When buying life insurance, your insurance provider assesses your age, health and family medical history. This assessment is to estimate how long you may live and the risk of insuring you. If the insurance provider sees that you have a low risk of dying, you can purchase life insurance at a standard rate.
If the assessment shows that you have a high risk of death, you will receive a table rating. The table rating you receive will determine how high your insurance premium will be. Below, we have a list of things you should know about life insurance table ratings.
- If you have high-risk hobbies, your life insurance table ratings will be high. A high table rating means that you are an insurance risk and so you will have a high premium.
- Life insurance providers do not share the same rating guidelines. One health problem could give you different table ratings with different life insurance providers.
- If you have a high table rating due to some health conditions, you can have your insurance provider reevaluate your table rating if there are any changes. Afterwards, you could pay a lesser premium.
- In most cases, health problems can make an insurance provider give you a table rating. However, a history of driving under the influence or rough driving can lead to your receiving a high table rating.
- If you receive a low or high table rating but disagree, you can ask for an explanation. If you can prove that the rating is wrong, your insurance provider may reevaluate your table rating.
- You may have a high table rating with one insurance provider but get standard life insurance with another provider. Hence, you should check your rating with different life insurance providers before buying life insurance.