Everybody likes a deal! Some insurance companies will offer discounted rates to the healthiest applicants. That being said, an honest insurance broker will only ever illustrate the preferred rates with a grain of salt. The reality is that even at the young age of 30 only about 30% of applicants qualify for a preferred rate.
What does it take to qualify for preferred rates? It’s really hard. An applicant must pass all the below tests and then some.
- Medical history: no medical history of anything that has a reasonable chance of increasing your likelihood of premature death.
- Biometrics: Build, blood pressure, blood and urine test. Non-medical plans rarely offer discounted premiums because the underwriters don’t see the whole picture.
- Build: You must be at a healthy weight. For example, a 5’9 male must not exceed 180 lbs. Or a 5’4 female must not exceed 155 lbs.
- Blood pressure: at the time of the medical exam, you must read below both 125 systolic and 75 diastolic. This is common written as 125/75. Or 125 “over” 75.
- Tobacco & Marijuana use: no tobacco or marijuana use at all in the last 10 years. Note: current marijuana use does not make you a smoker; but it does preclude you from getting preferred rates. Marijuana link.
- Family history: It is not fair but it is true that family history plays a role in life insurance rates. Unfortunately, many disease are hereditary. To qualify for preferred rates you must have no family history (only parents and siblings count) of heart disease, cancer or diabetes before age 65. Family history link.