Life Insurance

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Classification Levels

Before shopping for policies, it is helpful to know what insurance companies use when crafting a policy and to determine rates.
Insurance companies use the following classifications levels for their policyholders:

Preferred Plus

People in excellent health with clean family history and perfect height-weight ratio.

Preferred

People with minor health issues that may be treatable with simple lifestyle choices.

Standard Plus

People with okay health and family history with few issues.

Standard

People with some health issues and a less-than-ideal height-weight ratio. This category is heavily influenced by family history and life expectancy.

Substandard

People with difficult health histories and recent complications including heart attacks or strokes.

Preferred Plus

People in excellent health with clean family history and perfect height-weight ratio.

Preferred

People with minor health issues that may be treatable with simple lifestyle choices.

Standard Plus

People with okay health and family history with few issues.

Standard

People with some health issues and a less-than-ideal height-weight ratio. This category is heavily influenced by family history and life expectancy.

Substandard

People with difficult health histories and recent complications including heart attacks or strokes.

When creating your policy, a company looks at several different health indicators and other factors. There really is no reason to wait until you are older to acquire a policy. In fact, young people can lock in low rates because they tend to be healthier and less of a risk.

Finally, discussing life insurance can be a difficult subject with loved ones. So before discussing a life insurance policy with a partner, parent, or child consider reading this blog.