How are Rates Determined?

There are several factors that are considered when a life insurance company evaluates an individual for coverage. Most people believe they are in perfect health and will live forever. The fact is that no one knows exactly when they will die. With this in mind the job of the insurance underwriter is to look at obvious factors such as your current health status but also to look at less obvious factors such as your family health history, any past medical issues, driving records, and criminal history.

The life insurance underwriter will look at the information from your medical exam (required for most life insurance policies), your application, and also look at information that has been posted on the Medical Information Bureau. Your past medical visits will appear at the Medical Information Bureau so the underwriter will be able to see what you have gone to your Physician for in the past. The underwriter may find something on the Medical Information Bureau of interest and would order an Attending Physician Statement from your Physician to find out details of a specific visit that you had. The underwriter will also consider the health history of your parents and siblings. Major driving or felony convictions are also considered.