The phrase "favorable rates" means that the rates or prices being offered are good or beneficial. It suggests that the rates are desirable, affordable, or advantageous compared to others. Full definition
Banks might be able to provide you with more favorable rates for your business. (business-opportunities.biz)
Some credit unions also offer credit cards at favorable rates compared with the rest of the market. (valuepenguin.com)
In short, the likely answer is yes but there are some factors within your control that can positively affect your chances of getting a more favorable rate for life insurance. (termland.com)