The two main classes of Life Insurance are Term and Permanent. Term insurance does not usually have any cash value and is designed for temporary needs. Permanent insurance can have cash value and is designed for permanent needs. Some common types of Permanent Life insurance are Whole Life and Universal Life.
The classes of life insurance also refer to rating classes of which there are 14 depending on the life insurance carrier. Your lifestyle, health status and occupation determine which class you will receive to determine your premiums. From best class to most expensive class goes as follows:
1) Best Preferred
2) Preferred
3) Select Plus
4) Select
5) Standard
Then Table 2-10 or A-I
Anything rating over 10 or I would be a decline.
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1) Best Preferred
2) Preferred
3) Select Plus
4) Select
5) Standard
Then Table 2-10 or A-I
Anything rating over 10 or I would be a decline.