Life Insurance Rates Explored

By David J. Livingston

There are different classifications of life insurance rates for different insurance providers. The number of classifications could be more than or equal to 12. Normally people need to qualify for the Regular classification with most companies which charge a premium on top of the Regular rate. While that is the case with most companies, some do have special classifications. If one qualifies for Regular or above, he will get a good rate, otherwise that person will be provided some substandard rate.

To explain the process further, the insurance rates of most companies will start at Regular + 50%. This rating is called Table B or Table 2. The further classifications are Regular + 75% called Table C or Table 3, Regular + 100% called Table D or Table 4. The highest in most cases is Regular + 250% called Table J or Table 10. You will be surprised because there are companies in the insurance industry that can have rates that go even beyond the table 10. While the classification terms all look similar, the way they rate and the underwriting of the companies differ from one company to another. So if one company rates your case one way, that does not mean that you will get the same rate with all the providers.

While one company rates a person with late age start and controlled diabetes to be Preferred or Preferred Plus, another insurance company will rate him to under Table B, C or D. So to benefit from the right insurance with the appropriate premiums and coverage you need to shop around. The very first step in that process would be for you to try your hand with the online quotes. All most all the providers and even some third parties provide you instant term life insurance or whole life insurance or any other type of insurance you need online. They will require some basic information about you like your physical statistics, health details, profession and some contact detail (just to get in touch with you) to provide you instant quotes.

The premiums that you get assigned in the quotes are determined by the risk class you fall under. The higher the class the lower will be your premium. The general classes of life insurance rates are

1. Preferred Plus (no nicotine)

2. Preferred (no nicotine)

3. Preferred (nicotine)

4. Standard (no nicotine)

5. Standard (nicotine)

6. Substandard

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Some of the health conditions that greatly influence the life insurance rate classification are

1. Heart disease

2. Depression

3. High blood pressure

4. High cholesterol

5. Asthma

6. Type II diabetes

7. Sleep apnea

8. Cancer

9. Coronary disease

10. Mitral valve prolapsed

You can get the best rating that is Preferred Plus life insurance rates if you meet the following criteria.

1. BMI less than 25

2. Very good health history (no chronic ailments or serious illnesses)

3. Good family health history

4. Non-smoker or have quit smoking for minimum 5 years

5. Risk free (low risk) profession and hobbies

6. No bankruptcy (in the last 5 years) and excellent financial standing

7. LDL/HDL ratio less than 5.0

8. Blood pressure less than or equal to 140/85

9. Clean driving history (in past 5 years)

10. Never treated for alcohol or drug abuse

When you get the quotes, it is essential that you compare all the different quotes. Just the lower premiums or higher coverage or even the preferred life insurance rates alone will not help determine the best coverage for you. So demarcate each topic and compare accordingly. A bit of research on the insurance industry or a little help from experts will assist you in landing the best policy in terms of coverage, premiums and inclusions for you in no time. Just make sure that you are divulging your information and taking help only from authentic and trustworthy websites. Remember that no one needs your financial details to process the instant tem life insurance or whole life insurance quotes, as that is a free process.

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