Are you in good overall general health, with no family history of critical illness? Do you lead a healthy lifestyle?

If so, did you know that you could be paying less for your life insurance? Indeed, some insurers offer reduced premium rates (preferred rates) because of these factors.

Who is eligible for preferred rates?

However, preferred rates are not available to everyone. Several criteria have to be considered to determine if you are eligible: your tobacco consumption (of course non-smokers have an advantage!), your weight, family history (blood pressure problems, stroke, diabetes or cardiovascular disease before age 60), as well as your previous illnesses or medical conditions (cancer, diabetes, stroke, cardiovascular disease, blood pressure problems or high cholesterol).

When establishing the cost of your premiums, we even take into consideration the number of traffic violations you have! In fact, to obtain the most advantageous rate, a person must not have more than two traffic violations in five years. Furthermore, you cannot participate in any sport regarded as dangerous or one that is associated with aviation.

Are preferred rates really worthwhile?

Do preferred premium rates represent a real advantage? Yes.

Take for example the case of Frank, a 35-year-old male non-smoker. A 10-year term life insurance plan for $250,000 would normally cost him around $243.00 a year. At a preferred rate, the premium for this coverage could be reduced by $45.96, for a total of $197.04 a year.

If you consider yourself to be in good health and meet most of the criteria mentioned above, take the time and check the preferred rates your insurer offers. You might be able to lower the cost of your insurance!