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Underwriting Life Insurance:
Underwriting life insurance guidelines and criteria used to determine your life insurance rate:
Applying for life insurance can be a time consuming and frustrating process. At LifeInsuranceAdvisors.com, we have the expertise to help you obtain the best possible rate for life insurance.
We can help you navigate the life insurance underwriting guidelines and criteria to ensure that you are matched to the best possible company based on your individual needs and circumstances.
What Life Insurance Underwriting factors determine my rate?
Every life insurance company has its own set of underwriting guidelines that are used to determine the underwriting class that they will assign to you. It is important to note that each company has distinctly different guidelines. While you may get the best rate with one company, you may receive less favorable rates from another company.
What criteria determine my rate?
Regardless of the company, each company will base your rate on the following information:
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Personal Health - Diseases, disorders, or activities that affect your mortality will affect the rate you pay for life insurance.
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Family History - Your parents and siblings medical history is definitely used against you for life insurance underwriting purposes. Family history of cancer, heart disease, and diabetes are the main concerns to life insurance companies when they are underwriting you.
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Cholesterol - Each company has its own total cholesterol, cholesterol/HDL ratio that are used to determine your life insurance underwriting classification. Some life insurance companies will offer their best underwriting rate if you are taking cholesterol medication while other companies will not.
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Blood Pressure - Your current blood pressure, your blood pressure history, blood pressure medications will affect the best life insurance underwriting rate that is offered to you. Some companies will offer you their best life insurance underwriting rate if you take blood pressure medication while other companies will not.
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Driving History - If you have had a traffic ticket, most companies will not hold this against you for life insurance underwriting purposes. If you have had multiple tickets, many companies will hold this against you. If you have had a DWI, DUI, reckless driving, license suspension, etc., companies will hold this against you for life insurance underwriting purposes.
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Nicotine - Nicotine use affects your rate. It is important to note that non-tobacco rates are available for cigar, pipe, chew, snuff, and occasional cigarette smokers.
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Alcohol/Substance Abuse - Life insurance underwriters look for any history of abuse to determine your best rate. Any current abuse would be declined, but anyone who has been through treatment and clean, may be considered for coverage. We are sensitive to this and work with you to ensure that your information is kept private. We know how to secure favorable offers from various life insurance companies.
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Cancer history - If you have had cancer, the rate you pay will be determined based on the type of cancer, staging, location, treatment, time since treatment, recurrence, etc.. Basal cell skin cancer is one of the few cancers that has little if any affect on the life insurance rate you pay.
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Hazardous activities or occupations - If you play in risky sports such as scuba, skydiving, mountain climbing, hang gliding, parachuting, etc.. we can help you get the best possible rate, but you will most likely pay a little more for coverage. The same applies to risky occupations. Some examples considered risky are mine workers, underwater salvage divers, explosives experts, etc.
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Build - Your build affects your rate. Each life insurance company has its own build chart to determine the rate you pay. It is important to note that when you are applying for the "preferred best" and "preferred" rates being offered, most companies will not give you the rate if you are 1 pound over the limit. Talk to us first as we will give you the guideline information to ensure that you meet the life insurance underwriting criteria.
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What We Do:
We maintain the life insurance underwriting guidelines for competitive companies.
We study the guidelines and know the niche for each company.
We know the underwriters & know how to present your case to them in order to get you the best rate.
We understand health issues and their affect on your life insurance rate.
You won't find anyone with a better understanding of your health issue than us!
As always, there is never any pressure or obligation with our 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 |
