How accurate do you think that life insurance quote you just received from your insurance agent is?
The accuracy of a life insurance quote can run from one extreme to another. It may be right on the money or totally worthless and here is why!
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. Usually consumers giving false information about their health history or height and weight will create an inaccurate quote every time. It is usually not the agent at fault!
Premium quotes can be very accurate if based on good solid information
The insurance company underwriters always determine 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 expect 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 into the underwriting process, the final rates will be released.
Running a medical pre-screen is recommended if there are any 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 enclosed in 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.
Consumers can sometimes lie about their health
I should say many times consumers lie about their health. When I ask people about their health so I can provide an accurate quote. It becomes a roll of the dice to see if I am receiving a truthful answer to my questions. This will always create a nightmare when the individual goes to apply. The medical underwriters will normally always find out how healthy or unhealthy the applicant really is.
Take your new life insurance quote with a grain of salt
If you have ever applied for life insurance you know it takes a while to complete unless it is no medical exam life insurance. 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 rates will require an independent insurance agent
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.
How can I make sure to get the lowest rates possible?
You have to connect with an experienced and ethical agency such as us at BestChoiceLifeInsurance. Insurance agents are no different than other occupations. Some will work harder than others to produce the very best results for their customers. Shopping the market for the best life insurance rates is not very difficult if you have a lot of training and experience. We take our job seriously because our reputation depends on it.
Our final word
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.
Use our quoting system to see what carriers offer the best rates
Use our quote engine to compare term life insurance quotes online. Review over 40 of the top life insurance companies. If you have any questions, do not hesitate to call us 7 days a week. There is never any cost or obligation for our help.
All the best,