Facts on life insurance rates

Facts on life insurance rates




Reality about life insurance rates…beware of being misled! When shopping for life insurance rates, please know certain facts:


  • Learn to differentiate between standard, preferred and elite rates.
  • Understand that insurance rates cannot be acquired off-the-shelf. You need to qualify, or else we all would buy the lowest rates.
  • Preferred and Elite rates require preferred underwriting.
  • Insurance companies offering preferred rates would automatically apply those rates if you qualify post medical examination.
  • Life-style and family medical history play a role in defining eligibility for preferred and elite rates.
  • Your insurance advisor should disclose what rates are being quoted to you and that after underwriting the final rate could be different.


Preferred and Elite rates should not be positioned by your insurance advisor as a guaranteed rate. It should apply only after an entitlement. Contact me at www.yourinsuranceguy.ca or call us  at 416 509 2540.


Prepared by: Aman Kapur


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One Comment

  1. Many clients simply don’t understand the difference in Preferred rate classifications.

    It’s important that the insurance advisor temper the customers expectations if he/she is an unlikely candidate for preferred rates.

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