(General Rules - Exceptions Exist & TermLifeProvider Finds Them)

The Ratings Ladder - A Comprehensive Evaluation of Your Health Profile

If you haven't already watched our How Life Insurance Works Video, we recommend doing so at your convenience. It provides valuable insights into the life insurance application process. The rating you receive on your Life Insurance Application is not simply a matter of negotiation. In our technologically advanced world, insurance companies have access to a vast array of information about your health profile. This includes your doctor's records, lab results (including those from the insurance exam), prescription history, and information contained in your MIB (Medical Information Bureau) report.

With data spanning millions of insured individuals over decades, insurance companies have developed a deep understanding of which health profile factors pose higher risks. They meticulously compile the information mentioned above and assess your risk factors, which ultimately determines the pricing for the amount and term of insurance you have requested.

Although it's possible for an underwriter to overlook certain aspects and price you too high, this is where TermLifeProvider can provide invaluable assistance. Our expertise can help the underwriter gain a more comprehensive understanding of your profile, potentially leading to a more favorable rating.

Each insurance company has its own unique ratings manual, and they evaluate health profiles differently. They each have areas of specialization, where they excel in assessing specific factors such as weight, diabetes, sleep apnea, anxiety, or hundreds of other health-related issues. Some insurance companies may be more lenient with certain conditions, while others may take a stricter approach.

Finding the Right Fit with TermLifeProvider's Expertise

Finding the right insurance company is what TermLifeProvider specializes in. Once the underwriter has reviewed your profile, they will place you on the "Ratings Ladder," as we like to call it. This ladder has 12 rungs, with rung number 1 being the least expensive and rung number 12 being the most expensive. For every age and gender combination, there is a separate ladder. Every 50-year-old male is on the same ladder, while every 50-year-old female is on their own age/gender-specific ladder.

Initially, everyone starts at rung number 4, known as the Standard Rate. By meticulously analyzing your specific health profile, the underwriter will identify credits and debits, moving you up or down the ladder until you settle at your final rung. For instance, a diabetic may be debited and moved to rung 6, but credits related to their control of diabetes, weight, or cholesterol could potentially move them back to rung 3 or 4.

TermLifeProvider's role is to work closely with the underwriter, helping them find as many credits in your health profile as possible. Our goal is to ensure you are placed on the lowest rung of the ladder achievable, thereby securing the most favorable pricing for your life insurance coverage.

Common names for these rungs on the ladder are provided below.

Preferred Plus - Rung 1: Clients with minimal medications and no significant health history. Only 2% of clients qualify for this top-tier rate.

Preferred - Rung 2: For clients who take minimal medications and have very mild health conditions like controlled blood pressure, cholesterol, or other minor issues. 5% of clients get this rate.

Standard Plus - Rung 3: This rate class allows for clients who are slightly overweight and use medications for conditions like depression, sleep apnea, well-controlled late-onset diabetes, or certain cancers. Around 13% of clients fall into this category.

Standard - Rung 4: Generally the best rate class available for those who are 20-30 lbs overweight or more, have diabetes, a cancer history, or heart conditions. Approximately 30% of people qualify for this rate class.

Table Ratings - Rungs 5-12: The remaining 50% of approved clients are assigned one of these 12 table rating rungs. Each higher table rating adds a 25% rate increase from the Standard rate. For example, if the Standard rate premium is $1000 per year, a Table 2 rating would be $1500 (50% higher). These rates are for less well-controlled diabetes, various heart conditions, long-term use of narcotic pain medications, and many other health conditions.

Author: TermLifeProvider

Just like many of you, TermLifeProvider understands the realities of navigating life's challenges while managing health conditions and medications. We've walked the path through good times and bad, facing ups and downs along the way. TermLifeProvider gets it – we know you have unique circumstances and special needs when it comes to securing life insurance coverage.

Whether you're dealing with a chronic illness, taking prescription meds, or have overcome health battles in the past, we've been there too. TermLifeProvider has an intimate understanding of how these situations can impact your ability to obtain affordable life insurance policies. We've felt the frustration of being priced too high or denied coverage altogether because of health factors beyond your control.

That's why TermLifeProvider is here – to be your knowledgeable guide and advocate throughout the entire life insurance process. We'll work tirelessly to help you navigate the complexities, find the right insurance providers for your specific needs, and fight to get you the most favorable rates possible based on your individual health profile and circumstances.

You don't have to go it alone. TermLifeProvider is in your corner, ready to bring our hard-won expertise and empathetic approach to ensure you get the life insurance protection you and your loved ones deserve, regardless of the roadblocks you may face. We're committed to making this journey as smooth and successful as possible for you.