When it comes to buying life insurance in Canada, you might think that the only factors that matter are your age, health, and lifestyle habits. However, your height and weight can also play a significant role in determining your eligibility and premiums for life insurance coverage.
In this article, we’ll take a closer look at how your height and weight can impact your life insurance coverage and premiums in Canada.
The Importance of Your Height and Weight in Life Insurance
Your height and weight are important factors that life insurance companies consider when evaluating your risk level. This is because your body mass index (BMI), which is calculated using your height and weight, is a strong indicator of your overall health.
A high BMI can indicate that you are overweight or obese, which can increase your risk for a variety of health problems, such as diabetes, heart disease, and stroke. These health issues can lead to a higher risk of premature death, which can impact your life insurance premiums and eligibility.
On the other hand, having a healthy BMI can indicate that you are at a lower risk for these health issues, which can result in lower life insurance premiums.
How Life Insurance Companies Evaluate Your Height and Weight
When you apply for life insurance, the insurance company will ask for your height and weight as part of the underwriting process. They will use this information to calculate your BMI and assess your risk level.
If your BMI falls within the healthy range, typically between 18.5 and 24.9, you will be considered a lower risk and may be eligible for lower premiums. If your BMI is higher, you may be considered a higher risk and may be charged higher premiums or even declined for coverage.
Life insurance companies use different criteria for evaluating height and weight, so it’s important to work with an insurance agent who can help you understand the underwriting process and find the best policy for your situation.
Life Insurance Options for People with High BMI
If you have a high BMI, it’s still possible to obtain life insurance coverage, but you may face some challenges. Here are some options to consider:
Traditional Life Insurance: You can apply for traditional life insurance, which involves going through the underwriting process. Depending on your BMI and overall health, you may be approved for coverage, but the premiums may be higher than for someone with a lower BMI. You may also face exclusions or limitations in the policy.
Simplified Issue Life Insurance: Simplified issue life insurance is a type of policy that requires you to answer some medical questions but does not require a medical exam. The underwriting process is simpler than traditional life insurance, which means you may be able to obtain coverage more easily. However, the premiums may be higher than for someone with a healthy BMI.
Guaranteed Issue Life Insurance: Guaranteed issue life insurance is a type of life insurance that does not require a medical exam or underwriting process. As long as you meet the age requirements, you can be approved for coverage. However, these policies typically have lower death benefits and higher premiums than traditional life insurance policies.
Group Life Insurance: Group life insurance is typically offered through an employer or other organization. The underwriting process is usually simpler than for traditional life insurance, and you may be able to obtain coverage even with a high BMI. However, the coverage may be limited, and you may lose the coverage if you leave the employer or organization.
Tips for Improving Your BMI and Lowering Life Insurance Premiums
If you have a high BMI and want to lower your life insurance premiums, there are some steps you can take to improve your overall health:
- Adopt a Healthy Diet: A healthy diet that is rich in fruits, vegetables, and lean protein can help you maintain a healthy weight and lower your risk for health issues.
- Exercise Regularly: Regular exercise can help you maintain a healthy weight, reduce your risk for health problems, and improve your overall health and wellness.
- Quit Smoking: Smoking is a major risk factor for a variety of health problems and can increase your life insurance premiums.
- Get Regular Checkups: Regular checkups with your doctor can help you monitor your overall health and catch any health issues early on.
- Work with an Insurance Agent: Working with an experienced insurance agent can help you find the best policy for your situation and navigate the underwriting process.
Your height and weight can play a significant role in determining your eligibility and premiums for life insurance coverage in Canada. Life insurance companies use your body mass index (BMI) as an indicator of your overall health and risk level. If you have a high BMI, you may face higher premiums or even be declined for coverage. However, there are still options available to you, such as simplified issue life insurance or group life insurance. Taking steps to improve your BMI, such as adopting a healthy diet and exercising regularly, can help you maintain a healthy weight and lower your life insurance premiums. Working with an experienced insurance agent can help you navigate the underwriting process and find the best policy for your needs.