How do you calculate my monthly premium?
Your monthly premium is based on several factors that help determine your level of risk.
What impacts your premium
Term life insurance covers both accidents and illnesses, so pricing is based on your:
Age
Health and medical history
Family health history
Lifestyle (including tobacco use)
Coverage amount and term length
How we calculate your age
We use age-nearest birthday, which means your age is based on the birthday you’re closest to.
This can affect your premium and available term length options.
Rate classes
If you’re approved for coverage, your premium will be based on a rate class:
Ultra Select (best rates): Excellent health and family history, no tobacco use within 5 years, low-risk lifestyle
Select Plus: Very good health and family history, no tobacco use within 3 years, low-risk lifestyle
Select: Good health and family history, no tobacco use within 2 years, low-risk lifestyle
Standard: Acceptable health and family history, no tobacco use within 1 year, moderate-risk lifestyle
Tobacco User: Tobacco use within the past year
In some cases, coverage may still be offered below Standard. This is referred to as substandard.