We used a $500,000 policy from Banner Life* with a 20 year term. as an example. A 45-year-old male would pay $1,205 a year for this policy he qualified for the Standard class rate.
But his rate would only be $755 a year if qualified for the Preferred Plus class rate. That’s a savings of over $450 a year.
When you multiply this over the 20 year term of the policy, it adds up to a saving of $9,100!
The thing that has a great influence on your rating is how you do on your Life Insurance medical exam. For tips on how to make the most of your exam, see the SelectQuote blog, "Six ways to Ace your medical exam ."
By the way, Life Insurance lab results are completely confidential, but you have a right to the results. Just let SelectQuote or any company from whom you buy your policy that you want your results.
SelectQuote has exclusive videos of Suze Orman offering impartial advice on buying Life Insurance.
*Banner OPTerm 20-Year: OPTerm 10 issue ages 20-80. OPTerm 15 issue ages 20-70. Opterm 20 issue ages 20-65 and 20-62 Oregon only. OPTerm 30 issue ages 20-50 and 20-45 Oregon tobacco classes only. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$999,999 or $1 million and above. Premiums quoted include $50 annual policy fee. Premiums are guaranteed to stay level for 10, 15, 20, or 30 years, respectively, and increase annually after initial guarantee period. OPTerm policies can be issued in preferred plus non-tobacco (no tobacco use in past 36 months), preferred non-tobacco (no tobacco use in the last 24 months), standard plus non-tobacco or standard non-tobacco (no tobacco use in past 12 months) and standard tobacco classes. OPTerm 10, 15 and 20 substandard policies can be issued through Table 4. OPTerm 30 substandard policies can be issued through Table 12. Coverage can be renewed to age 95. OPTerm policy form #RT-97. Forms and policy provisions vary by state. Not available in all states. Policy descriptions provided here are not a statement of contract. Rates as of 8-14-07. Advertising Compliance #07-082