Life Insurance: Insurers Sting Obese And Smoker

Smokers and the overweight are seeing increased life insurance prices. The insurance industry is penalising people with these higher costs of cover.

The way insurance companies calculate premiums is to work out the risk of the customer to them dying while the policy is activated. When looked at from this point of view, smoking and obesity are obviously very important factors in this consideration.

Some pro-smoking groups assert the point that according to statistics smokers under 40 are as likely to die as non-smokers of the same age group. However, as Sainbury’s life insurance manager, David Pickett said: “Health risks associated with smoking can have a big effect on life cover costs. It is vital for those who have kicked the habit to review their policies”.

A recent study conducted found that the average smoker paid 56% more than a non-smoker for a life insurance policy. This study was based on nine top UK insurance companies, based on quotes for two men aged 20 asking for £ 100,000 cover over a 25 year period. The only difference stated on the applications was that one smoked and one did not.

As well as toughening up on smokers, the overweight have seen increases in their policies. Recently insurance companies have changed their approach to the obese, the Body Mass Index (BMI) that affects insurance has been lowered from the previous figure of 33 to a BMI of 28. This is a reduction of 16%, anyone with a BMI above 28 faces a 50% rise in premium prices.

Life insurance companies will calculate your BMI, if it exceeds the limits deemed acceptable by the company to doctor’s report may be requested. If the BMI is very high the company may ask you to have a medical examination, if this exam concludes that the customer’s weight is of concern then the policy will be increased by a minimum of 50%, but this can rise to 400% in the case of the morbidly obese.

Life insurance companies do have some tolerance for weight gain, for the middle aged they accept that people naturally put on weight as they age. Age is taken into account alongside weight when insurers take applications.

Obesity is a growing problem in the UK and a serious threat to health, as insurers are making clear, over the last 20 years obesity in adults UK has risen dramatically, with more than 60% men and 50% of women deemed overweight or obese.

So if you’re intending to apply for life insurance it would be beneficial to lose a few pounds first if you’re currently overweight. It’s not quite as simple for smokers, to be seen as a non-smoker by insurance companies you must not have any form of nicotine consumed during the previous 12 months, although some insurance companies extend this period to five years.

Due to the fact that premiums for smokers and the overweight so high as the importance of seeking out a competitive policy rises. The best way to do this is to use a comparison website such as Onlyfinance.com, which means you only need to input your information Once and hundreds of policies will be reviewed, and the best price and package will be selected.

Obviously the policies found on a comparison site will still be higher for smokers and the overweight but the best available deal for you will be found. The importance of life insurance is becoming clear to everyone nowadays, it provides peace of mind, if something did happen then your family will not be left in a state of financial confusion. The popularity of policies has also mean the life insurance market has remained leads a busy and profitable one.

Over 50s Life Insurance

There are many people in the US, UK, Canada and other industrialized countries who are living beyond the average life expectancy. Thus planning for the future in terms of your financial road map is never been more important. Over 50s life insurance nowadays is a lot easier to find and qualify. Some ,b>life insurance companies do offer some special rates and plans for older people like those who are over their fifties. Life insurance for the elderly is more affordable than they used to be. These types of insuring the over 50s is no longer difficult to find.

There are some life insurance companies who specialized in giving better rates and plan coverage. These over 50s life insurance can be easily purchase if are reasonably healthy and your policy coverage would be highly competitive. And to find these insurers is so easy. All you need to do is go online and search for life insurance for over fifties people and you will find a whole of them.

But no matter what your age is, you may always need life insurance There are numerous reasons why you may need to buy yourself protection and security. For instance you have mortgage, credit card debts, loan, and of course your final expenses. You need to protect your family from this indebtedness so that if something happens to you, their finances would the least of their problems. Regardless, of your age you need to protect your family and love ones.

If you are above the age of fifty and still carry a huge chunk of your mortgage and have debts and loans, the more you need protection. Mortgage or home loan is one of the biggest form indebtedness an individual or family carries in their life time. With the ever increasing mortgage rates, a lot of people take out home loans over longer terms. And many people still have mortgages to pay even at their sixties and seventies. Even if you do not have mortgage or big indebtedness, some people would like to leave some money to their family and love ones.

It is understandable that with every family has their own liabilities and if one member of the family dies, their finances will be in jeopardy. So you always need the protection and security so your love ones will not suffer should you die. Thus it is very important to have the plan coverage and protection to avoid your partner from shouldering the entire financial burden you left should you unfortunately die.

It is obvious that this will slightly be more expensive than if you are younger or say you are less than forty years old. Leaving yourself and your family unprotected could mean some financial hardships if something happens to you.

In order for you to have a better picture of what you are facing, you need to life insurance quotes online. This will ultimately answer the question or concern you are having like how much does life insurance cost? Over 50s life insurance after all is not hard to find and get qualified for a plan or coverage. Always remember to check the quotes online and the life insurance companies if they are financially stable.

How to Acquire Life Insurance