Life insurance for weight loss

Why does weight loss affect life insurance premiums?

Life insurance premiums are determined based on a variety of factors, which may include your age, gender, profession and — most importantly — health. Life insurance companies consider individuals with certain health conditions to be at a higher risk of passing away than individuals who are healthy. From the insurance company’s standpoint, they want to charge you enough that they do not lose money from paying out a death benefit, especially in the case of a term policy where they are betting that you will outlive the term. Therefore, a young and healthy individual who has fewer risk factors and a lower mortality rate will pay less for a policy.

Life insurance companies use build charts to determine the ratio between your height and weight which are then compared against mortality rates within your build type to determine your risk rating. If your weight is under or over the preferred ratio, you will likely be considered a riskier applicant, pay higher premiums and, in some cases, be denied coverage altogether.

Obese individuals are at an increased risk for serious health complications, including hypertension, type 2 diabetes, stroke, heart disease, cancer and more. Being underweight also comes with its own health risks like anemia, osteoporosis and decreased immune function. These health conditions can lower your life expectancy and will appear as risk factors to life insurance underwriters.

Should I lose weight before getting life insurance?

If you have dependents or people who rely on you financially, getting life insurance is a priority. In fact, waiting until you lose weight before getting quotes and applying for a policy can leave your loved ones unprotected.

There are different types of life insurance options to choose from. People working to lose weight might appreciate a term insurance policy, which lasts for a specified amount of time — typically 10, 20 or 30 years. Once you lose the weight and are successful at keeping it off, you may want to consider looking into permanent life insurance or a replacement term policy since you may be able to qualify for a lower premium than your current policy due to weight loss.

Whether you decide to go with a term policy or permanent coverage, getting life insurance can financially protect your loved ones while you’re on your weight loss journey. Once you’ve lost your desired weight, you can always reevaluate your life insurance coverage or request a rate class consideration.

Life insurance premiums after weight loss

Weight loss is just one of the personal factors that can affect your life insurance premium. Smoking cessation, lower blood pressure or reduced cholesterol are other health improvements people strive for to reduce life insurance premiums.

Before purchasing a policy, discuss the potential for future re-evaluations or ratings if you think a life change like weight loss may apply to you. While every insurance company will have a different policy on the re-evaluation process, most life insurance companies will need to see significant and healthy weight loss that is being maintained before they will lower your premium.

Most insurers want to see a lower weight maintained over the course of at least a year before considering a premium reduction. Some carriers may split the difference between your current and past weights to determine your rate.

After weight loss, insurance reapplication will likely consist of a new medical exam and an evaluation of your medical records. Be sure that your records show that you have not only lost significant weight but have been able to keep it off.

If you have just lost a few pounds, many insurance companies will not feel that your risk factor has changed. However, if you have maintained a healthy weight for 12 months, it may be enough change to lower your risk rating and, in turn, lower your premium.

When asking for re-evaluation, note that you will need to back up your weight loss claims with solid evidence. If your company will not let you apply for re-evaluation, you may want to start over and apply for a new policy with a different company.

Do prescription weight-loss drugs impact life insurance options?

The new generation of Semaglutide and GLP-1 weight-loss drugs, which include the popular medications Ozempic, Trulicity and Wegovy, has brought weight loss to millions of individuals. If you are using one of these drugs and apply for life insurance, your potential carrier is likely to find out since a prescription history check is a common practice during the underwriting process.

As we noted earlier, insurers are interested in seeing sustained, long-term weight loss. The challenge of drug-assisted weight loss is that a person often needs to remain on these drugs throughout their life to maintain their weight, and expense may be a factor for many individuals. If applicants are taking GLP-1 medications to assist in their weight loss, carriers may still be willing to consider lower rates once weight has been maintained for at least 12 months. However, the continued use of these GLP-1 medications is still being studied.

The best insurance for weight loss

Losing weight is a significant challenge, but the benefits are many. Having affordable life insurance for weight loss is only one of the perks of working toward better health. There's no single company that is always the best option for life insurance since each individual's needs differ, and each insurer has its own underwriting policies and procedures.

It's generally a good idea to compare quotes from several insurers to find the best rates for your needs. Cost isn't the only factor, though. You may also want to review customer satisfaction ratings from J.D. Power, and financial strength rankings from AM Best and S&P. These independent organizations can help you find the best insurer based on the factors that are important to you.

Remember, too, that you have options regarding the type of insurance you purchase. A limited term insurance policy may make sense if you anticipate losing weight in the future or if you just want simple, inexpensive coverage that only lasts for a period of years. Or you may choose a type of permanent insurance or universal life insurance if you want life-long coverage with additional cash value benefits. If your need for coverage is both short- and long-term, you may want to consider laddering coverage which allows you to spread out coverage to cover various needs throughout your lifetime.

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