Underwriting Trend #1:
"Get it while you can"
The good news is, life insurance rates have come down. However with that, underwriting is really tightening up, and qualifying for the best rates has become more difficult.
Since our health does not generally improve with age, now is the time to qualify for the insurance you need.
If you are healthy, acceptance into the ultra preferred class is possible for life or long term care insurance. However, existing medical issues may have already closed that window.
Keep in mind that an underwriting class is only as strong as the company that issues it. You want the peace of mind that comes with guaranteed premiums.
Underwriting Trend #2:
Fewer options for term conversions
If you have convertable term insurance, you could be in for an unpleasant surprise.
Upon conversion, many insurance companies have already discontinued their best contracts, as well as top rate classifications. For example, if you were rated in a preferred class in the 90s, you might get your guaranteed policy knocked down to standard now.