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?
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.
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 Fabric Premium, our term life insurance policy.
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.)
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 Fabric Premium (a term life insurance policy). 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.
This material is designed to provide general information on the subjects covered. It is not, however, intended to provide specific financial advice or to serve as the basis for any decisions. Fabric Insurance Agency, LLC offers a mobile experience for people on-the-go who want a easy and fast way to purchase life insurance.
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Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.
All sample pricing is based on a 25-year old F in Excellent health for the coverage amount shown. All samples are for a 10-year term policy, unless otherwise stated. Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT. Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.
A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Vantis Life’s A+ (Superior) rating, which was reaffirmed in April 2020, ranks the second highest out of 16 rankings. An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.
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