And with that you have applied for life insurance through Selectquote. What am I signing for?” You’re signing for your life insurance application so just take (in my case) your fat finger and pretend you’re signing your name on this tablet screen (even though it looks like a whale breaching). So you contacted Selectquote because they make it sound like the thing to do. They’re huge! They represent a ton of companies, even though if they were audited you would find an inordinate amount going to just a few out of that ton.
The signature to get your life insurance application rolling referred to above happens after you speak with a Selectquote “agent” and at the end of the exam that they schedule for you. Most applicants think nothing of it since it comes at the end of the exam and they, well, just consider it the end of that piece of business. The examiner doesn’t explain to them that they are signing saying that all exam questions were answered correctly and truthfully, and match the health questions asked by Selectquote, to the best of their knowledge. So, here’s the problem with that set up and how it can very negatively affect the outcome of your life insurance application.
I am currently working with a client, CEO of a large medical group, who applied with Banner Life insurance through Selectquote and was asked a series of health questions when he initially spoke with them. He’s a Dermatologist so he understands health questions. He answered them all correctly to Selectquote, but once Selectquote picked the company, Banner Life and sent an examiner out it was a different, Banner specific set of questions. That brought up another health screening he had that turned out to be nothing of concern, but wasn’t asked for or mentioned during the initial interview. Banner took one look at it and said the medical information was conflicting and declined the application. Please note that this is a problem with the direction you have to take when you shovel 100,000 applications a year through a few companies. Selectquote doesn’t have the luxury of backing up and doing it over and getting it right for the life insurance customer. They do so many applications that they can’t afford second looks. If you apply for preferred plus rates and get standard rates, instead of Selectquote reviewing why that happened and shopping your life insurance to other companies, they tell you that standard is as good as it gets.
Bottom line. Essentially what they’re saying is take it or leave it, but don’t slow the line down while you decide. If you’ve ended up on the wrong end of the lack of customer service with any of the mega on line life insurance agencies, call or email me directly. My name is Ed Hinerman. Let’s talk.