Uncover the secrets of life insurance risk classifications and how they can impact your financial future
The world of life insurance can be a confusing and overwhelming place, but understanding the different risk classifications can make a significant impact on your financial future. Here at Legacy Movement Connection, we believe that everyone deserves to have a clear understanding of their life insurance options.
| Classification | Rate (Above Standard) |
| Preferred Plus | 25% |
| Preferred | 50% |
| Standard Plus | 75% |
| Standard | 100% |
Please note that the rates mentioned in the table represent the percentage increase above the standard rates for each classification.
The Preferred Plus Life Insurance Requirements: Achieving the Best Possible Rate
If you're looking for the best possible rate on your life insurance policy, then the Preferred Plus classification is the way to go. This classification is reserved for those who are in excellent health and have a clean medical history. To qualify for this classification, you must meet certain requirements, including:
- You do not engage in risky occupations or hobbies like scuba diving.
- No history of tobacco or nicotine use within the last three-five years.
- No family history of cancer, heart disease, or stroke before age 60.
- No history of drug or alcohol abuse.
- A healthy weight and BMI.
Preferred Risk Life Insurance Rate Class: A Step Below Preferred Plus
If you don't meet the requirements for the Preferred Plus classification, then you may still qualify for the Preferred Risk classification. This classification is reserved for those who are in good health but may have a few minor health issues or risk factors. To qualify for this classification, you must meet certain requirements, including:
- You do not engage in risky occupations or hobbies like scuba diving.
- Medications such as blood pressure and cholesterol are allowed.
- No history of major health issues.
- A healthy weight and BMI.
Standard Plus Life Insurance Rate Class: A Middle Ground
If you don't qualify for the Preferred Risk classification, then the Standard Plus classification may be the right fit for you. This classification is reserved for those who have a few minor health issues or risk factors but are still considered relatively healthy. To qualify for this classification, you must meet certain requirements, including:
- No history of major health issues, but you may have minor health issues.
- You may be over the height and weight chart (within reason).
Standard Risk Insurance Rate Class: The Most Common Classification
The Standard classification is the most common classification for life insurance policies. This classification is reserved for those who have a few health issues or risk factors but are still considered relatively healthy. To qualify for this classification, you only need to achieve average overall health. This is your classification if:
- You don't fit within the standard hight and weight for your age.
- There's a family history of major health issues.
- You're taking multiple medications.
Substandard Risk Category: When You Don't Meet the Requirements
If you don't meet the requirements for any of the above classifications, then you may fall into the Substandard Risk category. This classification is reserved for those who have significant health issues or risk factors that make them a higher risk to insure. While it may be more challenging to find coverage in this category, it's still possible with the right insurance agent.
At Legacy Movement Connection, we understand the importance of finding the right life insurance policy to fit your needs and budget. Our experienced life insurance agents in Sacramento are knowledgeable about the different risk classifications and can help you find the best possible coverage for your unique situation. Contact us today to learn more.