Over 70 percent of Americans over 20 are overweight with a surprising 38% considered obese so it isn’t surprising that people wonder about buying burial insurance when you are overweight. American traditions are filled with feasting traditions ranging from hot dogs and apple pie to cultural food festivals in most major cities. Everything we do centers around meals, whether family gatherings, company picnics, or holiday parties. It isn’t surprising that so many Americans struggle with losing that weight that can get put on over the years. Extra weight can affect many areas of our lives including life insurance rates and approval. There are some important factors to be aware of for those buying burial insurance when you are overweight.
Who needs burial insurance?
The first question to ask when considering life insurance choices is to consider if burial insurance is something that will meet your life insurance needs. Burial insurance is a special kind of whole life insurance intended to pay for final expenses upon the insured’s death.
*Anyone who does not have life insurance
*Those with life insurance who may need extra monies to leave to family members
*People transitioning into retirement who may be losing their life insurance benefits
*Parents whose children would like to purchase them burial insurance
If you fall into one of these categories, a burial insurance policy would be something that can benefit you, even if you are concerned about your weight affecting the approval or monthly premium.
Getting approval and the lowest rates for burial insurance-even if you are overweight
The first thing to remember is that YOU ARE NOT ALONE! Over two thirds of the American population struggles with being overweight so by no means should you assume that you cannot get approved for funeral insurance just because of your weight. When considering how weight affects rates and approval, there are a few factors that play in.
Height and Weight Chart- Most whole life insurance companies will look at your height and weight as it falls on a height and weight chart. This chart is used to determine if you fall into the overweight or obese category. Some companies base approvals and/or monthly premiums on the height and weight chart along with taking other health factors into consideration when buying burial insurance when you are overweight.
Age- A handful of life insurance companies only take the height and weight chart into consideration if you are over the age of 45 so for a younger person, being overweight is not a factor in approval or premiums with those companies.
Guaranteed Issue– This is a term used for companies who approval all applicants regardless of weight or medical conditions. Guaranteed issue policies mean that every person under the age of 85 can be approved for some time of burial insurance, even those who are overweight or obese. Guaranteed issue policies require a 2 year waiting period before any death benefit would be paid unless death is accidental. The good news is that if death should occur during the first two years, your monthly premiums are fully protected and are refunded to your beneficiary with interest paid above and beyond.
Where to begin
In light of so many variables with a variety of insurance companies and how they handle clients who are overweight or obese, it can be overwhelming to know where to begin when seeking burial insurance. There are two different ways to secure your whole life insurance policy- using an individual agent or using a broker. An individual agent usually works with just one insurance company. That might be fine for auto or home insurance but with life insurance, the range of options is too great to be limited to just one company to choose from. A broker works with numerous companies and can compare options for the clients so that depending on each person’s personal profile for their age, weight, and health conditions, the broker can find the perfect fit.
Assurance Life is a broker who works with Nationwide companies such as AIG, Mutual of Omaha, Family Benefit, and Gerber Life Insurance among others. The other difference is that an agent works for the insurance company but a broker works for YOU, the customer. Brokers know the niches of the insurance companies, so in the case for buying burial insurance when you are overweight, Assurance Life will know which companies to suggest based on where you fall on the height and weight chart, saving time and frustration applying with one company at a time just to find out that they don’t work with clients in your situation.
The application and approval process-
A broker will usually fill out a brief questionnaire to help them decide which whole life insurance companies would be a fit for your profile. Then they can get a few quotes for you to compare different burial insurance amounts. Common amounts for whole life insurance are between $10-20,000 to completely pay for funeral expenses and other final expenses. Once you choose the quote you prefer, the rest of the sign up process takes about 30 minutes. In many, many cases, for those who are moderately overweight, you can qualify for DAY ONE coverage on the day your first payment is made. For those who are more overweight or obese, you may need a guaranteed issue burial insurance policy but remember that you are GUARANTEED approval and the monthly payments are protected until the two year waiting period is fulfilled.
So- quick recap!
-You are not alone! Many people like you are buying burial insurance when you are overweight. Being overweight doesn’t mean you can’t protect your family from the expenses of a costly funeral.
-Use a broker to get the most coverage at the lowest premiums because brokers work with a lot of companies who can help you.
-Do not delay… Rates are the lowest they will ever be right now so waiting just increases the chances of missing out on DAY ONE coverage and lower premiums.