If you are reading this and want to learn more about preferred life insurance the chances are you are in good shape and lead a healthy lifestyle. Life insurance companies rate customers by how likely they are to die at a younger age using statistics. Standard is the most common rate. Preferred rate is achieved only by a select few.
At the time you apply for life insurance you can ask to be assessed for preferred rates and will typically undergo a slightly more detailed medical exam. If you meet the insurance companies criteria you will be quoted a lower rate for your life insurance.
What to avoid
Unscrupulous life insurance agents have been known to quote ultra-healthy or preferred rates without even meeting the person, thus making their rates look artificially attractive. They do this in the full knowledge that most people do not qualify for ultra healthy rates, in the hope they can convince you to buy life insurance at their standard rate.
How do I qualify?
In order to qualify for preferred rates you must be in excellent overall health and cannot use any tobacco products. You cannot have a history of drug or alcohol abuse or engage in any hazardous activities. Only those statistically likely to live the longest will be offered the best rates.
What about No Medical Life insurance?
You may have heard of something called no medical life insurance. No medical life insurance is the wrong thing for you to consider if you think you might qualify for preferred . No medical life insurance premiums are higher in exchange for not requiring a medical exam. If you have a medical condition no medical life insurance is a good choice.
If you want to learn more about preferred life insurance we recommend you talk to a life insurance broker.