Obesity is becoming a real problem in the UK. In the past twenty years the number of overweight adults has snowballed and latest figures estimate that more than half of the population of UK women are classed as overweight or obese. It's even worse for men, with six out of ten coming into the ?tubby or worse? classification.
Unfortunately things don't look so good for the future, either. A survey of children ranging in age from two year old toddlers to the mid-teenagers reveals that more than one in five boys and in excess of one in four girls are in the overweight range.
Life insurance companies are aware of the health risks connected with the obesity problems. When working out quotations for life insurance it's common practice for them to charge up to four times the standard (ideal weight) premium. The bad news for the overweight population is that the limits are steadily being lowered.
The result of these altered requirements will put many people who are only slightly overweight into the higher premium bracket and for the extremely obese the news is really bad. They could even be refused life insurance altogether.
When filling in your life insurance application form, you'll be asked to state your height and weight. A new little box may have been added under the ?weight? part ? you may be asked what date you were last weighed. This is to counteract the amnesia caused by overweight ? it is easy to knock off a few pounds (or more) here and there and when did you last weight yourself? From this height and weight information, the insurers will be able to work out your BMI, or body mass index. Should your BMI be higher than the normal limits you could be asked to have a medical check-up. If the news is bad and your weight be way over the normal you could find your premium raised by up to 400%. Even being slightly heavier than normal could increase your monthly premium by 50%.
You may decide to check your own BMI. You can do this in four simple steps.
1.Multiply your weight in pounds by 703. 2.Divide the result by your height in inches. 3.Divide this second result by your height in inches (again). 4.And the answer is your BMI
Normally, insurance companies would prefer to you to be in the 18.5 to 24.9 range of BMI to be considered normal. Over 25 and you're overweight and over 30 qualifies you as obese. Over 35 and medical research shows that your life expectancy would be in question.
Another of the criteria affecting the price of your premium relates to your age. The younger you are the higher will be the increase in premium. This shows an acceptance of the fact that people tend to weigh rather more as they age.
It's never too late to lose weight though. Whatever your age. The increase in health and vitality will be its own reward. There are lots of slimming club and health clubs and your GP should be able to give you advice and support if you show you really mean to take this important step.
Don't let the above facts stop you from going ahead and arranging some valuable life insurance. As the weight comes off you should be able to negotiate a reduction in premium.
Your insurers will be happier, too.
When it comes to getting the cheapest and best deal on your life insurance premium then you should seek the advice of a specialist broker. Life insurance should be considered as it can relieve financial worries for your loved ones if the worst should happen and you were to die. Life insurance could be a stop gap during their time of grief and you have peace of mind that at least they wouldn't be struggling financially.
The first decision you will have to make before thinking about life insurance premiums is how much cover you need for your circumstances and the type of cover that is the best for you. There are different types of life insurance and some are suited to certain situations more than others.
To help you decide roughly how much life insurance you might need you should work out your annual income and then multiply this by 10 at least. This will give you a figure to work from and also take into account factors such as children, your mortgage and of course inflation over the years. When it comes to children then bear in mind that your partner will probably have to get a job if something happens to you and so you will have to take into account childcare costs.
One of the cheapest ways to take out life insurance and one which offers the lowest life insurance premiums is term life insurance. Term life insurance is taken out to payout just against death over a certain period of time if after that time you don't die then the policy expires and there is no payout. If you want to be guaranteed a lump sum payout then whole of life insurance could be what you need, providing that you keep on paying the premiums each month this policy will pay out, however this insurance is more expensive. If you have a mortgage then you can consider taking a decreasing term insurance policy and this will decrease in line with your mortgage and is usually taken for the length of your mortgage.
Whichever type of life insurance you choose to take it is imperative that you go to a specialist when it comes to getting the cheapest life insurance premiums, insurance premiums do vary from lender to lender and a specialist will know where to look for the best deals for you.
Both Michael Challiner & David Thomson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Michael Challiner has sinced written about articles on various topics from Finances, Advertising Guide and Quit Smoking. Get great articles on from Life Insurance Quotes. Michael Challiner's top article generates over 165000 views. to your Favourites.
David Thomson has sinced written about articles on various topics from Finances, Motorola Cell Phone and Mortgage Insurance. David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their