There are several factors that help determine your health class and may differ by company. Factors that help in this determination can include:
- Current health/past medical history
- Family medical history
- Financial strength
- Hazardous occupations
The health classifications are:
- Preferred Plus (Exceptional)
- Preferred (Excellent)
- Standard Plus (Above Average)
- Standard (Average)
Preferred Plus – Excellent health, normal height and weight and no family history of early death related to serious illness.
Preferred – Excellent health, normal height and weight with a minor health issue such as slightly elevated blood pressure or cholesterol
Standard Plus – Very good health but possibly overweight or elevated blood pressure
Standard – Average health, minor health issues coupled with family history of early death due to illness
Smokers will fall into one of the two following categories.
Preferred Smoker – Excellent health, but smokes
Standard Smoker – A smoker who would otherwise fall into the Standard Plus or Standard rating
What Happens When an Applicant Doesn’t Fall into a Category?
Many applicants will not fall into these categories, but still may qualify for coverage. Health issues or lifestyle may prevent a person from falling into a standard classification, but they can still be rated in accordance with their coverage risks. Insurers call this further classification system table rating system. Instead of preferred or standard categories, an applicant might be given a table rating with a number or letter to designate their rating. Based on that rating, the applicant will pay additional premium if approved for a life insurance policy.