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As an insurance customer, you probably have many questions. One of those questions is “How do Maryland life insurance companies classify individual customers to determine the rate?” This is an important thing for you to understand, because it will help you figure out how to get the best possible rate for your life insurance policy.
Most insurance companies use four different groupings when determining classification of individuals. The names of these groups may vary from company to company, but they essentially boil down to the following:
- Preferred – This rate group is for healthy, young adults who have low-risk jobs and take pains to remain healthy.
- Standard – This is the average category and covers those who are of average health, or for healthy older adults.
- Substandard – This category covers those who have chronic health conditions or pershps have a high risk job or hobby.
- Uninsurable – Those who have terminal illness are uninsurable.
Since things vary greatly from one company to another, it pays to shop around. Also, it is important to remember that a company cannot drop you if you have been approved for coverage—unless you fail to pay your bill. So, it is very important that you stay up to date with your payments.
Spend some time looking over your options and try to determine which category you may fall. Then, contact your independent agent. Most of us (independent agents) are happy to help you go over your insurance possibilities and help you choose the right policy for you. Life insurance is a very important way to protect your family in the case of your unexpected death, so do not let the chance to keep them protected slip away from you. Contact your Maryland independent agent today and find the right policy for you and your family.