There are several different terms used to identify the cost of a life insurance policy.
Some of the more common terms used are the "quote, "rate" and "rating" of a life insurance policy.
Here are the commonly understood definitions of these life insurance terms:
A Life insurance quote is the price the life insurance company thinks you will get based on the information you provided when requesting a life insurance quote.
If you are
looking for a medically underwritten policy and were not asked many health
questions, chances are that quote is not very accurate. Usually, the more information you need to provide to get your life insurance quotes, the more accurate the quote.
The rate of a life insurance policy is the price you actually end up paying for your coverage. Another word is life insurance premium. This is
your final cost for your life insurance policy after all the underwriting has been done and your final rate has been
determined by the insurance company
The life insurance rating refers to the health rating or rating classification you are placed in based on your health. Examples of ratings may include Preferred, Standard, or Table C. It is
what you are rated after the underwriter reviews all of your required health information to determine what rate to charge for your life insurance policy.
You can compare life insurance rates in just minutes by requesting free life insurance quote comparisons from an online life insurance quote provider.
