Being Overweight Can Affect Term Life Insurance Premiums

Obesity is one of the leading causes of preventable death in Australia.  The reason why insurance companies often apply loadings due to obesity is because of the increased risk of health complications that come with being overweight or obese. Medical studies have shown that being overweight can increase the risk of type 2 diabetes, heart disease, stroke and even depression. Hence the reason why insurance companies can increase premiums to counter these increased risks.

Every comprehensive life insurance policy will be medically assessed and just like any other health risk, being overweight or obese can cause insurance premiums to increase, which is referred to as a loading.

How much an insurance premium increases depends on BMI (Body Mass Index) and any other related factors. For example; if someone was to have a high BMI combined with high blood pressure insurance companies might place a larger loading.

It’s important to remember that BMI is not an indication of body fat percentage, it only calculates the person’s height to weight ratio.

Having a loading placed on your policy doesn’t necessarily mean it will always be there. Insurance companies can often look at reviewing a loading if your health situation changes or if the company’s guidelines change over time.

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