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Posted: 1 Feb '21

What Those with Health Issues Should Know about Rated Life Insurance Policies

What Those with Health Issues Should Know about Rated Life Insurance Policies

Life insurance is a great thing to have. A policy will ensure that your family is not stuck with extra afterlife costs. You can even purchase a large policy to keep your family comfortable for a while after you are gone. A rated life insurance policy will give you the peace of mind that your family will be protected should you pass. Here are some things you should take into consideration when shopping for a rated life insurance policy. Contact us to learn more.


What Does it Mean to Have a Rated Life Insurance Policy? 

Insurers use a rating system to figure out premiums for customers. Customers are usually split into four groups. The first has a clean bill of health, never smoked, or had health problems. The rating system goes down to a fourth category where a customer may have diabetes or high blood pressure. The caveat is that a rated life insurance policy for someone with health issues will cost more than a policy issued to someone with no health issues. 


How Does a Rated Health Insurance Policy Work? 

Generally, each category of health standard will associate you with a specific rate for a policy. If you have a severe health issue, an insurer might charge you 200% of the premium rate for a policy compared to a customer with no health issues. 

If you have health issues, there are two ways to go about this. 

  • You can plan to pay the increased premium for the amount of insurance that you want to have. 
  • You can opt for less coverage and pay what you had planned to pay for the policy. The thinking here is that if you originally wanted a $2,000,000 policy, you could get the $1,000,000 policy for half the price. One million turns out to be more than if you decided not to get life insurance at all. 

Shop for Life Insurance with Vistaplan Financial 

Not all policies and insurance companies are the same. We can help you to shop around for different rates and find the rated life insurance policy that best fits your needs and budget. Call a Vistaplan life insurance broker today! 


About the Author - David Motkoski

David Motkosk At the Helm of Vistaplan Financial Group

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN

Life & Disability Insurance for Alberta Health Care Professionals, Business Owners, and Their Families Since 1983