It’s been no secret since I followed the Biggest Loser reality series, that while the obesity and BMI challenged might pay a little more for their life insurance than folks that are under the BMI threshold for overweight, there are companies that do offer fair rates as long as there aren’t a bunch of other risk factors rearing their ugly heads.
A client just recently inquired and his build was 6’3, 325. He didn’t have any health issues. One of the best companies around for build is West Coast Life, but based on their underwriting take on this the $1,000,000 30 year term he wanted was going to be $3200+ annually, a budget buster. They stuck to their written guidelines and wouldn’t go better than a table C, which is 175% of the standard rate.
When I shopped it to Prudential, even though based on their guidelines it would have been about the same as West Coast Life, I got a refreshing answer from the underwriter. This underwriter knew the kind of issues to look for in someone who is overweight and they said they would go with a straight standard rate as long as:
“1. BP for last 12 months 130/85 or under
2. Fasting blood glucose 110 or under
3. Cholesterol 275 or under
4. HDL 40 or over
5. Chol ratio 7.0 or under.”
Well, he nailed it. His blood pressure was 110/68, glucose 79, cholesterol 168 and HDL 41 making his cholesterol ratio 4.1. I guess what struck me as refreshing about this whole scenario was that the underwriter wasn’t just throwing my client in a box with everyone of similar build. They started him in the box and told them what it would take to get out, and he did. Home Run!
Bottom line. Thanks to Prudential’s forward thinking underwriters my client is paying less than $1800 annually for the same policy that, best case, would have cost $3200 elsewhere.