Okay, so it was suggested to you that you were in the best health class (Preferred Best) when you were shopping around for term life insurance quotes. You submitted an application and your policy was issued at Standard Plus (the third best class) and, accordingly, at a higher premium. How did this happen?
There are several reasons your premium was higher than your term life quotes:
- Maybe the lab results came back with a few items in ranges that would lead to a lesser health class. As an example, lets say your cholesterol reading was 240. If you had known that when you received your life insurance quote (and relayed that information to the agent), you would have been quoted in the proper health class.
- You underestimated (guessed?) your weight when getting your quote, so your actual weight (as measured in your medical exam) was higher, bumping you into the next health class.
- Your initial quotes did not take into consideration certain health factors, such as blood pressure, cholesterol, family history of heart disease or cancer, driving record, involvement in risky profession or activities. All were taken into account during underwriting. This is sometimes used as a bait-and-switch technique.
- Your agent did not make sure that you answered all the questions on the application thoroughly. If an agent is doing his job properly, he/she will make note of any trouble areas on your application and discuss with you the possibility of a different health class (and higher premium).
The moral of this story is, make sure your initial life insurance quotes are based on specific health factors; if you arent sure of some health questions, let that be known; be forthcoming on your application and; be aware that your quotes are only initial quotes and may differ from the insurance companys final offer, especially if any of the points above are evident.
If you would like life insurance quotes that take into account your health profile, feel free to get quotes for term life insurance, universal life insurance and return of premium term life insurance.