A survey from a well known protection provider has revealed 48% of Irish people believe that the way to tackle the rising national obesity levels is through school-level education. A survey commissioned by the leading life assurance provider asked 1,000 people throughout the country their views on how they think Ireland’s expanding waist lines should be addressed.
The survey found a split in opinions between genders and age divides as to what is considered the most effective approach. More women than men, 36% as opposed to 24%, believe it’s up to each individual themselves to take personal responsibility if this is a health issue they face; with this view being most prevalent amongst those aged over 55 (46%).
While the healthy living lifestyle trend appears to be very popular in Ireland today, from the booming gym and personal training industries to the popularity of ‘healthy living’ advocates, such as TV personalities and bloggers, it’s hard to believe that now only 40% of Irish people are at a healthy weight.
Obesity and its impact on Life Assurance
Life cover is different from most insurance products because it is priced based on a number of key criteria which take into account the insured individual’s lifestyle. It is one of the few insurance products which is tailored specifically for the person insured.
This usually means the healthier you are, the lower the cost of the cover. A person’s medical history and lifestyle always comes into play when underwriting life assurance as the cost of cover is based not only on the sum assured and the length of the policy, but also on the individual’s age, state of health and certain lifestyle factors. So, if you smoke, drink a lot of alcohol or are obese, your premiums will be higher to reflect the increased risks to insure someone that has a greater chance of medical issues and shortened life expectancy associated with smoking, liver damage and obesity.
Life companies follow a matrix compiled by reinsurers which give ratings for specific lifestyle factors which are analysed to determine pricing. It’s important to note that if someone is about 10 pounds over their ‘ideal’ weight, the cost of their life cover should not be affected. If an individual is looking for life cover and would like to know more about how their weight or lifestyle may affect it, why not contact a Financial Broker. A Financial Broker will be happy to provide expert guidance around the available options based on individual needs.