Life insurance for weight loss

Why does weight loss affect life insurance premiums?

Life insurance premiums are determined based on a variety of factors, which may include your age, gender, profession and — most importantly — health. Life insurance companies consider individuals with certain health conditions to be at a higher risk of passing away than individuals who are healthy. From the insurance company’s standpoint, they want to charge you enough that they do not lose money from paying out a death benefit, especially in the case of a term policy where they are betting that you will outlive the term. Therefore, a young and healthy individual who has fewer risk factors and a lower mortality rate will pay less for a policy.

Life insurance companies use build charts to determine the ratio between your height and weight which are then compared against mortality rates within your build type to determine your risk rating. If your weight is under or over the preferred ratio, you will likely be considered a riskier applicant, pay higher premiums and, in some cases, be denied coverage altogether.

Obese individuals are at an increased risk for serious health complications, including hypertension, type 2 diabetes, stroke, heart disease, cancer and more. Being underweight also comes with its own health risks like anemia, osteoporosis and decreased immune function. These health conditions can lower your life expectancy and will appear as risk factors to life insurance underwriters.

Read more: Life insurance for overweight people

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.

Life insurance premiums after weight loss

Over the course of a life insurance policy, many of your risk factors may change. While tobacco use and health improvements are two common updates, significant weight loss may also impact your life insurance premiums.

Before purchasing a policy, discuss the potential for future re-evaluations or ratings if you think a life change like weight loss may apply to you. While every insurance company will have a different policy on the re-evaluation process, most life insurance companies will need to see significant and healthy weight loss that is being maintained before they will lower your premium.

After weight loss, insurance reapplication will consist of a new medical exam and an evaluation of your medical records. Be sure that your records show that you have not only lost significant weight but have been able to keep it off. 

To qualify for a re-rating, consider the build chart in which you were first evaluated. If you have only lost 15 pounds, most insurance companies will not feel that your risk factor has changed. However, if you have gone from clinically obese to a medically healthy weight, your weight-to-height ratio may change enough to lower your risk rating and, in turn, lower your premium. Keep in mind that losing weight due to an illness may not qualify you for a better health rating.

How to get lower premiums after weight loss

To get a lower premium on your life insurance after weight loss, the first step is to contact your life insurance agent and ask how to apply for a re-rating or re-evaluation. You will then need to be prepared to undergo a new medical exam and provide recent medical records from your primary physician.

In other words, be prepared to back up your claim with valid evidence to increase your chances of being reconsidered. If your insurance company will not let you apply for a re-rating, it may be time to apply for a new policy at a different company, where you will get a fresh medical rating.

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