| What
type of risk are you? Whether
you know it or not, you are a "risk" in the eyes of life insurance
companies. If you are like most people — you're not an Olympic athlete but you
don't have serious health problems — then you are probably what insurance companies
call a "standard risk." Standard risk individuals qualify for a life
insurance company's standard rates when quotes are prepared. If you are in better
than average health though, you could be considered a "preferred risk"
by insurance companies and qualify for lower, preferred rates. The proposed
amounts on the life insurance quotes from the insurance companies will be affected
by your level of risk.
Can you change your rating from standard to
preferred and get lower life insurance quotes and policy rates from life insurance
companies?
Yes and no. Some things about your health you can't
change. But there are lifestyle choices you can make that result in lower
life insurance companies quotes: quitting smoking, for example, or taking steps to
lower your cholesterol or get your weight down so that you'll become a better
risk and improve your rating with the life insurance companies. Each of
the life insurance companies has its own standards when creating life insurance
quotes but, if you demonstrate improvements for a year or two, most insurance companies will consider
that evidence of permanent improvement and will consider you for preferred status.
- Here
are some of the factors insurance companies consider when categorizing someone
as preferred risk when creating life insurance quotes.
But
keep in mind that definitions of standard and preferred risks vary for certain insurance companies:
- No personal history of cardiovascular disease, stroke,
diabetes (insulin or non-insulin dependent), cancer or alcohol/drug dependency.
- No family history of cardiovascular disease prior to age 60, including
parents and siblings. Not flying as a private pilot, student pilot
or participating in aviation during the two years prior to applying for your policy.
Having an average, untreated blood pressure that doesn't exceed 150/90 and having
no history of hypertension under treatment. Some insurance companies will allow treatment
if under control for two years if your blood pressure doesn't exceed 140/90.
Having a cholesterol level that doesn't exceed 260 (250 for tobacco users).
Having a cholesterol / HDL ratio that doesn't exceed 7 (6 for tobacco users).
-
Weight that doesn't exceed the following limits (though slightly higher
weights may be allowed if you don't have a problem in any of the areas listed
above).
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