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Term Life Insurance FAQ
COVERAGE NEEDS
Q. What’s my likely life insurance underwriting (rate)
classification?
A. Your life insurance underwriting classification, or rate class, determines how much you will pay for your premium. Because people are unique, they have different rate classes, based upon health and lifestyle characteristics. The ability to more accurately assess the risk potential of each applicant up-front allows the carrier to offer the appropriate rate. Though underwriting guidelines may vary between insurance providers, common life insurance underwriting classifications include:
- Premier
- Preferred
- Preferred Smoker
- Standard
- Standard Smoker
- Substandard
Without speaking to a licensed life insurance agent and undergoing a simple medical exam, there is no way to accurately assess your life insurance classification. Are you a smoker? Are you healthy? Do you engage in any risky activities, such as skydiving? Many variables are weighed before your rate class is determined.
In order to avoid the disappointment and frustration that comes with any sort of a “bait-and-switch” situation, bear this in mind when shopping for term life insurance: The least expensive quote is not necessarily the most accurate — or best! There may be other advantages and disadvantages to consider about the policies.
© 2010 Matrix Direct, Inc. Agency services provided by Matrix Direct Insurance Services in CA (#0B57619), ME, MA, and OK; Matrix Direct Insurance Agency, Inc. in UT; and Matrix Direct, Inc. in AR (#246412) and all other states, except SD.
Matrix Direct, Inc. is a subsidiary of American General Life Insurance Company (AGL) and an affiliate of The United States Life Insurance Company in the City of New York (USL).
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