When you’re applying for a life insurance policy, your premiums will be set in part by your “risk class,” which is defined by an insurer’s “underwriting guidelines.” (Your age and the length of policy term you want are other pricing factors.)

The underwriting process includes the examination of the application submitted, whether to provide insurance, and determining the level of premiums based on risk factors. Underwriters look at an applicant's income and lifestyle, medical history and overall health, their family's medical history, hazardous avocations such as dangerous recreational sports or occupations.

Also, illnesses suffered by family members after age 60 shouldn’t affect your premiums.

Some life insurers are more “aggressive” in determining your risk class, and may put you in a more preferred class (meaning lower premiums) than another company would. For example, someone with a history of high blood pressure who’s on medication for it might land in a “preferred class” with one life insurer and a “standard class” with another. Shopping around multiple companies will really pay off, no matter what your health status.

Generally life insurance companies use these classes:

• Preferred Plus No Nicotine (sometimes called Preferred Best or Super Preferred)
• Preferred No Nicotine
• Preferred Nicotine
• Standard No Nicotine
• Standard Nicotine
• Substandard