It is being reported that Phoenix Cos. Inc, an insurance company in Connecticut, is about to start offering discounts up to 20 percent on life insurance policies to customers whose BMI is verified by a doctor to be 19-25. The way it's going to work is that customers who qualify will start seeing reduced rates after five years if their BMI remains in the 19-to-25 range. Customers will see their premiums drop by 5 percent for every five years that they keep a healthy BMI ratio, up to a maximum of 20 percent after 20 years. Check out the Fit Calculator to see if you may qualify for an insurance discount.
Interesting concept if you ask me. What do you think -- A good idea or not?
Brian Atwood
Moschino Jeans
Sebastian
This is a regular concept in a new package. People with better driving records pay lower car insurance. Non-smokers pay lower health insurance. Cars with alarm systems pay lower car insurance. If you have less risk, your insurance costs will be lower. People who have a good BMI have less risk of getting sick (heart disease, diebetes), so it would absolutely make sense for people in this category to pay less health insurance.
1Well said, corona. I think this is a very logical extension of a previously established concept.
2I think it kind of depends...would someone who smoked with a BMI of 24-25 get a better rate than a non-smoker with a BMI of 26-27? Would it be *a* factor or *the* factor?
3BMI is NOT a good indicator for people who are very muscular. Additionally, most people that have health insurance have it thru their place of work, so this means the employers are going to have to be the "police" in checking height/weight, etc?
This will likely just increase the number of uninsured. I pay over $100/month for insurance and have a $1500 deductable plus 20% co-pays. If my price went up, I'd simply drop my insurance.
The general rule is that 80% of the expense is caused by 20% of the insured. There are many people that are overweight and even obese who have no medical problems. There are also a lot of us that have medical problems completely unrelated to weight. It's just another way to discriminate, in my opinion.
4The article indicates discounts will be given for life insurance rates, not health insurance rates. I work for a company that sells both products and if your BMI is over 25 then generally you will get charged more on an underwritten product (but not a group product). Calling it a "discount" for being thinner and then charging those with higher BMIs "regular rates" is just spin on the existing way they do things.
5Good catch, Heffie... sometimes I just read the headline and jump into an arguement, too.
Anyway, yeah, just like smoking and seat-belt use, being overweight definitely ups the chances you are going to die early.
Plus, life insurance companies that offer discounts for healthy living require a physician consultation, don't they? So, they would have a medical opinion if you were overweight.
corona - your health insurance charges higher rates for smokers?? mine doesn't regulate anything at all. maybe they should, too. then my insurance rates wouldn't be so damn high all the time. the people who choose to smoke and make other unhealthy lifestyle choices can pay more to do so. but I suppose that's a privacy issue, huh? too bad. Like cindysue, I pay A LOT for my insurance. It makes me really mad that sometimes I can't afford even the $40 for the co-pays to get seen for an ear infection or something - after I've already paid my $110 in premiums that month. And I RARELY go to the doctor.
6Personally, I like the idea. But I believe there are some people who, no matter what they do, cannot maintain a healthy BMI. Some people are just big.
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