The other guys! That would be most agents and agencies out there who aren’t inclined to ask you to do homework before they provide a life insurance quote, but here’s the deal, if they provide you a quote at all it won’t be as accurate as mine almost every time. The agents that don’t ask for documentation on serious impairments before they present a tentative quote fall into one of two categories.
1. Bait and Switch. They just quote whatever they think you’re going to want to hear and deal with the fray at the end when they attempt to deliver a policy at a higher cost than quoted. 2. Give it their best guess and Switch. These are agent or agencies that have decided they have been around long enough that they don’t need to ask an underwriting opinion before quoting life insurance. Experience is a good thing. Not knowing that underwriting changes like the weather and quoting based on last year’s weather is foolish. Again comes the fray of explaining why their quote was changed during underwriting. Since they don’t have anything in writing from an underwriter their life insurance rate best guess is often just that, a guess. 3. Large agencies with in house underwriters. I’ve worked in this type of agency and can tell you that, at least in that case, the underwriter was very good at underwriting one company, exactly what the online mega life insurance agency’s business model is. Unfortunately they play right into the weak point of large on line life insurance agencies, the inability to shift gears and make sure you are getting the best rate.
So, why do I ask you to chase lab results, cardiac testing, sleep studies, pathology reports and the like just so I can provide a life insurance quote? It really comes down to one simple thing. I want to get you the best rate possible and I want to do it the first time. That is optimal for both of us. You’re happy because you didn’t get surprised and I make more money per hour because I did it right and didn’t waste anyone’s time. I’m working with a client right now who’s primary life insurance impaired risk is permanent atrial fibrillation. During my initial interview I asked about his most recent cardiac testing and he indicated that he had completed a 24 hour Holter monitor test, and echocardiogram and a perfusion stress test. I asked if he could send me copies and he said it might take a few days, but he thought he could.
I just received them in the mail today, along with a 2012 stress test, so I had three studies from 2014 and one from 2012. I was able to quote the exact narrative summaries of those tests in a trial request to underwriters so, two things. 1. They know they have a very complete picture of my client’s condition and 2. They know the client and I are seriously looking for a serious trial quote. We’ve done our homework and we’re asking the to go the extra mile and do theirs.
Bottom line. So, why do the other guys just give you a quote? It’s easier and they’ve become more adept at closing the deal on a bad outcome than practicing due diligence up front. That’s just a guess. If you have any questions or are starting to wonder if your life insurance agent is giving or gave his or her all on your behalf, call or email me directly. My name is Ed Hinerman. Let’s talk.