What type of risk are you?
Whether
you know it or not, you are a "risk" in the eyes of insurance
companies. If you are like most people — you're not an Olympic
athlete but you don't have serious health problems — then
you are probably what is called a "standard risk." Standard
risk individuals qualify for an insurance company's standard
rates. If you are in better than average health though,
you could be a "preferred risk" and qualify for lower, preferred
rates.
Can
you change your rating from standard to preferred and get
lower rates?
Yes
and no. Some things about your health you can't change.
But there are lifestyle choices you can make: quitting smoking,
for example, or taking steps to lower your cholesterol or
get your weight down so that you'll become a better risk
and improve your rating. Each company has its own standards
but, if you demonstrate improvements for a year or two,
most will consider that evidence of permanent improvement
and will consider you for preferred status.
Here
are some of the factors insurance companies consider when
categorizing someone as preferred risk. But keep in mind
that definitions of standard and preferred risks vary from
company to company:
- No
personal history of cardiovascular disease, stroke, diabetes
(insulin or non-insulin dependent), cancer or alcohol/drug
dependency.
- No
family history of cardiovascular disease prior to age
60, including parents and siblings.
- Not
flying as a private pilot, student pilot or participating
in aviation during the two years prior to applying for
your policy.
- Having
an average, untreated blood pressure that doesn't exceed
150/90 and having no history of hypertension under treatment.
Some companies will allow treatment if under control for
two years if your blood pressure doesn't exceed 140/90.
- Having
a cholesterol level that doesn't exceed 260 (250 for tobacco
users).
- Having
a cholesterol / HDL ratio that doesn't exceed 7 (6 for
tobacco users).
-
Weight that doesn't exceed the following limits (though
slightly higher weights may be allowed if you don't have
a problem in any of the areas listed above):
