I talk often and loudly about how many people, through no fault of their own, end up paying too much for life insurance. That’s the first crime usually inflicted by using the wrong agent who used the wrong company. The second crime is when you, the life insurance client, just gets complacent about paying the high price and never looks further. There is no better time to shop and compare what other life insurance agents can do for you than when you already have coverage in force. What have you got to lose? If you don’t find something better and you never, ever cancel your current coverage until you have a new, better rate in force, well, what could be safer?

I have a CEO life insurance client of a large international company who had a really bad deal in force through another agent four years ago when we met. He had tried to replace the really bad deal through other agents and had been declined twice before he came to me. We spent a month or so dissecting the reason for the declines and laying the ground work for an approval that would save him substantial money. We (he) had that luxury because even though what he had was a horribly overpriced business life insurance policy, he was covered. Once we had a plan I shopped it and got a commitment from a company that would save him $30,000 a year, a good place to start. He applied and got approved and we replaced the really bad policy with a better deal.

Given the reasons for his declines from the wrong companies and his approval from a good company I suggested we give it a few years and shop again. I was confident that we could lower the cost even more when we were further away from the reason for his bad life insurance experiences of the past. I am currently shopping it again for him and have a company that likes what they see and it would save him another $40,000 a year, to almost one third of what he was paying when we met. And that is if I don’t get a better quote before we pull the trigger and get a new application going.

Bottom line. The point is that when you have life insurance in force and you wonder if it’s the best that can be done, you’re in a great position to find out. If no better prices are found you still have life insurance in force. If you die during the information gathering and shopping process, you’re covered with your old policy. It is absolutely a no lose situation. If you have questions about your current life insurance and wonder if a better deal is available, call or email me directly. My name is Ed Hinerman. Let’s talk.

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