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Life Insurance Table Ratings:
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There is never any pressure or obligation with our service, we'll give you the information you need in order to make an informed decision about your life insurance. Let us help you.
What is a Table Rating?
A table rating is an additional charge that life insurance companies assign to your life insurance policy if you have a health problem now or in the past.
As a consumer it is important for you to know that life insurance companies handle table ratings differently. While one life insurance company may assign a table rating due to a health issue, another life insurance company may not charge you extra.
It's important as every table rating assigned will add 15-25% to your life insurance cost!
As experts in impaired risk life insurance, we'll help you get the life insurance you need at the best possible rates based on your specific health history...Let us help you.
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Table Rating Overview:
Life insurance companies use underwriting manuals to determine the life insurance premium you will pay for your coverage. Many times, if you have a health issue, life insurance companies may add an extra charge to the cost of your insurance, aka a life insurance table rating.
Table ratings are assigned to your file based on the type and severity of any health issues. Each table rating will add 15-25% to the cost of your life insurance.
Life Insurance underwriters assign table ratings from 1-16 to your file.
The good news is that table ratings are negotiable in many cases if you get to the right life insurance company! We'll help you get there.
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Do You Want to Overpay for your Life Insurance??
Of course not! You want to get the coverage you need at the lowest possible price, right??
As an example, we'll use diabetes life insurance underwriting as an example.
With diabetes life insurance underwriting, the general rule of underwriting is that if you have good control, etc.. the life insurance companies will assign you the standard rate plus an additional Table 2 rating on top, adding 50% to your cost!
Well, that is terrible...There are a number of life insurance companies that took the time to better understand diabetes, understand consumers with good control vs those that ignore doctors advice.
If you take care of yourself, have good diabetes control, take your medications as directed, it may be possible to get "standard" rates with some life insurance companies.....potentially saving you 50% or more!!!
Our diabetes life insurance underwriting guidelines will help you get there!
Life insurance table ratings are subject to negotiation.... sometimes!
Life insurance underwriters will determine your life insurance rate according to the life insurance company guidelines, and possibly additional table ratings as required by reinsurance underwriting manuals.
There are times when the underwriting manuals may say that your rate should be a table 4 rating.....That's where we can help.
Sometimes, we are able to negotiate a lesser table rating with a life insurance company and save you money on your life insurance premiums.
So, what the heck is a table rating and how will it affect my life insurance rates???
A table rating is assigned a number, typically between 1-16. The higher the table rating is, the more expensive your coverage will be. Life insurance companies add table ratigns to your price as the health issue risks become more significant....But guess what???? Every life insurance company is different, and some life insurance companies charge more for their table ratings than other life insurance companies!
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How Much Extra $$$ will this table rating cost me?
Each table rating assigned to your policy will typically (MORE ON THIS BELOW) increase your premium by approximately 25% to the price of the standard rate.
Table Rating Example: An insured with a health impairment goes through life insurance underwriting and is offered a "non-smoker table 2 rate".
If the standard rate was $1,000, a table 2 rating would add approximately $500 to your life insurance premium, increasing your premium to $1500 per year. ($1,000 premium x 25% = $250 per table rating x 2 table ratings = $500. The $500 would be added to the $1,000 = $1,500 per year.
If the underwriting offer was a Table 4, it would add $1,000 to the price ($1000 x 25%=$250 x 4 = $1000) bringing the total to $2,000 per year!
Have You Been Table Rated???
If you have been through life insurance underwriting and received a table rating, we definitely need to speak. Sometimes we can do better for you if you are not with the correct life insurance company. The flip side is that sometimes an insured will receive a table rating offer that is very aggressive. If you already have the best rate available, we'll tell you that.
Call us today at 800-909-2040 to discuss or take a minute to complete our Life Insurance Quote Request There is never any obligation or pressure with our service. We'll give you the information you need in order to make an informed decision about your life insurance.
But wait.....there's more to Table Ratings
Table Ratings may vary depending on which life insurance company you go to....that's right, there is no simple answer to each case, here's why:
Things that affect Life Insurance Table Ratings:
- Table Rating Percentage - Some life insurance companies charge 25% per every table, while others charge 15-20% per table. Even though some companies charge a lower % per table, they may be less aggressive with underwriting and ultimately cost you more money. Look at the total cost to you vs. what the table rating % is.
- Standard Plus vs Standard - "Standard plus" rates are generally speaking less expensive than "standard" rates. Some life insurance companies will base their table ratings off of the standard plus rate, while others will base the table rating off the standard rate....to make if even more confusing, there are some health impairments where a life insurance company will only use the standard rate when determing the price you pay! We'll help you get the best life insurance rate based on your individual circumstances.
- Table Rating Duration - The length of time that a life insurance company will charge you the table rating may vary depending on the company...Some companies may charge you a table rating for the entire term of your policy, or may charge the table rating for a period of time such as 5 or 10 years. The table rating would then drop off and your rate would be the "standard" rate for the rest of the term.
- Table Shave Programs - Some life insurance companies offer "table shave" programs....as an example, some companies will offer the standard rate to anyone who qualifies for a table rating of 1-4....the catch is that the table shave programs will only apply if you buy permanent insurance, not term insurance....It is important to know that if you are table rated for your life insurance policy, it may be in your best interest to compare the cost of a permanent life insurance policy at the standard rate vs. a term life insurance policy at a table 4 rate...
- Underwriting Expertise - Life insurance companies will review your medical history, health impairments, and current health in order to determine the life insurance rate they will charge you, that's where we can help. If there are positive factors that may improve your rate, we bring that information to the underwriter's attention....sometimes it is possible to get a life insurance underwriter to make a better offer than the original offer...if a life insurance company offers you a table 4 rate, and we get them to issue that policy at a table 2 rate, you will save $$$$.
- Life Insurance Company Niche - Each life insurance company has its own area of expertise...some companies are very aggressive with certain health issues such as prostate cancer, heart disease, diabetes, etc. while others are very conservative and charge more....we know the life insurance companies and the expertise of each life insurance company. We'll get you to the best life insurance company based on your specific health issues.
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What to expect from life insurance companies:
The best way for us to help you is to have you submit our
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or
Give us a call at Toll Free 800-909-2040
There is no obligation, no pressure, no b.s. sales pitch.....we'll tell you your options and where the best life rates can be found... if we can help we would love to write your insurance application for you, if not you will have a better understanding of the market when we hang up.
At LifeInsuranceAdvisors.com, our service is a no pressure, no obligation service. We'll give you the information you need to make an informed decision about your life insurance. Call us today at Toll Free (800) 909-2040. Thank you.
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