Before we start, if you're looking for preferred plus life insurance quotes, use our instant quote tool on the side of the screen.
Insurance providers have underwriting guidelines to adhere to when you apply for life insurance coverage and there are many factors that both the life insurance company and their underwriters will need to take into account.
The insurer will assess each individual applicants risk level in order to decide which level of insurance they will offer you and also how much the premiums will be.
Although all life insurance companies have their own criteria for an underwriter to adhere to, the categories that each level falls into tend to be similar with preferred plus being the highest and best.
Criteria for obtaining Preferred Plus Life Insurance
Ideally every applicant would like to satisfy the criteria required for the best level of life insurance coverage which is preferred plus life insurance, as they will then qualify for a preferred rate and their premiums will be lower each month.
In order to be accepted into this classification however, there are certain conditions which need to be met. In order to qualify for preferred plus life insurance you need to meet the following criteria:
- You must not have smoked or used any tobacco or nicotine products in the past three years. (Some are more than 3 years - so choose carefully or consult an agent if this is you)
- The insurance company’s underwriting team will also take into account your family history.They will ask whether there has been any member of your family, Mother, Father or siblings, who has suffered from cardiovascular problems, coronary artery disease or cancer and whether any member has died, prior to the age of sixty, as a direct result of any of these. If there have been any early deaths in your family due to any possible hereditary factor, they may also take this into account.
- You must personally have no history of cancer, other than the two most minor forms, basal cell and squamous cell and also no history of heart disease, cerebrovascular disease or diabetes. Your blood pressure level is also very important; it usually needs to be an average of no more than 135/85. Your cholesterol levels are equally important and you must not be receiving treatment or taking medication for either of these health problems.
- There must be no history of alcohol or substance abuse within the previous seven years. You must have a good driving record, which includes history of DUIs and multiple moving violations.
- The insurance underwriters will also take into account your height, weight and general build in order to assess your general state of health and provide suitable quotes.
Less Than 5% Of Applicants Qualifies for Preferred Plus Life Insurance
Generally to qualify for preferred plus life insurance coverage, you need to be in the best possible health, at the right weight for your height and also a non-smoker, with normal blood pressure and no related problems like diabetes.
You will need to undergo a medical exam and have blood taken to fully ascertain your state of health, however provided you are generally fit and healthy and meet all of the above criteria, you should usually qualify for preferred plus life insurance coverage and also benefit from lower premiums as a result.
If you are a smoker and are also a few pounds overweight, with a lifestyle which includes alcohol consumption and/ or drug use, you pose a bigger risk to life insurance companies in general and this will affect the amount of premiums paid. The risks of you dying earlier become greater the more health problems you have and subsequently your life expectancy will be significantly reduced.
A person who smokes, is overweight and drinks a lot of alcohol, is in general statistically more likely to suffer health problems than a person who doesn’t. If you are overweight and smoke, it makes financial sense to try and not only stop smoking but also to lose a few pounds. By doing this your health will improve and you will feel fitter and as a bonus will then be eligible for the higher insurance classifications. Even a slight health improvement can help you to move up a class and reduce the premium rate paid each month.
You may think that it is quite difficult to qualify for preferred plus life insurance and indeed it is a point to note that because of the criteria required for obtaining preferred plus life insurance coverage, only the top 20% of the population tend to qualify, however with some minor changes to your lifestyle in general you can not only improve your health but also increase your chances of getting a better level of life insurance at a better rate.
How do I find the best rates available?
If you qualify for preferred plus (also referred to as preferred best) life insurance rates, simply use our instant quote tool on the side and see quotes from all the top rated carriers within moments.
There can still be big differences in the premiums quoted by insurance companies even if you qualify for preferred best life insurance. So make sure you utilize a comparison tool like ours.
The internet provides an excellent medium for both searching for insurance companies in general and also for quick and easy online application. If you prefer to talk to a person many insurance companies also have live agents you can call if you have any questions or need any help in filling in the forms.
They will also be able to advise you on the criteria that their particular company uses to assess your information and create a quote.
Bear in mind that you need to be truthful when giving out your health and personal information, if you lie to get a better premium and the policy is created, later if a claim is made, the lies will be uncovered and your beneficiaries may be refused pay out.
Adequate life insurance coverage is a necessity
If you have dependents then adequate life insurance coverage is a must have. You need to ensure that in the untimely event of your early demise, your loved ones would be able to pay of all outstanding debts and still be able to live the kind of lifestyle you want them to have.