If the company rates your policy, it means they consider you a substandard risk. In turn, you will be charged a higher premium because you statistically have a greater chance of dying than a standard policyholder at your age. While the majority of people who are rated have a certain health condition(s), you can also be rated because of occupations or activities you engage in, or past histories of alcohol or drug abuse. The extra premium you are charged depends on the degree of risk you pose. Sometimes your premium can jump five to ten times the standard premium.
What can you do if you think you may be rated? Here are some suggestions:
What Can You Do If the Company Offers You a Rated Premium?
But what if you're totally uninsurable? You have two choices:
There are other guaranteed issue policies which offer higher death benefits but subject you to a brief medical questionnaire. Look for an agent that is experienced in this area.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: