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Insurance Education

Get Schooled: Life Insurance Classifications Explained

April 14, 2017

More answers now = fewer surprises later

Ready to shop for life insurance but not sure where you stand? Read on to learn more about common risk classifications and how they affect the cost of your policy.Whether you were the kid who couldn’t wait to get your report card or the one who hid it in the bottom of your backpack or “accidentally” got Bubblelicious stuck to your midterm Biology grade, our own health is no one’s favorite subject to be graded on. However, health and habits are key factors in determining how much a life insurance policy will cost, so it’s good to go into the process of shopping for yours knowing what to expect.

In addition to the information you provide in your application, insurance companies will check your medical records, prescription drug history, and motor vehicle reports.

You may have no control over some of the things that affect your life insurance costs. Bad things can happen to people who make great decisions. But sometimes making a few changes in your lifestyle can really bring your grade up.

Here are a few “extra credit” assignments:

    If you’re a smoker (or if you use nicotine in other forms), the possibility of a lower life insurance premium could be just the nudge you need to quit.
    If you’ve been looking for motivation to clean up your diet and add a little more exercise to your routine, know that keeping your weight, cholesterol, and blood pressure at healthy levels can bring your insurance quote down.
    Modern medicine is amazing, and some conditions absolutely need to be treated with prescription drugs, but if you find yourself at the pharmacy for every ache, pain, and sniffle, maybe talk to your doctor about natural or over-the-counter alternatives to try first.
    If road rage and/or a heavy right foot are things you struggle with, well…just take a deep breath and think about how much lower your life insurance could be. Then carefully drive yourself somewhere for an “I adulted today” treat.

Common Risk Classifications

Below are a few examples of risk classifications that insurance companies use. There are others, of course, but if you’re a non-smoker and there’s nothing too serious going on with your health, you’ll probably fall into one of these categories.

Preferred Select or Super Preferred (No Nicotine)

The honor roll of life insurance ratings.

To be in this class, you’ll need to have a squeaky clean personal and family medical history (so no serious ailments or chronic illnesses) and be in exemplary physical and mental health. Ideal weight, blood pressure, cholesterol levels, etc. must all be maintained.

If you meet the criteria for this rating, congrats…you’re most likely gonna pay less for your premiums!

Select (No Nicotine)

Your GPA might not be 4.0, but you’re still doing pretty darn well.

This classification means that your lifestyle is healthy, and so are you for the most part, but you have a few teensy problems to attend to. Maybe your blood pressure is a tad high or you’re not at your healthiest weight. Nothing crazy.

Standard (No Nicotine)

OK, so your mom doesn’t store your report cards in a keepsake box, but you’re doing just fine.

If you’re generally pretty healthy, but your medical record is a little dinged up, you’ll probably qualify for this class. You might have asthma, depression, elevated blood pressure, high cholesterol, or a few scary things in your family history. But, most likely, you’re still totally insurable.

At Our Life Covered℠, we want the most surprising part about your life insurance shopping experience to be how simple and affordable buying a policy can be. Head over to ourlifecovered.com to get started now!

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