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One study found that the average smoker who is paid 56% more than a nonsmoker. The study is based on nine of the largest insurance companies in the UK and examined the premiums quoted for two men of 30 years asking for £ 100,000 cover over 25 years. The only difference between the claims data was that one was a smoker and the other not.
If this is right or not is a matter of opinion. From the viewpoint of the insurer, the question is simple, smoking increases the risk of someone developing certain cancers and serious illnesses. If there is a potential risk, are taken into account in their prime.
Quitting smoking can reduce the premium of a person, though, to qualify as a non-smoker, most insurance companies insist that there should be no smoking or consuming any kind of snuff product in the past 12 months. In fact, some companies go further and extend the qualifying period of 5 years.
The insurance industry Life has also recently strengthened its belt on the overweight members of society. Previously, only people with a body mass index of 33 or more is considered overweight. This level was reduced by 16%. Now anyone with a BMI of 28 or more is likely to face premiums loaded by at least 50% and up 400% if you're really obese.
Insurance companies often ask an applicant to disclose his height and weight, and then use this information to determine your BMI. If someone's BMI is outside what they consider normal limits, may be asked to undergo a medical examination to confirm his health. This is particularly important because in some cases, people with a higher BMI is not necessarily at risk – someone who is in great shape, with a high proportion of muscle, may have a higher BMI because muscle is heavier than fat.
Obesity is a growing problem. In the past 20 years obesity in adults has increased over 60% of men and 50% of women being judged as overweight or obese. And there are indications that the problem does not improve. In children aged between 2 and 15, 28% of girls and 22% of children are overweight.
Obese people are more likely to see their doctors GPs and surgeries at the hospital clinics, and then needing treatment, patients of average weight. With the cost of National Health Service for this type of 'obesity' Patients estimated £ 15 billion a year, no wonder insurance companies are increasingly concerned. The simple fact is that people with overweight and obese are more likely to suffer health problems such as diabetes, heart attack and Stoke.
However, insurance companies also will take a person's age into account in determining how it affects your body mass index of their premiums. Most people do naturally gain some weight with age – "middle-aged spread" is a fact of life that insurance companies recognize that. As we age, the effects of weight on premiums is slightly reduced, and insurance companies are more likely to be lenient with someone who is overweight at 55 that if an overweight person in 35.
About the Author:
Jenny is an author of several articles pertaining to Life Insurance. She is known for her expertise on the subject and on other Business and Finance related articles.
Article Source: ArticlesBase.com – How Smoking and Obesity Can Affect Your Life Insurance
