Cost of Life Insurance Is Subject to Legal Regulation in Each State!
Life insurance rates are regulated by law, ensuring fairness and consistency for all consumers. Don’t be misled by the
misconception that rates can vary between agents.
In reality, every state has strict regulations in place that prevent anyone from selling the same exact life insurance product for less.
This means that you have peace of mind knowing that you are getting the best possible rate available.
Take control of your financial future by exploring your life insurance options and securing the protection your family deserves.
Take comfort in the knowledge that your state’s Department of Insurance regulates pricing for all insurance policies to ensure your financial safety.
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All life insurance rates (not just life insurance) are regulated by law for your protection. Insurance companies publish rates. They do not vary for the same product from one agent to another.
Actuarial Professionals Determine the Cost of Life Insurance
Using statistics on life expectancy, insurance company actuaries establish the rates for life insurance. Years ago, life insurance companies used to supply agents with rate books. Those rate books are history, and now we use modern quoting engines which are always up to date.
Today, high-tech quote engines can compare rates from well over 40 life insurance companies in less than a minute. This gives the insurance agents all the information they need to decide which company would be the most cost-effective for their clients.
After the actuaries set the pricing for their policies, the life insurance companies submit the rates to all the states department of insurance for approval. They do this for every state they are licensed to do business in.
Beware of Misleading Website Content
If the wording on a website looks too good to be true, it is probably not true.
Many of these misleading life insurance website statements have been around for years. The most common clickbait ads
promise they can save you a percentage, such as (save up to 73% on your life insurance premiums).
These deceptive ads appear on many life insurance-related websites and are deceptively plain and simple.
This type of statement suggests that these agents can offer you lower rates than other agents. This is a form of false advertising, and many people believe theses ads and then get reeled in like a fish on a hook.
This is simply a form of deception and false advertising to mislead the consumers into believing they can apply for discounted rates, and nothing could be farther from the truth.
An Independent Agent Can Help You Secure the Most Preferable Rates
Independent agents are otherwise known as Brokers and represent many life insurance companies.
An experienced independent agent can get you pointed in the right direction and help you choose the right product for your needs. When working with a knowledgeable agent or broker, purchasing life insurance should always be a simple job.
Trying to do the shopping yourself will not work because of all the technical factors you must understand. For example, life insurance, in reality, is one of the most simple forms of insurance. But unfortunately, most consumers make it very complicated and confusing. That is why having an experienced agent to guide you is so important.
Carrier Premiums Are Carefully Calculated on Statistics and Risk Factors
Some carriers will be more competitive than others concerning face amounts, health conditions, hazardous occupations, term periods, age groups, tobacco use,
and other variables.
The premiums for life insurance for smokers can be over 250%, especially for cigarette smokers.
One carrier, for example, will have lower, more competitive rates for smokers than another.
There is no such thing as a life insurance company having the lowest rates for everyone. They all spend a large sum of money each year, having statistics created to answer many of their questions on how much they believe they should charge for every plan design for each age group.
Common Causes of Life Insurance Rates Increasing
Any of the conditions below can impact your life insurance rates.
1. Medical related health conditions
2. Hazardous Occupations
3. Dangerous hobbies & sports
4. Serious motor vehicle report violations
5. Tobacco use (mainly cigarettes)
6. Parents Premature death (cancer & heart disease)
7. Credit History Issues
Life Insurance Rates Are Regulated by Law
Our Final Thoughts
Take your time and understand the many types of life insurance products. Don’t let anyone rush you into buying life insurance, move at your own pace.
We can help you make shopping for life insurance a simple process.
We are always here to answer any of your questions and help you select the best policy for your specific needs and budget.
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545 for an immediate response. We’re here to help!
