Your life insurance premiums are derived by estimating your risk of dying. Insurance companies use specific health criteria in order to place you in a risk category or health class, as it’s commonly called. There aren’t industry-wide labels for these classes, but you will usually see these health class designations: Preferred Best (Plus), Preferred, Standard (Regular) Plus and Standard (Regular). Below these are sub-standard or table-rated designations.
When you get life insurance quotes online, the quoting websites uses various types of quote engines to produce your quotes. The most accurate quotes are based on specific health data – age, sex, tobacco use, height and weight, cholesterol, blood pressure readings, family history and driving history. While there are other factors that contribute to one’s health class (health history, current health and medications), the ones mentioned above can be programmed into a quoting system, so each insurance company’s underwriting guidelines factor into the health class and premium quotes.
Some life insurance quote websites will not ask any health information and will ask you guess which health class you think you’re in. Some of these will help you out with a grid of generic guidelines for each health class (e.g., cholesterol below 225 or blood pressure controlled with medication). It has been my experience that when you allow one to guess his/her own health class, one will usually choose one higher than one is actually in.
A quote is only a quote and it isn’t guaranteed. It’s a best-guess estimate. the final quote from the insurance company comes at the end of underwriting when the policy is issued. You can accept the policy when it’s delivered (up to 30 days after delivery) or not, but you have waited 3-6 weeks for the policy, after you filled out a lengthy application and had a medical exam. I would think one would want as accurate a quote as possible up front so that the final quote at least comes close to the original. This is why we recommend (and have on LifeInsure.com) a quote engine that incorporates the health information mentioned above.
If you would like an instant term (or universal) life insurance quote, click on the Start Your Instant Quote button above. When you get to the Health Analyzer, answer as many questions as you can to ensure the most accurate life insurance quote possible.