When you’re considering life insurance, one of the first things you’ll learn about is your body mass index (BMI). That information, along with a few other pieces of data about your health and lifestyle, will help determine whether or not you are eligible for coverage. However, when you are overweight or obese, there may be inconsistencies between what your BMI says and what life insurance companies think it says.
One of the main causes of this discrepancy is because insurance companies use two wildly different methods to determine the amount of coverage you are eligible for based on your BMI.
The first method is what insurance companies usually use. This method involves using a formula that takes your height and weight and then uses them to calculate your BMI. There are several steps involved, but in the end, the result of this formula is your base risk amount.
The second method used by insurance companies to calculate your coverage is what’s commonly called the “Body Mass Index Formula.” This method considers certain factors that are often overlooked when calculating BMI, such as hydration, muscle mass, and bone.
The result of using the BMI Formula is a modified base risk amount. That amount is then used to determine your final coverage amount.
However, it’s important to note that when using the BMI Formula to calculate your coverage amount, the insurance company may replace what was previously considered your “base risk amount” with a final coverage amount. But, again, this is going to depend on the insurance company’s underwriting guidelines.
This means there’s a chance the insurance company does not consider you eligible for coverage despite having an ideal BMI.
Here are some tips to help you determine whether or not you qualify for this type of insurance:
Always read the fine print
Don’t focus only on the base risk amount or the premium cost. While those numbers may be appealing, it’s crucial to understand how they were determined and whether or not you are eligible for the coverage.
Is the number too good to be true?
If you see a high-risk life insurance offer that seems too good to be true, remember that it likely is. The reason is most insurance companies are only allowed to offer a certain amount of coverage based on an ideal BMI, so if you’re overweight or obese, the amount of coverage offered may be very restricted.
Do you have medical conditions?
It will likely be more difficult for you to qualify for life insurance if you have a chronic condition. This is because insurance companies use your base risk amount to help determine how much they will offer you. That number is determined by using your BMI and other factors, and if you have a chronic condition, the company may use other factors that make it more challenging to get coverage.
Don’t stop shopping for BMI life insurance after you find one deal that sounds good. It’s essential to see what other companies are offering and to compare quotes before deciding which ones you want to purchase a policy from.
What you should expect
If you see an insurance company that offers life insurance coverage for those with high BMI, just remember that if you have some health problems that are not included in the base risk calculation, it’s likely to be very difficult to get what you need from the policy.
In some cases, finding the best high BMI life insurance deal may mean that you end up with a policy that provides less coverage than what you’ve been previously used to. In some cases, it may even mean you don’t qualify for life insurance at all.
To get the coverage you need, it’s essential to shop around and determine which companies offer coverage that fits your lifestyle.