If you're looking for another reason to get in shape for summer beach season here's a good one: lose weight and save money on your life insurance. That's right, you too can lose weight and lower your life insurance quote, saving you close to a few hundred dollars annually.
As with any insurance, it is very important to keep paperwork and/or company name available to your beneficiaries when the time arises. It is as simple as registering on a life insurance database to guarantee this information will never get lost and become a lost life insurance policy.
Don't think you're in the weight loss boat alone, though. On average, Americans weigh close to 20 pounds more now than 20 years ago with the majority of them considered overweight or obese. Any extra weight we carry around affects those life insurance quotes, by the way, and we're beginning to see some interesting incentives appear in policies to get all of us trim and buff before summer. Many companies are beginning to offer weight loss or fitness and exercise incentive programs for policyholders to lose weight, save money or earn other benefits.
The average estimated savings isn't anything to shake an ice cream sandwich at, either. For example, a 200 pound man with term life insurance can save close to $200 a year if they lose anywhere from 20 to 40 extra pounds. The same weight loss goal for a woman with a term policy is nearly identical in savings. Whole life policyholders aren't quite as fortunate but the savings over the average lifetime is still estimated to be fairly significant, landing somewhere between $500 and $700.
There is some difference in value, though, for the existing policyholder looking to save money on their policy by losing weight and the newly health conscious consumer looking for an insurance quote. Even if the existing policyholder loses weight it is highly unlikely their insurer is going to lower their premiums, just as they wouldn't think of raising the rates if the policyholder were to gain weight. The most opportunity lies for the consumer shopping for insurance. The time to lose the extra weight is before going to buy a policy when all that extra poundage is going to increase the premiums in the quote. Most of this applies to term policies in general - whole life underwriters sometimes have more maneuverability when it comes to giving someone a break for that extra 10 pounds.
Thinking long-term is also beneficial for someone shopping for insurance and looking to shed the extra pounds. Unsustainable weight loss from a dramatic change in diet or lifestyle may not be the best way to go. If you're planning on losing a significant amount of extra weight go ahead and purchase a short-term (5 or 10 year) term policy. Then, once the diet and exercise campaign pay off (and the weight stays off) update your policy to a new plan with a new and improved lower rate. It works in your favor to prove you were willing and dedicated to actually changing your life for the better by losing weight and keeping it off over a long period of time instead of following some unrealistic, extreme diet just to get the change in your policy.
About the Author: Michael Hartmann is a licensed Life Insurance Agent with over 12 years experience in the financial industry. He created FindYourPolicy.com after his father's passing making him recognize the importance of having a central life insurance database. Register your life insurance company name for free or search the database.http://www.FindYourPolicy.com There are over 1500 life insurance companies in the United States. If your loved ones cannot remember the company name you had life insurance with, it would be very difficult if not impossible to locate. Registering on a centralized life insurance database removes all doubt.
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