Friday, June 28, 2013

Weighing In For The Lowest Premium$

Chris Huntley, author of, "Complete Guide to Buying Life Insurance," gives this example of how being at healthy weight can affect premiums.

I have a couple clients who are trying to lose some weight before applying for life insurance.  The idea is if they can lose enough weight, the insurance carrier will offer them a better rating, thereby lowering their premium.   The good news is that if you’re serious and stick to the plan, losing weight before your exam can really save you a lot of money.  For example, one of my clients is 55 years old and wants a $400,000 face value,  20 year term policy.  He is in great health and doesn’t smoke, but his height and weight are a bit too high to qualify for any carrier’s preferred non tobacco rating. 

He’s 6’0, 235 pounds.  With most carriers, he will be offered their standard plus NT rating if he were to apply and take the medical exam now.  The best price available to him now is MetLife at $161.74 per month.  However, if he could just drop 7 pounds, he’ll fit under Banner Life’spreferredNT weight limit for a six footer of 228 lbs, where he’ll pay $129.50 monthly.  That’s a savings of $32.24, or 20% less than the MetLife premium!  Over 20 years, he’d save almost $8,000 just by dropping a 7 pounds before the weigh in.
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