Life Insurance News: Obesity and Life Insurance
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Article Published: 17-Apr-2007
The Government estimates that around one in four Britons are obese and overall people are getting heavier. People are getting heavier at a much younger age too, which is clearly bad for the future, both in health and finance.
Norwich Union reports have suggested that an 18 stone 35-year-old male would pay on average 30% more for his life insurance policy than a man weighing 12 stone.
Overweight women also face increased costs on their premiums, with a 15 stone female paying 25% more on her policy than a nine stone woman.
The problem for life insurance companies is that if you are overweight, the likelihood of developing heart disease, having diabetes or a stroke is greatly increased. Obese people on average die nine years before their leaner counterparts, according to government figures. This increases the likelihood of insurers having to pay out on death, so they have to cover themselves by increase premiums.
However, if you are overweight this doesn’t mean that you should avoid life insurance because of the higher cost you may incur. If you have children to provide for or a mortgage to pay off in the event of death or critical illness, life insurance is essential.
Source: Insurance-4-life.co.uk
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