Most life insurance policies that come with standard rates are called "standard life insurance." The insured's health and credit score are two of the things that determine if they are a standard risk or a substandard risk for life insurance. Some life insurance companies will sell policies to people who have health problems, but they will charge them more than the normal rate. There are companies whose only job is to insure risks that aren't typical. Because of the risk, the rates are much higher.
Most life insurance companies are standard life insurance companies that use the table rating method for bad risks. Your application for life insurance is sent to an underwriter. All of the information on the application is looked at by the underwriter. The underwriter's job is to figure out how risky each applicant is and what the table rate will be. There are a number of ways for underwriters to find out about your medical history. The Medical Insurance Bureau is one of these kinds of places. This group gives medical information to companies that sell life insurance. The MIB won't always have your medical information, but it will be able to tell you when and what kind of illness or injury you had. It is very important to be honest about your medical history on your application. Do not leave out your health history. This is a red flag for an underwriter and could cause your application to be turned down.
It is best to buy as much life insurance as you can as early as you can. Rates are low, and most of the time, you'll get standard rates for life insurance. Most of the companies you can find online have standard rates for life insurance. Some companies have preferred rates that are even lower than the standard rate. There are many Standard Life Insurance Companies. Most companies will give special risk applicants a chance to try out their application. This is a great way to find out if you meet the requirements for standard life insurance. You don't have to put any money down on a trial application until the insurance company says you can join.
