Most people that apply for term life insurance through QuickQuote do qualify for coverage. Over 95 percent of the term life insurance applications we receive are approved by one of our partner life insurance companies.
Underwriting
Underwriting is simply the process of issuing life insurance policies. The primary objective of underwriting is to determine the life insurance company's risk in issuing a policy. Companies do this by collecting and analyzing information about you and comparing that information to a set of established underwriting guidelines.
Your Rating Class
Your rating class is the risk category you qualify for according to a life insurance company's underwriting guidelines. Once the life insurance company determines you meet the required guidelines for coverage, your policy is assigned a rating class.
The rating class is used to determine the premium you will pay for the policy. Rating classes vary by company, but all companies use the same basic convention, as illustrated by the following table.
Rating Class |
Policy Risk |
Policy Premium |
| Preferred | Lowest | Lowest |
| Standard | Average | Average |
| Sub-Standard | Highest | Highest |
Preferred rating classes are assigned to the lowest risk policies and offer the lowest premiums. Standard rating classes are assigned to average risk policies and Sub-Standard rating classes to the highest risk policies.
The Big Picture
Term life insurance underwriting is somewhat like gathering the pieces to a puzzle and putting them all together to form a picture. The resulting picture is used to assign your rating class.
Pieces of the puzzle can include any of the following items, although not all are used with every application.
- Formal Application
- Paramedical Exam
- Medical History
- Motor Vehicle Record
- Additional Medical Tests
- Health/Lifestyle Questionnaires
- Attending Physician Statements (APS)
- Medical Information Bureau (MIB) Report
- Corporate Documents (Business Coverage)
Ways to Determine Your Potential Rating Class
- Use our Term Life Insurance Rating Class Estimator.
- Contact Us! A licensed Insurance Professional will assist you.
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