Reader’s Question:

Is there any difference between standard and preferred rates for life insurance policy? How do I qualify for preferred rates? If my policy is already in force, will my policy ever be cancelled for health reasons? I live in Missouri.

Anthony

Independence, MO

Preferred rates usually give better premiums than standard rates but always require that you are in excellent overall health. It needs proof that you are in excellent health through physical examination.

Most Missouri insurance companies pay the costs for medical exam at any time and place convenient for you, even right in your home. You normally undergo a physical exam to verify that your health is excellent. It needs to specify that you are within strict limits on height, weight, cholesterol, and blood pressure. It also needs to be established that you have no family history of any significant health impairments, that you do not use tobacco in any form, and have no history of drug or alcohol abuse.

A certain change in your health will not cancel your policy as long as you keep your premiums current. You will not be asked to provide evidence of good health in order to renew your policy each year. Bear in mind though that you are allowed to cancel your policy at any given time.