Can I Retake My Life Insurance Medical Exam?

Understanding Life Insurance Rating Classes

Insurers sometimes use different terms to describe their rating classes, but most follow these general groupings.

Preferred Select: You can think of preferred select or any of its other names as the best rating class for life insurance, with lower premium costs than other rating classes. This top tier of health may also be called preferred elite, super preferred, or other similar terms which all mean you’ve done a great job of staying healthy. This category indicates excellent health, normal weight, and that other medical data points to a generally low risk of early death.

Preferred: As its name suggests, preferred is again an indication of excellent health. However, there may be some minor issues like cholesterol levels or other factors which prevented a preferred select rating. Expect competitive life insurance premiums with this rating, but not as low as the select group.

Standard Plus: Generally good health is associated with the standard plus rating class, but there may be some other factors which prevent the applicant from rating in the preferred classes. These might include weight, blood pressure, or other considerations which may indicate an increased risk.

Standard: You can think of standard as average, indicating average health and a life expectancy on par with most people. Weight or other factors might place an applicant in this rating class, as might the early death of a parent due to health factors.

Preferred Smoker: Preferred is the elite rating class for life insurance and preferred smoker recognizes an applicant who is in generally exceptional health, but who smokes. Occasional smokers, such as cigar smokers might be placed in this rating class if all other factors indicate above-average health.

Standard Smoker: This category is for smokers of standard health. As it recognizes the health risks of regular smoking, this rating class will have higher premiums than standard and preferred rating classes for non-smokers.

Rated Applicants: In some cases, health conditions prevent an applicant from qualifying for either standard or preferred rating classes. This does not necessarily mean the applicant is uninsurable, but premiums higher than those for standard or preferred rating classes may apply. Some companies may refer to this rating class as substandard. However, a broad range of factors can prevent an applicant from qualifying for one of the higher tiers, and a substandard or rated applicant might be in near-perfect health with the exception of one or two health conditions which prevents a standard or preferred rating. A rated applicant is insurable but can expect to pay higher premiums than applicants in standard or preferred rating classes if all other factors are equal.