You will probably never hear this from online life insurance brokers but you might as well face the facts. The truth is that only the healthiest people in America get the cheapest, rock-bottom prices for a life insurance policy. It is a gift from the nation’s insurance companies. Those insurance carriers reward healthy people with the lowest rates because they figure they will live longer and they won’t have to pay out the death benefits for a long time.
There, I said it. That little secret that insurance companies would rather not publicize is the bold-faced truth. The fact of the matter is that the lowest rates for life insurance policies, known in the industry as “preferred” or “select” rates, are given to people who are young and in good health and who have families with a history of wellness.
So, I’m calling out America’s healthiest people to apply for life insurance as the surest way to save big money. Buy now, while you are healthy and can get those ‘special’ rates. Once you lock in those rates for say 20 or 30 years on a term life insurance policy, your premiums will never increase regardless of your health condition. Obviously, I would advise you to work hard to stay healthy just because you will likely enjoy a longer and good quality of life.
If you have any doubt that your health and wellness does not make a difference when it comes to saving money on life insurance, you are absolutely wrong. People with heart disease, high blood pressure, who are grossly overweight or have diabetes will probably pay at least 30% more than the preferred life insurance rates. Smokers beware. You will pay as much as double.
What if you have no medical conditions except for being overweight? Being ten pounds overweight won’t affect the price of your life insurance policy but if your weight reaches a certain level it will. Essentially, the heavier you are, the more you’ll pay.
Life insurers call it your “build.” It translates into your weight relative to your height and they use tables that combine the two factors to help determine your risk of getting sick or dying as a result. The more you weigh in relation to your height, the more potential you have for health problems. The real problem is that we live in a country with an epidemic of obesity.
Again, the ideal life insurance customer is someone in optimal health who is expected to live a long, healthy life. Recent statistics published in the Journal of the American Medical Association found that excess weight is linked to 280,000 deaths in the U.S. annually.
General guidelines are that people more than 30 pounds over their ideal weight have a higher potential of developing serious medical problems. So, if that’s the case with you, count on paying more for your life insurance.
Here is the challenge. If you think you can qualify for those coveted “preferred” life insurance rates do not wait to apply. Wear it as a badge of honor that you are in this elite class. Getting the lowest prices on life insurance coverage is a special privilege reserved for the very best in this country. Join the “Best Health Club” and start enjoying big savings now.
Use this as a guideline but remember that each insurance company has its own guidelines so their “build” charts could be either stricter or more lenient.
Ileana Bravo is the Director of Media & Investor Relations at LifeQuote, the national leader in life insurance. Follow her at the LifeQuote blog where she covers news and trends related to life insurance, health, and finance.