I’ve mentioned probably more often than I’ve needed to that I shop even some of the simplest cases, probably every case that isn’t a slam dunk, no health issue, preferred plus. This makes sense for me and my clients because my clients will know ahead of time what to expect as a final result. And me, well, I hate coming in 2nd to anyone because it doesn’t pay anything. Kind of an aside to the shopping process is the confidence of being able to attach a life insurance underwriter’s email response to the application. It gives them a reminder and a good starting point for reviewing the file.
Shopping life insurance cases is also a good way to stay on top of how different companies view the full gamut of impairments. It’s always fascinating to see a company that will consistently offer a highly rated policy when another company will consistently approve life insurance at their best rate, both for the same medical reason. You could look at it and say that one company is conservative and one is liberal, but the truth is that the “liberal” company is actually a thorough “clinical underwriting” life insurance company. They aren’t approving anything they don’t fully believe is the right decision and prudent underwriting.
Prudential Life Insurance is a great example of the clinical underwriting approach. For the past several years they have consistently beat the competition in areas like life insurance for sleep apnea, prostate cancer, melanoma, mild mood disorders and build (height and weight). They were also one of the first life insurance companies to offer non smoking rates for tobacco use other than cigarettes. Even knowing that they are likely going to be the company of choice in a host of situations, I still shop it. They’re very consistent, but I can’t discount or take a chance that another company may step up to the plate and stomp them in a mud hole. You never know.
Bottom line. I’ve been at this 15 years and have done it the same way since the beginning and there are very few times when I haven’t been able to beat the competition and get my clients the best rate for life insurance that is available based on their impairment. No messing with success here. My customers like and so do I. If you have any questions or feel you didn’t get the rate you deserved on your life insurance, call or email me directly. My name is Ed Hinerman. Let’s talk.