Fatties Not Fit For Life Insurance

A worrying fact is that a quarter of children are classed as overweight before they are old enough to start school.That figure is one in three by the time they enter secondary school at the age of 11.

Obesity can be related to a range of health problems including diabetes, heart and liver disease and even cancer.In less than a decade since 1999 the number of doctors' prescriptions for obesity drugs rose from 127,000 to more than a million.And now the insurance companies are going to make the fatties pay.

The Body Mass Index (BMI) is the tool used to calculate whether a person is of 'normal' proportions, or 'overweight', or 'obese', which is anyone with a BMI of over 30.This is the figure at which many insurance companies start charging up to 50 per cent higher premiums.In the past a BMI nearer 40 was used, but as it became clear how serious Britain's obesity problem was, the figure was lowered to 30.However, they might decide to drop lower still, heading closer to the 25 mark where the 'overweight' category starts.

If you are obese and also have other high-risk factors such as being a smoker or suffering from certain medical conditions, the increase in the cost of your premiums could soar to a staggering 400 per cent!

An example for 150,000 pounds of life cover for a 55-year old man in good health, who is a non-smoker of normal weight, is about 1,000 pounds a year.Let him become obese and his 25-year policy could cost him 500 pounds more.

Not all insurance companies use the same BMI rate.The second largest insurer, Norwich Union, uses 35 as the figure at which to raise the premium costs, and the third largest, Friends Provident, goes from 33.

Legal and General, Britain's leading insurer, uses a BMI of 30, and said that 13 per cent of new customers would have to pay the higher premiums.

L and G's director of underwriting and claims, Russ Whitworth said, "Most people understand that poor diet and lack of exercise can lead to health problems but they might not realise that being significantly overweight would also make their life insurance more expensive."

"Although it is not an exact science, we find that BMI is the best indicator of the risk of being overweight, so it pays to stay in shape.

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The Association of British Insurers backs its members' decision to charge higher premiums for the obese, claiming that it is no different from charging more for a smoker or somebody with a previous medical condition.

Problems could arise for super-fit sportsmen who would have to convince their insurers that their high BMI score is due to building up solid muscle rather than being obese.It's no point being economical with the truth when an application form asks for your height and weight.In the event of a claim, the company won't pay out if it catches you out in a lie.The Financial Ombudsman Service says it constantly throws out cases where a claim has been rejected for this reason.

Recently a man of 37 claimed on his application to be six foot tall and to weigh 16 stone.When he died of a blood clot five months later it turned out he was only 5 foot nine inches tall and five stone heavier.Needless to say there was no pay out.His premiums would have increased by 275 per cent if his true details had been known, but his claim would have been valid.

The Financial Ombudsman ruled that there was such a difference between what he put on the form and what he actually measured that it couldn't have been a mistake.

Matt Morris, a policy adviser at specialist financial advisers Life Search, explained, "In an ideal world, insurers want the healthier clients.There is an element of cherry picking.They don't want the burden of the heavier client."

The Prudential is doing something to help.

It now offers free gym membership, and if you use it at least twice a week you get a 2.25 per cent discount as well.

About the Author

Get great deals on Life insurance from The Life Insurance Protection.

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Do Good Business as a Heavy Equipment Trader

Heavy equipment trading companies are becoming popular, both with sales and purchases of heavy equipment and units of machineries.Many construction companies prefer heavy equipment trading companies, as they do not intend to purchase heavy equipments, but hire them for use.The advantage that a trader has is that they can find sellers as well as buyers for the wide range of equipments.Often, companies may need equipment for use only for a short period.In such instances, trading companies could be very useful, since there is a constant demand for use of equipments.Constructions companies prefer to hire and utilize them for some time and return or sell them, thus saving on the cost of buying equipment and make a decent profit in return.

When you plan to start your own business of trading with heavy equipments, you should chalk out a business plan, which will convince investors and financiers like banks to lend you money.Moreover, it also forms a basis to create a format for your overall business.You can plan and develop a strategy and set targets and objects for sales and business performance.As a trader, you need to have a marketing plan too for your heavy equipment trading business, which is also necessary.

You may undertake marketing yourself by creating websites or using cable stations and local newspapers, for classified advertisements.You will find many people log on to your well designed website, who would wish to buy or sell or hire heavy equipments.Networking with the help of emails and social marketing sites can also help you to reach out to many businesses.You can make good use of the Internet to reach more clients in a short time.You may also use brochures and business cards to introduce yourself to the business class.

Even for your daily trading business, you need to plan to do work on priority basis and know what work to take up first followed by other works and how to end your working day.You will have to plan your activities to approach more buyers and sellers to trade and do good business in heavy equipments.Initially you may start business with lesser equipments.And as business grows, involve trading with variety of heavy equipment.

Trading in used heavy equipment online can be profitable in many ways.As your business grows, you can have your own online trading website.Having a website is helpful to buyers and sellers, you deal with.You can earn substantial profits if they contact you for something they require immediately, and you could provide them on an urgent basis.Websites have proved to satisfy different companies and customers and in return, they speak in volumes of satisfaction and help they received from websites.

You should gather adequate information about trading business, so that the margin of failures is reduced.You can even undertake training to be a professional trader in heavy equipments.You should be careful and able to manage your finances.Ensure that you keep your cash flow, as any business requires this to keep itself stable.Keep your accounts up-to-date, which help you to take various kinds of decisions to help your trading business grow.

You should seek advice of experts, whenever you face tough situations.You should be aware of the potential dangers and ensure that you plan out your trading business in heavy equipment to keep it safe and sound.Adapting to changes in the market trends is important to succeed and do good business as a heavy equipment trader.

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Heavy Equipment Training by NTS.

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Refinancing - When Its A Mistake To Refinance

Many homeowners make the mistake of thinking re-financing is always a viable option. However, this is not true and homeowners can actually make a significant financial mistake by re-financing at an inopportune time. There a couple of classic example of when re-financing is a mistake.

This occurs when the homeowner does not stay in the property long enough to recoup the cost of re-financing and when the homeowner has had a credit score which has dropped since the original mortgage loan. Other examples are when the interest rate has not dropped enough to offset the closing costs associated with re-financing.

Recouping the Closing Costs
In determining whether or not re-financing is worthwhile the homeowner should determine how long they would have to retain the property to recoup the closing costs.

This is significant especially in the case where the homeowner intends to sell the property in the near future. There are re-financing calculators readily available which will provide homeowners with the amount of time they will have to retain the property to make re-financing worthwhile.

These calculators require the user to enter input such as the balance of the existing mortgage, the existing interest rate and the new interest rate and the calculator return results comparing the monthly payments on the old mortgage and the new mortgage and also supplies information about the amount of time required for the homeowner to recoup the closing costs.

When Credit Scores Drop
Most homeowners believe a drop in interest rates should immediately signal that it is time to re-finance the home. However, when these interest rates are combined with a drop in the credit score for the homeowner, the resulting re-financed mortgage may not be favorable to the homeowner.

Therefore homeowners should carefully consider their credit score at the present time in comparison to the credit score at the time of the original mortgage. Depending on the amount interest rates have dropped, the homeowner may still benefit from re-financing even with a lower credit score but it is not likely.

Homeowners may take advantage of free re-financing quotes to get an approximate understanding of whether or not they will benefit from re-financing.

Have the Interest Rates Dropped Enough
Another common mistake homeowners often make in regard to re-financing is re-financing whenever there is a significant drop in interest rates. This can be a mistake because the homeowner must first carefully evaluate whether or not the interest rate has dropped enough to result in an overall cost savings for the homeowners.

Homeowners often make this mistake because they neglect to consider the closing costs associated with re-financing the home. These costs may include application fees, origination fees, appraisal fees and a variety of other closing costs.

These costs can add up quite quickly and may eat into the savings generated by the lower interest rate. In some cases the closing costs may even exceed the savings resulting from lower interest rates.

Re-Financing Can Be Beneficial Even When It is a Mistake
In reality re-financing is not always the ideal solution, but some homeowners may still opt for re-financing even when it is technically a mistake to do so. This classic example of this type of situation is when a homeowner re-finances to gain the benefit of lower interest rates even though the homeowner winds up paying more in the long run for this re-financing option.

This may occur when either the interest rates drop slightly but not enough to result in an overall savings or when a homeowner consolidates a considerable amount of short term debt into a long term mortgage re-finance.

Although most financial advisors may warn against this type of financial approach to re-financing, homeowners sometimes go against conventional wisdom to make a change which may increase their monthly cash flow by reducing their mortgage payments. In this situation the homeowner is making the best possible decision for his personal needs.


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