How accurate is a life insurance quote? I am referring to a common everyday life insurance quote you would receive from most life insurance agents. That is a good question and here is how I will answer it. The main fact you have to consider is a life insurance quote is not much more than an educated guess. If a potential applicant is young and in good health, the quote could easily be right on the money.
If there are variables to consider such as health problems, dangerous hobbies or a hazardous occupation. Then considerable information must be collected to be able to produce an accurate premium quote. Without enough information, a quote could be absolutely worthless.
Premium quotes can be relatively accurate if they are performed in a professional manor based on relative information.
The insurance company underwriter always generates the rates regardless of what has been quoted by an agent. In reality a life insurance medical underwriter could not care less what any agent or broker has quoted the applicant. Quotes are only used to give the potential applicant an idea of what the premium should expected to be after the underwriting process. This is to allow the potential applicant to know what to allow for their life insurance premium budget. After several weeks of the underwriting process, the final rates will be released.
Our office will normally run a free medical pre-screen if there are any complicated or serious medical conditions.
Many times folks will have medical conditions or dangerous sports and hobbies. Even a persons hazardous occupations comes into the picture if it holds any life threatening danger to the applicant. A medical pre-screen is very common to make sure we use the correct company that will offer the best life insurance rates. Sometimes I find that people don’t even know what is active on their medical record.
This is usually caused by a lack of communication from medical providers to the patient. All this unknown information will become very well known when the medical records are ordered and received. This is when the unexpected surprises start leading to a change in health classifications.
Take your new life insurance quote with a grain of salt.
If you have ever applied for life insurance you know it takes quite a while to complete. A lot of information is collected and then needs to be sorted out. Quite a bit can change from the initial quote you received to what you will receive as your final rates. You have to have patience because there is no such thing as rushing an insurance company. They move at their own pace and you have to sit back and relax. Asking your agent to rush them can have negative effects.
Getting the best life insurance rates will require working with an independent insurance agent without a doubt.
Independent insurance agents can shop the whole market to make sure you get the best life insurance rates possible. They are also referred to by the general public as insurance brokers. The independent insurance agents never work for insurance companies like the captive agents do.
We are independent agents and we use over 40 of the best life insurance companies. Captive agents work for companies such as State Farm, Country Financial or Farmers and only represent one company. One company does not cut the mustard when you are looking for the best life insurance quotes. All life insurance companies underwrite their applications differently so you need the luxury of having a good choice.
Here is my final word on, how accurate is a life insurance quote?
Look at individual life insurance quotes as just a starting point. With luck, your projected premium will right on the money. After the lengthy underwriting process is over your rates may change and may even be for the better. Just keep and opened mind and work with a good independent agent you feel comfortable with. If the underwriter comes back with a decision you are not happy with.
Your agent can re-submit your application with other life insurance companies. There are many things out of your and your agents control that can change your final rates. Just take everything step-by-step and everything should work out.
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