The hidden costs of being fat
The heath risks of being overweight or obese are well documented. Carrying excess weight increases your chances of developing a range of illnesses " including heart disease, high blood pressure, strokes, cancer and type 2 diabetes. However, being overweight doesnt only leave your health at risk; it can also have a devastating impact on your wallet.
At some point in our lives most of us will take out life insurance to protect our loved ones. Being overweight or obese wont stop you from getting life cover, but it will almost certainly push up the cost of your premium, and in some cases, exclude you from certain types of cover, with a new fat tax that could increase premiums by up to 50%, now being imposed by many life insurance firms.
When you apply for life insurance, underwriters carry out a risk assessment and your Body Mass Index (BMI) is a major factor taken into consideration when determining your level of risk.
To calculate your BMI multiply your weight in pounds by 704.5, then divide the result by your height in inches and divide that result by your height in inches again. If your BMI is between 20 and 24.9 you are at a healthy weight. A BMI of 25-29.9 signifies you are overweight, while a score above 30 classifies you as obese.
So if you weigh 190lbs and are 5ft 5, you would multiply 190lbs by 704.5, which equals 133,855, divide that by 66 which leaves you with 2028.1, and divide that by 66 again. This leaves you with a BMI number of 30.7 and means that you may have unknowingly nibbled your way into the obesity danger zone. A BMI of 30 or more is one of the most common reasons for a price hike in your insurance premium.
If you are worried about your weight and the effect it may have on your ability to find comprehensive life insurance, the good news is that its never too late to make changes to your weight, your lifestyle and your life insurance policy.
If you are obese, it is expensive, though not impossible to find life cover, however losing weight will not only improve your health, but also lowers the cost of your premium. So if you ever needed that extra motivation to lose weight fast, remember it pays in more ways than one to get out there and get active!
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