Term Life Insurance Quotes – Caveat Emptor

This familiar Latin phrase means ‘let the buyer beware,’ and it applies equally well while buying a life insurance policy as any other major purchase you might consider.

When searching for a life insurance policy, how can you be sure that the agent will show all the available products and enable you to make a fully informed decision that will best meet you and your family’s health care needs?

The first step for enrolling in a life insurance policy is to get insurance quotes from different insurance companies. One can also make use of internet to get the quotes. As every insurance company has its own style of working, the quotes offered by each one of them will be unique.

These quotes are based on the guidelines set out in the rating class. The rating classification is, in turn, based on one’s medical history and the results of the medical exam.

The classification also differs between whole life insurance and term life insurance. At times, the approved life insurance rate or the underwriting approval is twice as much as the original quote.

What is Table Rating?

The additional charge applied by the life insurance company on your insurance policy is based on your current and past health status. As a consumer it is important to understand that every life insurance company handles their table differently.
One insurance company may assign a table rating for a particular health problem whereas the other company may not. Every assigned table rating increase the insurance cost by fifteen to twenty five percent.

The table rating for term life insurance is measured on a scale from 1 to 16; many insurance companies provide insurance only up to a certain level on the scale, above that they decline insurance. For whole life insurance, the table ratings are not quite as drastic.

Have you been Table Rated?

The life insurance quote that a person receives on internet is the minimum cost which a person has to bear for enrolling in life insurance policy. These quotes are as per the standard underwriting rules of the policy.

The actual cost of the policy depends on various other factors such as weight of the person, his or her age, and the past and present medical history of the person, which in most cases is higher than the standard quote mentioned on the internet.

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