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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