Preferred best life insurance rates may be possible for you…if you know the rules and which life insurance company to work with based on your specific circumstances.
When it comes to underwriting, preferred best life insurance rates are the least expensive and hardest to qualify for. On average, about 10% of life insurance applicants qualify for preferred best life insurance rates. Over the past few years, life insurance companies have decreased their rates for preferred best categories.
Who qualifies for preferred best life insurance rates?
Life insurance companies use the following to determine if you qualify for preferred best life insurance rates.
- Build – Every life insurance company has its own height/weight charts. It’s important to note that there is little to no leeway when it comes to preferred best build charts….either you make the weight or you don’t. We’ll share the cutoffs with you so you know in advance before you apply.
- Nicotine Use – Most life insurance companies make you wait up to 5 years for their best rates if you are a former cigarette smoker. We’ll show you which company will be your best choice. Preferred best rates for nicotine users such as cigar smokers are available with no wait.
- Blood Pressure – Every life insurance company has its own set of blood pressure guidelines for preferred best rates.
Most require that you do not take blood pressure medication in order to meet these guidelines, but there are exceptions.One of the underwriting improvements we have witnessed over the past few years is that more and more companies will consider preferred best rates if you take blood pressure medication. The key factor to keep in mind is that some companies look at your average blood pressure over the past few years, while others look at the paramed exam results.
- Cholesterol – Life insurance companies look at your total cholesterol as well as your cholesterol ratio to see if you qualify for their preferred best life insurance rates.
Underwriting Tip – There are a few life insurance companies that offered preferred best life insurance rates if you take cholesterol medication.Another underwriting improvement over the past year is the number of companies willing to offer you preferred best rates if you take cholesterol medication.
- Family History – Your parents and siblings medical history may be used against you. Life insurance companies want to know if your parents or siblings had heart disease or cancer. If they did have either one, insurance companies want to know how old they were when diagnosed, and whether they died from this or not. Recent improvements to family history underwriting include not holding certain family history cancers against you, eliminating family history as part of the criteria if you have reached a certain age, and not holding gender specific cancer histories against you when you are of the opposite sex.
- Personal History – If you have a personal history of medical problems, or participate in higher risk activities, chances are you will not qualify for preferred best life insurance rates. Keep in mind that life insurance companies make preferred best life insurance rates available to about 10% of their applicants.
- Driving History – Life insurance companies will review your driving history as part of the underwriting process. If you have a history of motor vehicle violations or DUI history, you will not get the preferred best life insurance rates.
It’s important that you work with a life insurance expert when shopping for life insurance. You may only qualify for preferred rates with one company, but may qualify for the preferred best life insurance rates with another company. Only a life insurance expert that works with multiple life insurance companies can guide you through the underwriting maze to preferred best life insurance rates. If you think you qualify, let us help you get those rates! Thank you.