No, the applicant has no say in what a life insurance contract will state or cost. The best way to get the absolute best price is to live a healthy lifestyle and use an experienced independent life insurance broker than can shop at least dozens of companies to find you the best product at the best price for your unique situation.
No, life insurance rates are non-negotiable to the extent that you cannot ask for a discount. Likewise, all agents must charge the same rates. When you see an agency advertising affordable rates, what we mean is that we can shop multiple companies to place you with the one that is most favorable for your health and age. When you see an agency broadcasting extremely low prices for life insurance, what they are doing is quoting the best rate for the shortest term. Most brokers have access to those same companies and rates, and applying with one agency over another will not cause you to qualify for a discount.
What does matter in life insurance rates is matching up with an agency who understands your situation and can help your policy be placed at the best possible rate. This starts with putting your application with the right company, and it ends with seeing that policy through to the end.
If your doctor has retired and moved to the Bahamas and no one can find the medical records required to get your policy approved, this agency will track them down or work with the underwriter to get you approved without them. If you are rated up due to an error on your MIB, they will help you get it corrected and go back for a lower rate. If your spouse loses their job and you can no longer afford the 30 year term policy you were approved for, they help you get the 10 year term until you are back on your feet.
While insurance agents cannot negotiate life insurance rates, we can be responsible and knowledgeable and help you get the lowest rates by simply doing our job correctly and thoroughly.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
State insurance commissioners regulate insurance companies that are “admitted” to their state. Along with the commissioner in the state where an insurance company is “domiciled” they review and approve the rates each company charges for each insurance plan that they offer. In a way the insurance commissioner negotiates on your behalf to make sure that the plan is sound and that the company can keep its promises.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Good question in as much as you can negotiate price for just about anything else! But, no, life insurance premiums are really not negotiable. It's interesting to note that different insurance companies do have slightly different pricing for similar products, but once approved by the commissioner they are locked in until the insurance company can prove their costs have risen. Tim and Peggy above here have good input regarding getting the best rates. I would add that if you can pay your premium annually instead of monthly or quarterly you will save a little. Generally the less payment processing the company has to do will reflect in the premium charged.
Regional Marketing Director, Capital Choice Financial Group,
No, life insurance rates are set and are non-negotiable. So, shopping the best company with the best premium is the best option. This is easier if you are buying level term protection, which is the lowest premium all the time as opposed to other types of coverage and the type of life insurance I always recommend. On the other hand, universal life insurance is harder to shop due to it's flexible premium feature. So, save your money and buy term life protection.
Good question!!!! A person can't directly negotiate life insurance rates. BUT an agent can use your health profile, and obtain different offers.
Also, if your health records and lab results allow for it, an agent may be able to talk directly with an underwriter, and argue for a better rating classification. At the end of the day, your health will dictate what rates/options are available
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What does matter in life insurance rates is matching up with an agency who understands your situation and can help your policy be placed at the best possible rate. This starts with putting your application with the right company, and it ends with seeing that policy through to the end.
If your doctor has retired and moved to the Bahamas and no one can find the medical records required to get your policy approved, this agency will track them down or work with the underwriter to get you approved without them. If you are rated up due to an error on your MIB, they will help you get it corrected and go back for a lower rate. If your spouse loses their job and you can no longer afford the 30 year term policy you were approved for, they help you get the 10 year term until you are back on your feet.
While insurance agents cannot negotiate life insurance rates, we can be responsible and knowledgeable and help you get the lowest rates by simply doing our job correctly and thoroughly.
Also, if your health records and lab results allow for it, an agent may be able to talk directly with an underwriter, and argue for a better rating classification. At the end of the day, your health will dictate what rates/options are available