Last Updated: September 2020
Preferred plus life insurance refers to the best life insurance rate class that an applicant can qualify for. This means that if you qualify for preferred plus, you will pay the lowest premiums possible for your policy.
Before we start, if you’re looking for preferred plus life insurance quotes, use the instant quote tool below.
What is Preferred Plus Life Insurance?
Preferred plus life insurance is the best rating class an applicant can qualify for. People who do qualify will pay the lowest rates for life insurance.
Insurance providers have underwriting guidelines to adhere to when you apply for life insurance coverage. There are many factors that both the life insurance company and their underwriters take into account when considering you for a policy.
The insurer will assess each individual applicant’s risk level in order to decide which level of insurance they will offer you. These levels are called life insurance rate classes, and they ultimately determine how much the premiums you pay will be.
Here are all the rate classes:
- Preferred Plus
- Preferred
- Standard Plus
- Standard
- Substandard (Table 1 – Table 8)
Although all the best 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.
Underwriting 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 that 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 a life insurance agent if this is you.
- The insurance company’s underwriting team will also take into account your family history. They will ask whether there have been any members of your family who have suffered from cardiovascular problems, coronary artery disease, or cancer. They’ll also want to know whether any family members have 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 take this into account.
- You must personally have no history of cancer. The exception is if you’re looking for life insurance with skin cancer you may still qualify for preferred plus life insurance.
- You must also have no history of heart disease, cerebrovascular disease
- You must have no history of diabetes. Life insurance for diabetics can still be very affordable, however.
- 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. Life insurance with high cholesterol can be more expensive since you are less likely to get preferred plus rates.
- There must be no history of alcohol or substance abuse within the previous seven years. You must have a good driving record. Finding life insurance with a DUI or other violations is possible, but you may pay a little more.
- 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 Qualify for Preferred Plus Life Insurance
As you can see, there are a lot of boxes you must check to qualify for preferred plus life insurance coverage. That’s why less than 5% of applicants qualify.
Generally, 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 health-related problems like diabetes.
Tips to Qualify for Preferred Plus Life Insurance Rates
How can you give yourself the best chance to qualify for the preferred plus rate class? Here are some tips to help.
Ace Your Medical Exam
You will need to prepare for a life insurance medical exam and have blood taken to fully ascertain your state of health. This is a standard part of the life insurance underwriting process.
However, provided you are generally fit and healthy and meet all of the above criteria, you should qualify for preferred plus life insurance coverage and also benefit from lower premiums as a result.
Take Vitamins & Supplements as Directed by Your Doctor
Another way to boost your chances of qualifying for this top tier of plans is by using vitamins or supplements. Though these might not make drastic changes to your body composition, they can aid in preventing flareups and keeping your blood pressure and cholesterol in check.
Don’t Smoke or Drink
If you need life insurance for smokers and are also a few pounds overweight, with a lifestyle that includes alcohol consumption or drug use, you pose a bigger risk to life insurance companies.
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 Can You Compare Preferred Plus Life Insurance Rates?
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 instantly.
There can still be big differences in the premiums quoted by insurance companies even if you qualify for preferred plus life insurance. So make sure you utilize a comparison tool like ours or speak with an independent agent.
An experienced agent can advise you on the criteria that a particular company uses to assess your information and create a quote.
Bear in mind that you need to be 100% honest when giving out your health and personal information. If you lie to get a better premium and the policy is created, the lies will be uncovered when a claim is filed and your beneficiaries may be refused the payout.
Use our quote tool or give us a call to compare preferred plus life insurance rates from all the best companies today!
