Curious about what a “Level” policy means? You’ve come to the right place. This is going to be a very simple explanation of what it means to have a level policy, and what it means for your beneficiary. So let’s get into it!
First Things First
First and foremost, if you already have a policy and do not know what the term “level” means, then you may consider switching to a more helpful agent. This is something you should know before you even put in the application to the insurance carrier.
But it’s totally fine if you don’t know. arkburialquote.com has the best Burial Insurance specialists around, and we would be glad to help you in any way we can.
The first thing you need to know about the term “level” is that it is one of the rate classes for life insurance. And the exciting thing is it is the absolute best rate class you can have. But what does this mean?
What is a Rate Class?
A rate class is what is given to you based on the Insurance Carrier’s underwriting. Once your agent has asked you health questions, if they are good they know exactly what rate class you are, therefore they know what product best suits your needs.
There are 4 rate classes (generally).
- Guaranteed Issue (GI)
Level is the best. It means that you are the lowest risk for the Insurance company. Based on the answers you gave your agent, they determined that you are at an extremely low risk of passing away from natural causes anytime soon, so the company will treat you as such.
I Have a Level Policy, Now What?
When you are approved for a Level plan with a carrier, first you should do a happy dance because that is amazing. It is not hard to be put in a Level rate, but it is certainly something that you should be proud of. That means you have done a great job at taking care of yourself over the years, so give yourself a pat on the back.
Clients with Level plans have the best options for when the time of their passing comes. Even if you pass away the day after the policy has been issued, your beneficiary will be getting the check of the full amount of your policy. No Questions asked.
That’s why I say everyone should do a happy dance when they are approved for a level plan. It is the best possible solution for you, and if you are with the right carrier, you will never have to worry.
How Do I Qualify For a Level Plan?
This process is very simple. You need to find a professional agent, preferably one like us at arkburialquote.com who specializes in all things Burial Insurance. Then you need to ask the agent to see what you qualify for. They will then ask you some health questions and you should answer them honestly.
Once this process is done, and if you are with a good agent, they will know exactly what carrier best suits you, and the best price for your plan.
There are many things that most people assume would kick you out of Level coverage. These things I hear a lot are Hypertension (High Blood Pressure), Diabetes, High Cholesterol, Bipolar or Schizophrenia, the list goes on. The fact of the matter is at arkburialquote.com, we can get Level coverage for all of these issues 99% of the time. All it takes is seeing what you qualify for.