Purchasing life insurance for NRA members is simple but keep in mind the NRA does not sell life insurance
The National Rifle Association in my opinion is one of the greatest organizations ever developed, but they have never been in the business of selling life insurance. As a gun owner, you should certainly know that the greatest pro-gun organization in America is the National Rifle Association. If we did not have the NRA standing guard. We would have lost our Second Amendment rights many years ago. If you are shopping for life insurance as an NRA member, this article should answer many of your questions.
We will take a close look at the life insurance advertisement on the NRA website and what it should mean to you. Most people have a total misconception about the NRA life insurance ad. Even though this is not considered false advertising, I am sure you may be surprised at what you find.
Here is the story
- The NRA is not in business to sell insurance. They protect us from the gun grabbers!
- An independent insurance agency based in California sells the life insurance not the NRA.
- There are absolutely no discounts on the life insurance like the NRA website truthfully explains.
- These are NOT group rates in any way shape or form.
- The quoting engine on the NRA website only shows one rate classification which is “Preferred Best”. Only about 10% of all applicants can actually qualify for Preferred Best rates. This makes the quote engine display nothing less than “teaser rates”.
- This type of practice advertising life insurance develops into a misconception for most people that read it.
- Your local insurance agent in your own neighborhood can sell you life insurance for exactly the same premium due to the fact insurance rates are regulated by law in every state in America.
This advertisement for life insurance by the NRA is basically nothing more that a possible convenience for their members. You have many other better choices to buy your life insurance from than a large call center that will treat you like a number.
We consistently find lower rates for our clients vs the agency associated with the NRA and why do you think this is?
- Our agency shops a larger market of companies which exceeds over 60 top rated carriers and our list continues to grow.
- We are not a large call center that runs a life insurance assembly line with agents pressured to meet a strict quota of policies sold each day.
- Every applicant is carefully pre-screened before we have them apply with any company which eliminates any underwriting surprises later.
- It is very common for us to check with several other companies after our new client has been approved to double check for any other rates which may be lower.
How can you make sure you are getting the lowest rates possible?
The easiest way to make sure you are going to get the best rates possible is to have your agent run a quote on his software with all the most competitive companies. You may be looking at over 20 companies compared side by side. This will give you an idea of what companies will be the best choice to apply with.
If you have any medical conditions, a medical pre-screen would be recommended. This is a simple process of determining what company will give you the best offer. Your agent would simply communicate with the various companies underwriting teams. There is no cost for this.
Most of the conventional Term life plans are “cookie cutter” plan designs that only differ in price only. There is no reason to pay any more than you have to for the same exact policy design.
How your rates are determined
These are the basic categories the insurers look for to determine your health classification.
- Health History (Medical Conditions)
- Tobacco Use of any Form
- Occupation (hazardous types)
- Sports & Hobbies (dangerous types)
- Driving Record
- Parental Health History
- Medications Used
- Height & Weight
How to comparison shop and get the best rates
Here is the wrong way to shop:
- Bounce from one website to another looking at the same companies. You will actually be reviewing the same companies and exact same premiums.
- Quoting life insurance plans and using the default health class of “Preferred Best” where in reality this is a rate class you may not even qualify for. If you have relatively serious health conditions, stay off the quote engines and consult an agent.
- Quoting face amounts that will be more or not enough of what you actually need. Feel free to use our face amount calculator.
- Review plan designs that you don’t fully understand such as Term, Whole Life and Universal Life.
Now the right way to shop for life insurance:
- Find a life insurance website you like with a quote engine and stay put. The rates will all be the same.
- Learn to understand the health classes and use the one that applies to you.
- Carefully calculate and choose the face amount you are really going to need to satisfy your specific financial liabilities.
- Do your research on the different types of life insurance plan designs before you even look at premiums.
Keep one idea in mind, the quickest and most efficient way to shop for life insurance is to simply connect with an independent insurance agent and let him do all this work for you! This is his job and there is no cost or obligation for an agents help.
What type of life insurance should you buy?
You have three main choices in plan designs.
- Term life insurance – Keep in mind that term life insurance is a temporary product. These plan designs will pay a death benefit during a specified term period usually between 10-30 years.
- Universal Life – This permanent form of coverage referred to as universal life will stay in force for the life of the insured.
- Whole Life – This is the oldest form of life insurance in existence. The plan design known as whole life insurance provides permanent coverage with the addition of a cash value savings component.
Term life insurance is the number one choice with absolutely no close second. Term has the lowest premiums and because of this, you can purchase a higher face amount (death benefit) and still be able to afford the premium.
If you find you need a permanent policy, Universal Life would be the product for you. Whole life insurance is far too expensive to ever be cost effective. Whole Life is usually used for final expense policies and policies for babies and young children.
What companies will usually have the best rates?
There are many excellent life insurance companies you can choose from. The best life insurance company is going to be the company that offers you the best rates. This will depend on your specific information such as age, health, occupation, and lifestyle. We work with over 40 top rated companies but here is a basic list of some of the ones with the lowest rates.
- Banner Life
- Protective Life
- Prudential
- Transamerica
- John Hancock
- American General
- Principal Financial
- American National
- Lincoln Financial
- SBLI (Savings Bank Life Insurance)
Our Final thoughts
It always pays to take your time shopping for life insurance. Reach out to a licensed independent agent that specializes in life insurance and get the professional help you need. They can make the whole process easy and straightforward. We will be happy to answer any of your questions you may have about applying for life insurance for NRA members and selecting the best policy for your needs and budget.
All the Best,
Jack Venturi
