Critical Illness Articles
Lose Weight or Pay More on Critical Illness Cover
Obesity has risen dramatically in Britain over the last 30 years. These unhealthy eating habits have resulted in more unhealthy conditions, such as heart disease, diabetes, physical ailments, and even cancer. In response, insurers offering critical illness cover are making sure that their policyholders are either fit – or they will pay the consequences.
The Link between Obesity and Illness
Nearly one in four people in the UK are classified as obese, according to the Health and Social Care Information Centre. Obesity is more prevalent in women than in men, but the alarming trend is the rise in number of obese children and adolescents. This increase in obesity is linked to the rising number of critically ill diseases in the UK.
Overweight people are more inclined to be diagnosed with a critical illness, and they are expected to have a shorter life span. Insurance companies know this risk, and therefore, they consider very carefully every applicant’s height and weight before they accept them and set a premium charge.
How Insurance Companies Calculate Your Premiums
In determining premium costs, insurance companies look at the body mass index (BMI). This is a ratio of a person’s weight divided by the square of their height. A normal BMI is about 18 to 25. Over 25 is considered overweight, and a BMI of 30 or more is considered obese. While an overweight person with a BMI of 25 to 30 may still qualify for normal rates, those with a BMI of 30 or more could be charged 50% or more in critical illness premiums. This would escalate a normal £40 premium to as much as £60 or more a month for an obese person.
The premium loading by insurance companies is preemptive. Even if a person has no history of illness, but has a BMI of 30, he or she could be charged extra. If the person does have a history of illness, the premiums could skyrocket even more. This would put a seriously overweight person who has medical ailments in a tough position to find affordable critical illness cover.
How to Lower Your Critical Illness Cover
However, there are ways that obese people can get more affordable critical illness cover. The first is to use a specialist broker who can help an obese person find a critical illness cover plan. A specialist broker works with difficult cases and is often successful at helping secure the right plan for the right price.
Another relief for obese folks is incentives for losing weight. While an insurer may charge higher premiums for a high BMI, they may offer to reduce the charge if the insured makes healthy changes in their lifestyle. Some insurers offer “points” as rewards for healthy habits, such as making regular trips to the gym or changing their diet. If a policyholder has enough points, their rates may be reviewed and dropped.
The reality is that obesity can lead to more health problems. If you are overweight and are concerned about your future health, consider the changes you could make to improve your lifestyle – and improve your chances of becoming insured with a critical illness cover.
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