What Is Standard Plus Life Insurance?
last updated on March 22, 2024What is the Standard Plus life insurance rating class?
The Standard Plus (also known as Select) life insurance rating class is the third best risk classification offered by life insurance companies in the United States. The Standard Plus health classification is given to life insurance applicants that are in above average health and weight for their height after the underwriting process is completed.
- Preferred Plus (Excellent)
- Preferred (Very Good)
- Standard Plus (Above Average)
- Standard (Average)
- Substandard (Below Average)
*Most life insurance companies also offer a Preferred Tobacco and Standard Tobacco rating classes.
Table of contents
Standard Plus life insurance rate class (other names)
The Standard Plus life insurance rate class is synonymous with the Select rating health class, just depending on the life insurance company and they name they choose to use. Below we’ll list a few of the nation’s top life insurance companies and the name they use for their third best rate (health) classification.
List of life insurance companies and the designation they use to describe their third best health rating class:
Standard Plus
- American General Life Insurance Company (Corebridge Financial)
- Assurity Life Insurance Company
- Banner Life Insurance Company
- Cincinnati Life Insurance Company
- Columbus Life Insurance Company
- Equatable Financial Life Insurance Company Company
- GBU Financial Life
- Hero Life Insurance
- Illinois Mutual Life Insurance Company
- Independent Order of Foresters
- John Hancock Life Insurance Company
- Life Insurance Company of the Southwest
- Minnesota Life Insurance Company
- National Life Insurance Company
- Nationwide Life and Annuity Insurance Company
- Northwestern Mutual Life Insurance Company
- Symetra Life Insurance Company
- Transamerica Life Insurance Company
- United of Omaha Life Insurance Company
Select
- Ameritas Life Insurance Corp
- Ohio National Life Assurance Corp
- Pacific Life Insurance Company
- Penn Mutual Life Insurance Company
- Savings Bank Life Mutual Life Insurance Company (SBLI)
Non-smoker Plus
- Pruco Life Insurance Company (Prudential)
Super standard
- Principal National Life Insurance Company
Preferred II
- New York Life Insurance Company
Note: Not all life insurance companies offer a Standard Plus (third best tier) rating class
Many top life insurance companies in the country do not offer a Standard Plus health class. Instead they offer Preferred Plus (best health class) a Preferred (second best health class) and Standard (average health class). Many carriers will also offer Preferred Tobacco and Standard Tobacco rate classes.
A few of these companies include: AAA Life Insurance Company, Equitable Financial Life Insurance Company, Ethos Life Insurance, Guardian Life Insurance Company, Lincoln National Life Insurance Company, MassMutual Life, Insurance, Midland National Life Insurance Company, North American Company for Life and Health, Primerica Life Insurance Company, Protective Life Insurance Company and Thrivent Financial for Lutherans.
Sample Standard Plus life insurance rates
The table below shows the sample monthly Standard Plus life insurance rates (quotes) by age and coverage amount from several of the nation’s top carriers for a 10 year level term policy.
| Age | Gender | $100k | $250k | $500k | $1million |
|---|---|---|---|---|---|
| 30 | Male | $9 | $14 | $22 | $36 |
| 30 | Female | $7 | $13 | $19 | $28 |
| 40 | Male | $12 | $18 | $30 | $54 |
| 40 | Female | $11 | $16 | $26 | $45 |
| 50 | Male | $19 | $38 | $69 | $124 |
| 50 | Female | $18 | $30 | $55 | $99 |
| 60 | Male | $50 | $88 | $169 | $294 |
| 60 | Female | $36 | $61 | $114 | $212 |
| 70 | Male | $136 | $261 | $514 | $968 |
| 70 | Female | $91 | $186 | $296 | $565 |
*Rates for a male, D.O.B. 6/1 on a 10 year term policy. Rates listed are from several of the nation’s top insurers such as: Banner Life, Transamerica, Protective Life, Pacific Life and AIG.
Let’s take a look at the Sample Plus life insurance rates from several of the nation’s top carriers
The illustration below shows the best Standard Plus (Select) life insurance rates in the entire country from several of the nation’s top life insurance companies: Banner Life, AIG (Corebridge Financial), Pacific Life, Transamerica Life, SBLI and John Hancock. As you can see, a $500k 20 year fixed term life insurance policy for a 40-year old male is as low as $46 month.
Health conditions eligible for a Standard Plus rate class
Several of the top life insurance companies in the country have special underwriting niches in which they allow a more favorable rating health class for certain medical conditions. This is due to the fact some the life insurance companies are willing to take on more risk in one area but not another. Below are a few of the underwriting factors that are eligible for a Standard Plus health class from certain insurers.
Diabetes – A select few carriers will offer a type II diabetic (medication is allowed), diagnosed age 50 or over with current A1c reading of less than 7.0 a Standard Plus health class.
Sleep apnea – Some life insurance companies will offer the Standard Plus rate class with mild sleep apnea and compliant (nightly) with CPAP machine usage.
Prostate cancer – Some life insurance companies will offer a Standard Plus health class with a history of prostate cancer with a total prostatectomy, more than a year since last treatment date with a negligible PSA.
How to get a Standard Plus life insurance rate class?
The best way to get a Standard Plus life insurance rate (health) class is to shop around. There are more than 700 life insurance companies in the United States and each one has their own underwriting guidelines. While one life insurance company may offer you a Standard Plus rating class based on your height and weight, blood pressure readings, cholesterol readings, diabetic history or cancer history another life insurance company may offer a Standard rate class which equates to higher premiums for the same coverage.
Wrap up
A Standard Plus life insurance rating class is the third best health and risk classification available when applying for life insurance. Applicants the receive the Standard Plus rate class are for those with an above average health history and have an above average weight for their height.
Only two life insurance health rating classifications are greater than Standard Plus; Preferred Plus and Preferred. These life insurance rating classes are reserved for applicants in very good to excellent health and also meet the other risk factor guidelines such as height and weight and family history.
Lastly, not all life insurance companies offer a Standard Plus health rating class. Instead many top life insurance companies will offer Preferred and Standard rating classes and not opt to offer a middle ground between the two.
FAQ
Do I need a medical exam for a Standard Plus life insurance rate class?
No, there are several top life insurance that offer a Standard Plus rate class without a medical exam if you meet the criteria.
Do different life insurance companies have different requirements for Standard Plus?
Yes, each life insurance has their own underwriting guidelines.
What term lengths are available for a Standard Plus rating class?
All the terms lengths-10 to 35 years are available for a Standard Plus rating class.
