A la carte means you get what you want and Quotacy is one of the stand out life insurance quote offerings that gives it to you – not the way it really is, but the way you want it. They have taken the art of life insurance bait and switch to its simplest and most misleading level.
Fraud in Life Insurance
Wikipedia defines bait and switch as, “a form of fraud used in retail sales but also employed in other contexts. First, customers are “baited” by merchants’ advertising products or services at a low price, but when customers visit the store, they discover that the advertised goods are not available, or the customers are pressured by sales people to consider similar, but higher priced items (“switching”).”
When I first started in life insurance I worked for a large online agency and our performance was reviewed monthly. One of the factors that affected any bonus we might get was simply volume, that is, the number of applications we got into the system.
A not so bright agent decided to try to game the system and actually got about 70 applications into the system in one day. When management saw this they listened to the taped conversations of the agent (told you he wasn’t too bright). He literally used this line with all 70: “Do you have any health problems?” That was it.
He then quoted them the best rate class and went on to the next life insurance shopper. He gave them what they wanted to hear: the best rate class. He also got fired as almost none of the 70 got the rate class they were quoted. Bait and switch at its finest.
Quotacy Life Insurance Reviews: Bait and Switch?
Do you want to hear what you want, or hear the truth?
Quotacy employs a method for quoting that is almost as simplistic as “Do you have any health problems?”, but it doesn’t dig quite that deep. They ask your age, gender, and zip code. Then they start their version of digging deep by asking your height, weight, whether you’ve smoked in the last five years, and whether you are treated for blood pressure or cholesterol.
If you answer yes to blood pressure or cholesterol it has an optional question of your most recent bp reading and cholesterol levels. Then they ask if any parents or siblings have been diagnosed with or died from heart disease, diabetes or cancer and a drop down for more details if you answer yes.
You get a quote based on that, and that alone, and an invitation to apply. That is the bait. You have just been shown numbers that have no bearing on what an underwriter needs to know to decide your approved rate. You haven’t been asked if you’ve had a heart attack, cancer, or if you’re suffering from a mood disorder. You haven’t been asked if you’re in bankruptcy, travel to dangerous places or participate in dangerous sports. You haven’t been asked about your drinking habits or if you are HIV positive. They don’t even ask what medications you take.
Quotacy knows almost nothing about you but they give you a quote and want you to apply. If you apply you will be asked all of the appropriate health questions, much the same as the quote questions on my website, but you are not given any indication if your answers could change the original low quote or not. So you take an exam and wait for your medical records to be reviewed and for an underwriter to actually address the “yes” answers on the full health questions.
Then comes the switch (not always because there are applicants who honestly have never had a health issue), but far more often than Quotacy or their parent company, Hallett Financial Group, would admit to before you apply. There is simply no indication until the end that their sad little quote system and the quote it created is anything but fact.
And sadly the Quotacy Life Insurance reviews found online are from clients who haven’t been given the opportunity to shop for other rates that could be much better.
I am working with a client right now who applied through Quotacy and was quoted the best rate class available based upon his honest answers on the Quotacy website. He then applied and answered all the questions honestly including his treatment for anxiety and depression and the five medications he was on and was not given any indication that there was a change in rate coming or even possibly coming.
He was approved at Standard table 4, which was 200% higher than the quote he started with. Bait and Switch? There was no offer to shop it around for a better rate, and no offer to help him dig into his medical records and see if there was a problem. Take it or leave it.
If you haven’t been treated honestly in your life insurance journey and would like to try another approach, call or email me directly. My name is Ed Hinerman. Let’s talk.