"Substandard rates" refers to rates or levels that are below the expected or desired standards or quality.
Full definition
The pricing on
substandard rate classes varies so it is imperative that you speak with a licensed professional at TermLife2Go who understands the inner workings of the various life insurance providers.
However if you have a pre-existing health condition, such as diabetes — you can qualify
for substandard rates, and still get life insurance with no medical exam for diabetics.
People with Preferred rates generally pay the least for coverage, while those
with Substandard rates pay the most.
However, with the recent stress test we were able to secure Keith coverage at
slightly substandard rates due to lifestyle credits.
For anyone who has had more than one stent and who has possibly also suffered a heart attack, then they will qualify for less favorable rates; these are known
as substandard rates which in our industry we call «table ratings ``.
If your disease is deemed to be moderate, you will probably be
given substandard rates, or even altogether denied insurance coverage.
Smokers have two categories they can fit into, Preferred or Standard Tobacco, and beyond that there are
also substandard ratings for smokers with pre-existing conditions, or who are obese.
As such, this line of treatment will result in higher
substandard rates if traditional life insurance is approved.
Below the regular «Standard» rating, Life Insurance companies have
substandard ratings called Table ratings, usually in the form of Letters or Numbers.
Insured individuals in this rate class pay lower premiums than insureds in a standard or
substandard rate class.
Once we had that information however, Scott qualified for life insurance at
slightly substandard rates and we found a policy that he cold afford.
Moderately controlled diabetics with a1c levels of 7.0 - 7.9 can expect a table rating, otherwise known
as substandard rates.
However, persons in moderately poor health can often obtain insurance
at substandard rates (a reference to the insured person's health, not to the quality or strength of the insurance company), which means higher premiums.
For more significant health conditions like cancer, stroke, and heart attacks — you might qualify for the
highest substandard ratings or even denied.
We offer website design and development, website marketing tools, social media quote plugins, online life insurance quoting with
substandard rating, agent login portals, mobile apps, and more.
The terms Rated life insurance and Table Rated life insurance are commonly used to describe a policy that falls into
the substandard rate class for life insurance.
ANICO offers Standard Tobacco, Standard Non-Tobacco, and
Substandard Rating.
A 20 year term policy, even at
substandard rates will still fit in her budget.
Insured individuals in this rate class pay lower premiums than insureds in a standard or
substandard rate class.
However, you still may be able to qualify for
a substandard rating, a no exam diabetes policy, or at the worst, a guaranteed issue policy.
Where some companies decline diabetics for life insurance or give
them substandard ratings, we routinely help our diabetic clients obtain approvals at standard or better ratings.
Substandard (with table ratings):
The Substandard rate class is not a specific rate class like the others above but it is a scale of table ratings that will be based on your health history graded by letters or numbers which would normally be either the letters A-J or numbers 1 - 10.
If you have preexisting health conditions such as diabetes or if you smoke, you can still get approved but with
substandard rates and of course higher premiums.
The Substandard rate class is not a specific rate class like the others above but it is a scale of table ratings that will be based on your health history graded by letters or numbers which would normally be either the letters A-J or numbers 1 - 10.
Most companies have preferred ratings, standard ratings, and
substandard ratings.
A substandard rating is the most likely rating that someone with an aortic valve disorder will get.
Most of the time, life insurance after a heart attack will come with
substandard ratings.
Nonetheless, the odds of you having a standard or
substandard rate, as opposed to preferred or plus, are high if you smoke.
Due to the complications of the disease (like heart attacks and cardiac arrhythmias) and the probability of atherosclerosis elsewhere in the body, most CAD life insurance approvals are at
substandard rates.
Type I diabetics WILL receive
a substandard rating.
A Substandard rating is also common for people who do not have their anemia under control.
However, he still found the protection he needed at a price he could afford even with
substandard rates.
Considering that most people over-estimate the cost of life insurance by 300 %, term life insurance is still very affordable (even at
substandard rates).
Older applicants with moderate stenosis or aortic insufficiency over the age of 60 usually qualify for mild
substandard rates.
This means you may still be offered a policy, although at a more costly standard or
substandard rate.
Working with a broker like PolicyGenius means that you can get extra mileage out of
that substandard rating and still get the financial protection your family needs.