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.
To qualify for preferred rates for term life insurance you may need to meet several requirements issued by the life insurance company, including:
Other factors that may be considered by a life insurance company in order to offer you preferred rates may include:
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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