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Life insurance for weight loss
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Purchasing a life insurance policy is often one of the most important steps you can take to secure the financial wellbeing of your loved ones. When you die, your life insurance policy is designed to pay out a death benefit to the beneficiaries you choose, and that money can be used to cover anything from funeral expenses and outstanding debt to other life expenses.
But how does your weight affect the cost of your life insurance policy? Well, your weight and health can have a significant impact on how life insurance companies calculate your risk, which, in turn, can affect your insurance premium. And in some cases, your weight may even result in a denial of coverage. If you’re wondering how losing weight can affect your life insurance premiums or what to do if you are denied coverage, here’s an overview on how losing weight can impact your life insurance.
Weight loss and saving money
Life insurance is a great investment for your future no matter your body type. If you are in the market for life insurance coverage but you are currently overweight or obese, you might think that it is a good idea to lose some weight before you apply for coverage. However, just because you have lost weight does not necessarily mean you will have a lower premium because other factors, like your age or conditions arising from your obesity, may still influence your risk rating.
While it is true that a healthy weight may generate a lower premium, if you do not lose the weight right away, it is likely that you will put off purchasing a policy. This delay means your loved ones will continue to go without coverage. When it comes to overweight life insurance, waiting too long can easily turn into being too late. Instead, consider purchasing a renewable term policy in which the policy renews annually, or searching for a policy that allows you to apply for a re-rating in the future.