Confused about Insurance? Here are some questions and answers !
What is preferred underwriting?
Back about 10 years ago, life insurance underwriters have realized that not every person is the same and that there are many factors that can determine ones lifespan. With the term insurance market getting more an more competitive, some insurance companies came up with "preferred" underwriting, which basically means that if you are in better then average health, you would be rewarded by paying less premium.
How do I know what health category I will fit into (regular, preferred or preferred plus)?
It's not very easy to tell, only the underwriter will know for sure, and only once the medical is completed and all health questions are answered, but here is a ball park idea for you (allthough over simplified). If you are average height and weight, are not taking any prescription medication and have a fairly good family history, you would be a good candidate for preferred rates.
Please consult with one of our brokers, who has experience with different insurers, and he may be able to ask you some questions and determine, which insurance company is best for your situation.