Printer FriendlyLife Insurance Ratings Explained
Simply put, the healthier an individual is the better rating he or she will receive. A better rating translates into lower premiums, since the life insurance company believes that the insured individual will live a longer, healthier life and thus not cost the company any money for a longer period of time.
So how exactly do these ratings work? There are two main classes of individuals: smokers and non-smokers. Within these two classes are categories, namely, Preferred, Select, Standard, and Table. The table below outlines exactly what this hierarchy looks like, for both classes. Preferred Best is the highest rating an individual can achieve and Table 10 is the worst. The Preferred Best rating is reserved for those in society with the very best health. Factors that help determine an individuals overall health include, but are not limited to, age, gender, use of tobacco, individual health, family health history, type of profession, lifestyle characteristics, and even things like where an individual travels for leisure and/or business. So, for example, maybe an individual has a history of medical problems in his family which could bump him or her down to a Standard rating. Another individual may travel regularly to a high risk country, which would also lower his or her rating. The worse one's overall health, the lower the rating one will receive. The worst rating of all, Table 10, means that the insured will likely die very shortly.
|
Smoker |
Non-Smoker |
|
Preferred Best |
Preferred Best |
|
Preferred |
Preferred |
|
Select |
Select |
|
Standard Plus |
Standard Plus |
|
Standard |
Standard |
|
Table 2 |
Table 2 |
|
Table 3 |
Table 3 |
|
Table 4 |
Table 4 |
|
Table 5 |
Table 5 |
|
Table 6 |
Table 6 |
|
Table 7 |
Table 7 |
|
Table 8 |
Table 8 |
|
Table 9 |
Table 9 |
|
Table 10 |
Table 10 |
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