As a result of modern living, obesity globe wide is on the increase. A survey initiated in 2004 by the Canadian Community Health stated that over 23% of the adult population suffered from obesity. Furthermore 8.6 million, or 36.1% were heavier than average.
With so many more Canadians dealing with the certainty of Obesity and the problems that go with it, such as high blood pressure, diabetes and coronary heart disease, this new certainty can have a direct impact on their classification and their ability to get life insurance. Life insurance comes in four classifications:
Preferred Rates: If you are fit and healthy and have no family history of medical issues.
Standard Rates: The majority of persons are on the standard rate.
Rated / Substandard: For people for whom their lifestyle or family health put them in the higher risk level.
Declined: By which the insurance company fails to cover an customer.
For an example – a male that is 6 'and weighs 265lbs and no health issues can purchase insurance at the standard rate; according to an in-house survey between six insurance companies.
Though, the problem with obesity is that it often leads to other health conditions and insurance underwriters compound risk variables to work out the classification given. A good broker can often advise in high risk cases, by asking for a preliminary offer from the insurance company or sending a cover letter with the application.
To make matters worse many insurance companies use the same height and weight tables for both male and female clients therefore it's imperative that the insurance company is knowledgeable of any lifestyle issues. If you are overweight, then as an option to standard Life Insurance, it could be more cost saving for you to consider Simplified Issue L. Insurance. The perk of this type of application is their lack of medical examinations and fewer questions on your health. They come with higher payments and lower face amounts, but pricing options have advanced significantly in recent years.
More information For, visit our instant life insurance quote : calculator.