Anyone taking out any form of insurance policy would want to keep their premiums as low as they possibly can, more so in the current economic climate.
However, as the world celebrates World Obesity Day, the focus is on obesity. The growing problem that is caused by various factors, predisposes one to health implications. It also has an effect on long-term insurance policy premiums. This was mentioned by 1Life Insurance expert, Corli Basson this week as the world was commemorating World Obesity Day.
World Obesity Day
World Obesity Day, an internationally recognised event, moved to March 4 in 2020 from its previous date on October 11. It serves as an annual platform to raise awareness and advocate for practical solutions in addressing the global obesity crisis.
The condition can be tackled by eating a healthy balanced diet and exercising. Managing stress levels and other factors that lead to overeating will also help.
Basson said it is advisable for policyholders to avoid unhealthy habits such as smoking and extreme levels of alcohol consumption. She said these increase one’s premiums, given the associated health risks.
Obesity risk factors
According to the Heart and Stroke Foundation of South Africa, being overweight or obese can have serious health consequences. It can also be an indication of pre-existing conditions and future health issues.
People who have obesity compared to those with healthy weight, are at increased risk for many serious diseases and health conditions. These include:
- All-causes of death (mortality).
- High blood pressure (hypertension).
- High LDL cholesterol, low HDL cholesterol, or high levels of triglycerides (dyslipidemia).
- Type 2 diabetes.
- Coronary heart disease.
- Stroke.
- Gallbladder disease.
- Osteoarthritis (a breakdown of cartilage and bone within a joint).
- Sleep apnea and breathing problems.
Effect on insurance premiums
Based on the risk factors that are associated with obesity, one’s insurance premiums skyrockets, said Basson.
“At 1Life Insurance, we advise our clients to go for their health checks regularly, or, at the very least, once a year. Adopt a healthy lifestyle, which includes exercise and ensure regular health checks. This will ensure that a policyholder is less susceptible to illnesses such as high blood pressure and diabetes,” Basson added.
She said it is vital that policyholders are transparent about their medical history or weight. Lying about these can impact their life cover insurance payout.
Medical history disclosure important
“The reality is that while the disclosure of unhealthy habits may increase one’s premiums, it is still a safer and wiser option. Better than not having cover at all, or running the risk of a rejected claim.
“When a claim is made by a client, all their medical reports are reviewed. And if they are discovered to be claiming for a medical condition that existed when they took out the policy, but did not disclose it, their claim may be rejected or reduced.”
