No. It is very important to understand this difference. The quote is the price one is offered when they shop for life insurance and it is based on the inputs they enter into the quote engine. One should try to be as accurate as possible during this process; err on the conservative side when building your quote.

It is prudent to quote yourself in several different underwriting classes (Standard, Preferred, Preferred Best, etc) to get an idea of the range of the likely offer, and then submit an application. The offer is the price the company is willing to offer you insurance for based on your health profile.

The company wants to make the best offer possible as they do want your business; but, they ‘underwrite in a box’ meaning there are certain positive marks and certain negative marks one can get for various health issues: cholesterol, height / weight, smoker / non-smoker, family history, etc. The carrier will simply add all the positive and negative markers in your profile and will make an offer accordingly. These underwriting boxes are very rigid, so preparing well for your medical exam is very important. (Please reference the “Preparing for your Medical Exam’ section above.)