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Life insurance for weight loss
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Similar to other insurance products, life insurance rates are based on risk. Providers charge more for policies they are more likely to pay out. As such, your overall health — and therefore, your weight — can play a role in how much you pay or make it hard to find coverage in the first place. Since purchasing life insurance is an important step in securing the financial well-being of your loved ones, you may be wondering how weight loss can impact your insurance costs and eligibility. Here’s what you need to know.
Should I lose weight before getting life insurance?
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 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. That’s 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 equate to 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. Instead, consider purchasing a term policy that renews annually or searching for a policy that allows you to apply for a re-rating in the future.