There are 7 classifications you can land in when applying for life insurance. Some of them are for low risk applicants while some are high risk life insurance applicants. When you apply for life insurance, you want to make sure you are applying thru an independent life insurance agent/broker not someone selling auto insurance. Impaired Risk/High Risk cases require a seasoned life insurance agent and an experienced team who handle these tough cases all the time.
No one wants to be ripped off or declined, just be aware that you don’t bring an auto mechanic in to repair your boat… so to speak. Get in touch with a specialist.
On the Quoting Tool, you can select the type of coverage from various “term” insurance options or “lifetime” coverage. Lifetime is a permanent, guaranteed universal life insurance policy.
The Health Classes:
- Preferred Plus – These are people in A-1 health. Everything in this applicants life is in order – health and family history, driving record and height/weight. If you believe you might be in this classification, you may just fill out the quoting calculator in the sidebar. If you may be a few extra pounds on the heavy side (be honest with yourself) you may reflect this by using the drop down menu under “Health Class” and select Preferred or Regular Plus. Preferred or Regular Plus can be used for very moderate risk issues, but these are numerous to elaborate on here.
- Regular – For people with an average life expectancy. Find the “Health Class” drop down menu on the sidebar Quoting Tool. Select “Regular” from that menu.
- Mild Substandard – You have a significant and medically diagnosed health condition or are considered high risk for other factors. Add 50% to the “Regular” premium. Click Here for a Quote
- Median Substandard – You have a more significant and medically diagnosed health condition or conditions. You may be considered high risk for other factors such as lifestyle or employment. Add 100% to the “Regular” premium. Click Here for a Quote
- Strict or Severe Substandard – You have a significant medical condition or multiple conditions. Add 150% to the “Regular” premium. Click Here for a Quote
- Graded Death Benefit – If your risk is impaired to the point you cannot apply for traditional life insurance, you still may be qualified for a graded benefit life insurance policy. These policies are designed for people with significant health conditions. A graded death benefit policy has reduced benefits the first 2-3 years (depending on the life insurance carrier) after it has been issued. Click Here for a Quote or simply call us at 269-230-3464
- Decline – If you are in poor health due to a serious medical condition that was unable to be medically underwritten you can still obtain life insurance by purchasing a Guaranteed Issue (Guaranteed Acceptance) Life Insurance Policy. This is a no medical question and no medical exam application. The full benefits are not available to the beneficiary for the first 2-3 years, carrier dependent. Call us for details at 269-230-3464, to verify your alternative options to save money. If you would like an online instant quote for Guaranteed Issue Life coverage here is the here is our final expense whole quoting tool. Select “Poor Health” which will lock this type of coverage.
If you have any question as to what life insurance health classification you may be, take the time to give us a call. We’ll sort it our for you.