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.
We consistently find lower rates for our clients vs the agency associated with the NRA. 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.
Important facts you need to understand!
- The NRA is not in business to sell life insurance or any other form of insurance.
- This is not a program offering group life insurance rates for NRA members.
- A California insurance agency sells the life insurance, not the NRA.
- There are no discounted rates or special pricing.
- Any insurance agent in the United States can provide the same exact rates.
- The NRA website quote engine displays “Preferred Best” rates only.
- Less than 10% of applicants ever qualify for “preferred Best” rates.
- “Preferred Best” rates with no other choice would be considered teaser rates.
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
There is a right way and a wrong way to comparison shop for life insurance.
Let’s start with the wrong way first, this is what you don’t want to do!
- 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 understand such as Term, Whole Life and Universal Life.
Here is the right way to comparison 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 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 which is a temporary product. Term insurance will pay a death benefit during a specified term period between 10-30 years. Banner Life just came out with a 35 and 40-year term product.
- Universal Life is a permanent type of coverage that stays in force for the life of the insured.
- Whole Life 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.
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 and selecting the best policy for your needs and budget. Contact us today and let’s chat.
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