SAVE 70% ON LIFE INSURANCE. How often have we seen that little advertising flower bloom on our computer screens. I’ve explained in the past that there really isn’t any magic to that. The spread between the best priced life insurance companies and the worst is all of that if not more.
So there are thousands of life insurance quote engines on line where you can go and figure out who has the best prices. Oh, FYI, the companies with the best prices aren’t lower rated companies. They are thriving highly rated companies. Kind of raises the question that if the best rates are plastered all over cyberspace how can a person actually end up spending way more than they need to. Those of you who follow me know I’m headed for the right agent using the right company thing, but hear me out. Let’s use a client of mine who was just approved as an example.
This lady and her husband, faithful Dave Ramsey followers, applied for $2 million of 20 year term insurance each through Zander Insurance. They were both quoted preferred plus rates with ING Reliastar. He was approved at preferred plus but she was approved at standard because of a history of mild or minor depression. This literally doubled her quote from $1800 a year to nearly $3600 per year. They sent the policies out and pushed to put the policies in force, at one point telling them there was a deadline to get it done. It was at this point that they contacted me and after gathering all the information I recommended shopping hers.
When I came back with not one, but four offers at preferred plus rates, she applied through me and said that because Zander had not offered to shop it for her she would be interested in placing her husband’s business with me as well even if I couldn’t do any better than Zander. He is several years younger than her and his policy had been approved at a little over $900 annually. When I ran the rates to see what was available, well, even I was shocked. Zander, Dave Ramsey’s only recommended life insurance agency, had quoted this client the 11th best rate available. They had quoted preferred plus with ING at $938 a year when the best rate available was with SBLI at $840 a year. We just got that approved as well. So, we save him $100 a year for 20 years and her $1700 a year for 20 years. Even my granddaughter can do the math on that one. By dumping Zander Insurance they will save $36,000. I guess that, short of Dave Ramsey getting a kickback or owning stock in Zander Insurance, I don’t get what drives him to recommend them.
Dave Ramsey is all about budget and not spending more than you need to and he’s all about his Christian faith, but he will look straight into the camera and say, “Four generations and 80 years experience, unparalleled commitment to service, the best products on the market, and a principled commitment to debt free strategies, are just a few reasons I trust, use and strongly recommend Zander Insurance.” If he uses Zander insurance I wonder how much I could save Dave?
You know, the first time I took Zander Insurance to task for not quoting the best rates there was this huge outcry from Zander that somehow I didn’t understand. They said that they didn’t use some companies for administrative reasons, so to call the on the carpet for not using a company that, for instance, offered better rates for smokers, wasn’t really fair. They said they didn’t use some companies because of their slow turn around time. But it’s time to get real Mr Zander! ING Reliastar is, if not the slowest company in business today, they are certainly very close and the reason is that they have held out juicy contracts for big on line agencies and they are swimming in applications and they don’t have enough people in North Dakota to process it all.
Is it that kind of contract that led Zander Insurance, the strongly recommended, trusted and used insurance agency of Dave Ramsey, to quote the two clients above the 6th and 11th best quotes available with the slowest company around? And then not even be able to come through with those quotes, which if they knew anything about ING underwriting or had they shopped her case before, they should have known that there was no way she would get that rate from ING. There’s only two possible reasons for that kind of miscue. Bait and Switch or just plain stupid.
Bottom line. My clients are glad to finally have the life insurance buying ordeal behind them. We got them both approved in 3 weeks so I’m thinking it’s not our part of the process they are likening to an ordeal. If you have any questions or think you may not have received a fair shake from Zander Insurance, call or email me directly. And Dave, if you really care and want to know the facts behind these cases, call or email me directly. Let’s talk.