What are the life insurance quote factors and how do insurance companies determine the rates you will pay for a life insurance policy? Insurance companies assign a health class to all applicants to determine the risk of dying each person presents to the company. They look at various risk factors, such as:
The insurance companies evaluate all these factors during underwriting and, according to their guidelines, place each person in a specific health class, which determines the premiums one will pay for the policy. Typical health classes are Preferred Plus, Preferred, Standard Plus and Standard. Lower classes than Standard are called Table Ratings. A good insurance broker (such as LifeInsure.com) knows the health “sweet spots” of each insurance company and can recommend the company that would be the best fit for each applicant. The LifeInsure.com quote engine’s Health Analyzer takes into account most of these health factors, resulting in the most accurate quote possible (Note: quotes are estimates of premiums and final quotes are issued upon completion of underwriting).
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All-Time High Life Insurance Policies The world record for the largest life insurance policy has just been broken. According to Guinness World Records, the previous all-time high for a policy was $201 million. That was until The Archer Financial Group sold policies worth $235 million and $295 million. The insurance … Continue reading Recording-Breaking Life Insurance PoliciesRead More
My apologies for the title of this post, but I wanted to get the attention of those of you who have procrastinated with getting a life insurance policy. Some of you know it’s something you need to do and “will get around to it someday,” while others have started the … Continue reading Letter to a (Dead) ProcrastinatorRead More
3 Most Common Reasons for Canceling a Life Insurance Policy Just as the name implies, life insurance is usually for life. After all, the policyholder’s family will only receive the death benefits when the policyholder passes away. So why would anyone cancel a life insurance policy prematurely? Individuals usually sign … Continue reading When is it appropriate to cancel a life insurance policy?Read More