How is the cost of my SBLI life insurance policy determined?
When your application is sent to underwriting, the process of gathering information about your health, lifestyle habits, and health history begins. Based on the information gathered by our underwriters, SBLI determines your "rate class", which defines how much you will pay for your life insurance policy.
Because people are unique, they have different rate classes, based on health and lifestyle characteristics. SBLI life insurance underwriting classifications include:
- Preferred Plus Non-Nicotine
- Preferred Non-Nicotine
- Select Non-Nicotine
- Standard Non-Nicotine
- Preferred Nicotine
- Standard Nicotine
Back to Top
What happens after I apply for a life insurance policy?
When you apply for a life insurance policy, your application goes to SBLI's underwriting department, where the process begins. You will be required to have a paramedic examination (at SBLI’s expense) and SBLI may request a copy of your medical records, as well as information from the MIB Group, Inc.
Once the SBLI underwriter gathers all of this information, a decision will be made about your life insurance coverage options. You will either be approved for coverage, asked to modify your coverage, or be declined for coverage
Back to Top
Does SBLI require a paramedic exam?
Yes. All applicants age 15 and over must complete a paramedic exam as part of the life insurance application process.
Back to Top
What is involved with the paramedic exam?
When you apply for life insurance with SBLI, you'll be required to have a paramedic examination. The results from this exam help our underwriters determine your health status. You'll be contacted by a trained paramedic examiner who will give you specific instructions, such as whether or not you can eat or drink before the exam, and other details. This person will come to a place that's convenient for you (your home, your office or other location) to conduct the paramedic examination.
During the exam, the examiner will:
- Draw blood from your arm;
- Collect a urine sample;
- Measure your height and weight;
- Check your pulse and blood pressure;
- Possibly complete an EKG (electrocardiogram)
The exact steps of your exam will depend on your age, your past health history, and the amount of insurance that you're applying for.
Back to Top
Why am I paying a higher rate than I applied for on my SBLI life insurance policy?
Different people pay different insurance rates (premiums). The rate you pay is based on your age, your health, and your lifestyle. For instance, if you skydive as a hobby, you are considered a higher risk than someone who feels that knitting is about as adventurous as it gets! SBLI determined your "risk class" or "rate class" based on the results of the insurance underwriting process.
The information provided on your application, information gathered from your physician and possibly the MIB Inc., the results of your paramedic exam and other important information, such as your driving record and personal habits are the basis for determining your life insurance premium rate. Based on all of this information, you may have been classified into a higher "rate class" than you were previously quoted.
Back to Top