Insurers use BMI as a factor in determining life insurance premiums, with higher thresholds for younger individuals. According to Mr. Lakey, insurers assume that younger individuals have a higher risk of becoming morbidly obese in the future, resulting in higher premiums. For policyholders aged 17 to 30, HSBC charges extra fees of up to 150% once their BMI exceeds 29. Extra charges for policyholders aged 31 to 49 don’t apply until their BMI hits 31.
However, Mr. Lakey acknowledges that BMI is not a perfect measure for tracking health. Some individuals who fall outside the usual BMI guidelines may actually be perfectly healthy. For example, professional athletes with high muscle mass may have a high BMI but are not considered obese.
An Association of British Insurers spokesperson clarifies that the decision to offer life insurance and set prices is up to individual insurers, who consider various factors. If an insurer chooses not to provide cover, it could be due to health and lifestyle factors. Individuals struggling to access life insurance may find assistance from specialist providers who can help them find suitable policies based on their needs.
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