Over $3,000?! Losing Weight Could Save You on Life Insurance

Year in and year out, Americans commit (and recommit) themselves to getting fit in the new year. “Stay fit and healthy” and “lose weight” ranked as the top two new year’s resolutions in one study; “save more, spend less” consistently appears among the top five.

Want a little motivation to help you achieve your fitness goal and save money at the same time? You might want to make applying for life insurance your new year's resolution, too. That's because your weight impacts your life insurance rates, or even whether you'll be approved for a policy.

We crunched the numbers. How much might the average American save on 20-year term life insurance if he or she achieved—and maintained—a new year’s resolution of losing weight? We used data from the term life insurance we offer, but these overall trends tend to hold true throughout the industry.

Losing 10 Pounds Could Save Almost $3,200 in Life Insurance

Jessica is the average American woman. She’s 5’4” and weighs 169 pounds (the national average for women). She's 38 years old (the average American’s age). Her name is even the most popular female name of the eighties.

Assuming Jessica’s a nonsmoker, weighing just ten pounds less (159 pounds) would make insurers view her risk profile more favorably. That could save her nearly $3,200 on $1 million in term life insurance premiums, over a 20-year term. This is based on rates for our term life insurance policy in 2018.

On the other hand, if she were ten pounds heavier, she could spend close to $4,400 more over the course of 20 years. (Of course, these are both hypothetical quotes based on Jessica’s situation, and don’t apply to everyone.)

Gaining 15 Pounds Could Cost Almost $5,500 More for the Average Man

Meanwhile, Michael is the perfectly average American male, at 5’9” and 196 pounds. Like Jessica, he’s 38 years old (and his name was also a super popular choice in the eighties).

Let's say this hypothetical man were 15 pounds slimmer, at 181 pounds. He could save close to $3,800 over 20 years! That's for a $1 million term life insurance policy, based on rates for a term life insurance policy through Fabric. As with the example above, this quote is based just on Michael’s situation, specifically.

By a similar token, if he were 15 pounds heavier, he could end up spending close to $5,500 extra over the course of his 20-year term.

Life insurance prices aren’t based solely on your height and weight—they are based on an insurer’s view into your overall health and personal situation.

Yep, we know: BMI isn’t a perfect measure of real health. But it’s a common rule of thumb in the insurance industry, used to give you a rough sense of how much insurance might cost you. This is an internet infographic, after all.

If you want to find out a real, accurate price based on your own unique—and nuanced—health and personal situation, you can fill out an application (which only takes about ten minutes) with your individual information.

Our goal is to help you get motivated today to actually achieve your new year’s resolutions this year. There are lots of reasons to be healthy—you can run a half marathon, join a pickup soccer team and get the most enjoyment out of your family. Life insurance is just one bit of inspiration among many.

Whether you’ve resolved to lose weight, save money, finally apply for life insurance or all of the above, we’re rooting for you!

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

Information provided is general and educational in nature, is not financial advice, and all products or services discussed may not be offered by Fabric by Gerber Life  (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Consult an attorney or tax advisor regarding your specific legal or tax situation. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. The views and opinions of third-party content providers are solely those of the author and not Fabric by Gerber Life.