Apr 24
I was told that my life insurance rate would be higher because of my driving record….
It’s true. Your driving record CAN increase your life insurance rate. Let’s start with some basic life insurance underwriting “rate classifications.” There is preferred plus, preferred, standard, and sub-standard rate classifications.
Although the qualifications for preferred rates vary between companies, generally you must be in excellent overall health to receive preferred rates. There can be no participation in any hazardous activities and there must be no history of drug or alcohol abuse. Preferred-plus criteria is even more stringent. In addition to the above mentioned requirements, you cannot use tobacco in any form.
When it comes to your driving record, some companies will not give you the preferred plus rates if you’ve had more than 1 driving violation within the past three years. Others are a little more lenient and will let you qualify for the best rates if you’ve had 2 or less moving violations in the past three years. The key is finding the right company because again, qualifications for life insurance rate classes vary between companies. Shop around before making a purchase.
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April 25th, 2007 at 9:50 pm
With regard to this post and the one about brokerage firms… are brokerage firms generally marketing a spectrum of products for their insurance clients, or do they tend to focus on a specific customer type (or only specific companies) ? For example, in this case, would a brokerage firm be able to look for preferred-plus rates on behalf of a driver with two tickets, or are they locked into working with specific companies which may or may not be able to help out