Fat folk pay more premiums
Obese people may find that they are unable to purchase full life insurance policies or could find that their premiums are raised, according to the Association of British Insurers (ABI).Although losing weight could reduce premiums in the long-term, serious obesity, which constituted a massive health risk, if undisclosed at the point of application could lead to refusal when people attempt to make a claim.ABI spokesperson, Jonathan French, said that obesity could be counted as a lifestyle factor in the same way that smoking and consumption of alcohol can and could lead to exclusion clauses or inflated insurance premiums.Mr French said: "Lifestyle factors in general play a part in the assessment that insurance companies do on people when they apply for life or protection insurance and factors like obesity will be taken into account; some insurers will use the Body Mass Index measurement, others will use other measurements of obesity."It may be that some insurance companies are unable to insure individuals because of a variety of factors, but more often than not, providing it's not a serious pre-existing medical condition, what the insurance company will do is either increase the premiums for that individual or make specific exclusions from the policy. So you wouldn't be covered for illnesses relating to the conditions or the lifestyle factors that you've disclosed."He added: "But one important thing that people should remember is: if, when they applied for their insurance policy, there were lifestyle factors which they had declared, like obesity, and those individuals make lifestyle changes which reduces obesity, for example, then if they let their insurance company know that then there is likely to be a reassessment of premiums, which doesn't happen the other way round."
Share this..
Related stories
Did You Meet The Tax Credit Deadline?
While the deadline for renewing tax credits was the 31st July it seems that literally hundreds of thousands of people were unable to get through on the helpline and may see their income slashed for the next 12 months. Failure to renew a tax claim prior to the 31st July will see all over payments reclaimed automatically and any previous arrangements cancelled.
Since being introduced...
Government reviews pension enrolment guidelines
The UK government is believed to be reconsidering the level at which employees in the UK would be automatically enrolled into a pension scheme as well as a potential exemption for small companies. The original changes, which would see hundreds of thousands of employees in the UK automatically enrolled into pension schemes, are set to come into play in 2012 although we may see some changes to the o...
Read MoreScottish Labour Candidate In Favour Of Abolishing Council Tax
While news that Scottish Labour leader candidate Iain Gray has suggested that council tax would be phased out if he was to take the helm of the Scottish Labour party may have been greeted by the SNP, it may actually highlight flaws in their controversial policy of a local income tax.
Far from condoning the SNP policy - which has been hit by claims of council funding gaps and other p...
Now the government wants to charge you to park at work!
In a move which further justify the anger of many motorists around the UK, the local council in Nottingham have taken advantage of government regulations introduced in 2000 which allow a levy to be placed upon workplace parking. In effect employees will be charged to park their cars in their office car parks and factory car parks with the fee expected to start at £250 a year.
While...
Can you afford to plan for the future?
As more and more people in the UK find that their monthly income barely covers their living expenditure a number are starting to ask if they can afford to plan for the future. With the likelihood that the state pension will reduce in real terms in the future, increased energy costs and a general increase in taxation in the short to medium term, money certainly will be tight for many in the UK. How...
Read More