Preferred Rate Requirements for Term Life Insurance
What are preferred rate requirements for term life insurance?
Each life insurance company accepts or rejects applicants for preferred rates for term life insurance based on their own underwriting guidelines which include health requirements and age requirements.
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To qualify for preferred rates for term life insurance you may need to meet several requirements issued by the life insurance company, including:
- No health conditions or impairments
- No history of high blood pressure
- No death from cardiovascular disease or cancer among your parents or siblings before age 60
- No diseases
- No Aviation risk
- No hazardous hobbies or occupations
- No use of tobacco for two years
- Cholesterol levels within certain guidelines usually 180-220
- No more than 3 driving violations in the last 2-5 years
- No extensive travel to underdeveloped or politically unstable countries
Other factors that may be considered by a life insurance company in order to offer you preferred rates may include:
- Personal history of cancer or cardiovascular problems
- History of alcoholism or drug addiction, or use
- Ongoing treatment for depression
- Mental illness Kidney or liver disease
If you do not meet the preferred rate requirements for term life insurance, you may still be offered standard rates for your term life insurance policy. Although these rates may be higher, you could request reconsideration for preferred rates at some time in the future.
If you reduce your health risks, or reduce the level of risk related to your job or hobbies, you may be able to get preferred rates. These changes may improve how the life insurance company looks at you as a risk for offering you a life insurance policy with preferred rates.
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