Standard Life Insurance Company What Is Standard Life Insurance

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Understanding Standard Life Insurance


Overview


Standard life insurance refers to most life insurance policies issued at standard rates. Factors such as health status and credit determine whether an individual is classified as a standard risk or a substandard risk. Some insurers cater to individuals with health issues, but these policies often come with higher rates. There are also companies specifically designed to insure those with non-standard risks, albeit at a greater cost.

How It Works


Most life insurance providers are considered standard companies using a table rating system for higher-risk applicants. When you apply for life insurance, your application goes to an underwriter, who assesses your risk profile and determines your rate. Underwriters have access to resources like the Medical Information Bureau (MIB), which provides medical data, including illness and injury history. It's crucial to disclose accurate medical information on your application, as omissions can lead to rejection.

Tips for Purchasing


It's advisable to buy as much life insurance as possible when you're young, as rates are typically lower. Most online companies offer standard rates, but some also provide preferred rates, which are even more affordable. Standard life insurance providers are widely available, and many offer a trial application for special risk applicants. This approach allows you to check eligibility without any upfront payment until acceptance.

By understanding these aspects, you can make informed decisions and secure the best possible rates for your life insurance needs.

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