Will my Rate Classification Change
An insurance rate classification is a class that an individual is placed in when they apply for health insurance. The classification states whether a person is in good health or not and determines what their premium and coverage amounts are going to be.
For instance, let's say that there are three classifications: A, B, and C. A is the best, while C is the worst. Those in Class A are the ones that are very healthy. They have no major health problems and their family history does not suggest that any illnesses are going to inflict them during their insurance term.
Class B also has healthy individuals within it. They may have a poor family history or they may have simple conditions that could potentially cause problems. They may take medication to control something, but are fine as long as they take their medication.
This brings us to Class C. This is the class that consists of those who are of substandard health. This means that there is a chance that they could die within their insurance policy's term.
The Lowest Classification
It is important to understand who is in the lowest classification. The insurance company uses their own discretion as to who they put here. For instance, they may place obese individuals within this class and they do so because obesity can lead to instant heart attacks.
A person who is obese is at risk for diabetes and a host of other conditions that places them within an unhealthy category. In other words, obesity is a life threatening condition and, when it comes to insurance rate classifications, it is considered a disease. A person who has this disease will have to pay more for their insurance than someone who is not obese.
Can Your Classification Change?
A question that weighs on the minds of many is whether or not the classification can change. Of course there are some health conditions that you can do nothing about. For instance, the heart condition you may have will not change unless you get a new heart. Unless your condition warrants one, it is not going to happen.
The same applies to the diabetic. It is very unlikely that the condition is going to disappear. So there are things that you currently cannot control, which means that your rate classification may not change in these instances.
But what about lifestyle? It is true that you can change your lifestyle and that lifestyle changes can make you a healthier individual. In this case, you may wish to amend your rate, but not necessarily on the insurance company's bill. If you have a health assessment and wish to send the results to your life insurance company, you may want to do this. However, the insurance company may require that the assessment be done by a doctor's office or health service of their choice in order to certify the results.
If you are fine with your premium, yet your term expires, a new health exam can be done to assess your health and this can change your classification. This is an area where doing such things as diet and exercise can truly pay off.
So as you can see, it is rare that your rate classification may change unless you make changes in your lifestyle or you have an organ transplant. If you have an organ transplant and are 100% healthy, then your odds of living through your term increases, so this is information that must be provided to your insurance company immediately. They will then certify the results and take the necessary steps to lowering your premium for you.
