancer, which is the biggest reason for claims for critical illness cover. Things to consider are:

  • Income (after tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

Obesity income protection amounts of cover

Income protection is a very flexible product with a lot of options and variables, so you need to consider your own circumstances before you consider this type of policy. If you work, and especially for people who are self-employed, an Obesity income protection policy can be a valuable product to give you peace of mind if anything happens to you. Some of the main aspects to consider are:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

You should be aware that it may not be possible to get an Obesity income protection policy depending on your health and any underlying conditions. Speak to one of our friendly team at Iam Insured for advice on your options.

What does Asthma life insurance cost?

If you suffer from Asthma and need life insurance, critical illness cover or income protection, then you will need to provide insurers with information about your condition. Insurance underwriters will assess your application for Asthma life insurance based on the following:

  • Age you were first diagnosed
  • Whether you use inhalers, steroids or medication to control your symptoms
  • When you experienced your first attack and its severity
  • Hospitalisation
  • Time you have had off of work

What is over 50's life insurance?

For years, obtaining quality life insurance has been a struggle, especially for those over the age of 50.

Here at Iam Insured, we understand how distressing this can be. After all, you’re looking to protect yourself and family from further distress and financial implications down the line.

As you are becoming older, it’s inevitable that your health will be affected, however this shouldn’t affect your right to feel certain about your elderly life, and how you and your loved ones will be treated once you’ve sadly passed.

If you fall into this category and have limited knowledge of ways to overcome this unnecessary obstacle, stay with us here and read our overview of obtaining a high quality, reliable over 50’s life insurance policy.

What does Asthma life insurance cost?

If you suffer from Asthma and need life insurance, critical illness cover or income protection, then you will need to provide insurers with information about your condition. Insurance underwriters will assess your application for Asthma life insurance based on the following:

  • Age you were first diagnosed
  • Whether you use inhalers, steroids or medication to control your symptoms
  • When you experienced your first attack and its severity
  • Hospitalisation
  • Time you have had off of work