Rated Life Insurance!
When you are rated by a life insurance company it means that you have a health issue or condition or a lifestyle avocation issue. The carrier is simply saying that because of your health or lifestyle you are actuarially to have a shorter life span in their view so they consider you a substandard or impaired risk type of risk or applicant.
The good news is the life insurance company did not flat out decline you coverage! The bad news is your term life insurance policy premiums or whole life will be much higher than someone who qualified for non rated rates. There is not a whole lot you can do but try and shop the marketplace to a life agent or broker and brokerage like us here at the lifeinsurance-pros. We can take your information up front before you have to apply and get underwritten and speak to our underwriters about your history. They will then give us tentative quotes and rates so we may run illustrations and see if those premiums fit into your budget.
Will a carrier reconsider a Rated Term Life Offer?
Sometimes the carriers are more aggressive with a condition or disease more than another company so it definetly does pay to shop around for the cheapest most affordable term life policy. We have access to over a hundred different carriers so they may have a niche with your condition, like diabetes or maybe you are a private or student pilot. Whatever it is just tell us all the information you can and lets see what we can do for you it costs nothing for us to speak about your current rated or declined term life policy, but it could cost you a ton if you dont try us out first.
A Helpful tip when you get a rated policy!
You can always appeal the rated decision and speak with your current Doctor, maybe the Dr.’s records were misleading or not clear. In that case sometimes your Dr. can simply write a letter to the insurance company that you applied to and try to clarify the issue or situation. If you were not rated but received a declined postponed life insurance offer you still might be able to find term life coverage by shopping the case to us as well.