What's the estimated difference in standard and preferred rates when it comes to life insurance premium?

Hi anon,

If it may help, BMI 30 should generally not pose any issues (but depends on underwriter, insurer specific requirements). However if you are having a BMI 30, then you will generally tend to be considered at higher risk for CI/ECI and a loading might be imposed. Death/TPD cut off for BMI will be a bit higher than CI. So it depends on whether you are looking at Death/TPD cover, or CI cover (I'm guessing CI based on your question).

Unless budget is really an issue, a whole life tends to be a bit more cost efficient, especially if you want CI cover for the whole of your life. You have to also consider how you will be able to lower your BMI, I do have some clients who have higher BMI and have been that way all their teenage to adult life, which means it's not likely that they can reduce their BMI. In such a case, it may be more prudent to get a whole life first. I am more concerned about the situation where you manage to reduce your BMI, but other health issues creep in along the way, affecting your insurability.

A history cancer can impact your application, but you should consider 1) The number of people who have had cancer 2) Who they are (norms are that you have to declare history only for natural parents and siblings. Aunts, uncles, grandparents, etc are generally not considered). If there's any age criteria, that'll be below 60, typically.

Take care and I hope you find a solution to your coverage concerns soon!

Hey there!

A high BMI may not necessarily indicate gross obesity. Atheletes in general have higher BMI due to higher muscle mass which accounts for the higher weight spectrum. I have clients who were overweight but their plans still went through without much hassle. It's usually highly unlikely there will be an exclusion or loading just because of high BMI. Also, your family history will be of a concern if they were diagnosed before a certain age (usually 65).

Whichever plans you decide, do revolve it around your budget and objectives. You will have to engage a licensed financial advisor to evaluate your options.

Working on your lifestyle changes will have to take place all the time. The best way to insure yourself, apart from insurance, is healthy lifestyle choices. Take care and all the best!
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