Life Insurance After Weight Loss SurgerySubmitted by Helping Families Build A Financial Legacy on March 13th, 2017
We all want to take care of our loved ones in the event of our unexpected death. One challenge for many individuals living with obesity is being approved for individual life insurance. Since height and weight tables are used to determine insurability, many individuals pre-weight loss surgery (WLS) do not qualify and are left without insurance.
After WLS your options grow; however, your application may still be declined. An insurance underwriter is evaluating whether your health as well as other factors increase the likelihood of an early death. Factors such as age, tobacco use, chronic health conditions, driving record, and participation in hazardous activities (like scuba diving!) are all considered.
So when you’re thinking about applying for life insurance after WLS, there are a few things to keep in mind:
1) How long has it been since your surgery?
You can apply for life insurance once you’ve reach a stable weight. However, most insurance carriers will add back half of any weight you’ve lost within the last year. So, often applicants will wait at least one year after their weight has stabilized to apply.
2) What is your current health?
Weight is just one of the factors that’s used in medical underwriting to determine premium and insurability. During the application process, your agent will ask for your current health status, medications, nicotine use (including electronic cigarettes) and hospitalizations within the last five years. Underwriters will review this information along with your medical records and the results of an independent medical examination conducted by a healthcare professional.
3) Do I have the right agent?
Online instant life insurance quotes will not give a WLS patient an accurate estimate. To receive an accurate estimate, an underwriter will need to review your medical records. Look for an agent that has experience working with WLS clients and has a relationship with multiple companies. A knowledgeable agent will be able to find the carrier that is most suitable for your unique situation.
Although you’ve taken a big step towards better health and extending your life, planning for the unexpected is essential. If you’d like to learn more about your options for life insurance after WLS please contact me at email@example.com or 813-252-0799.
Lori Nadglowski, CFP®, MBA has a passion for helping families and those in need. After over two decades of experience in the financial services industry, she took that love and founded Laurel Wealth Management, LLC, a firm dedicated to helping clients build a financial legacy. For more information go to www.laurelwm.com.