When purchasing life insurance, you should make sure you are working with a reputable company and a reputable agent. If you get good advice from the start, everything else will fall into place. Look at guarantees and compare "apples to apples" when comparing policy prices. Look at the options, such as riders and convertibility. Look for rates that you can lock in and forget about having to worry about life insurance again for a long time!
Principal Agent, First Insurance Agency Inc, United States
When buying life insurance it may make sense to check the insurance company financial rating. You want to be sure that the company will be around forty years from now to pay claims if needed. You can go on "standards and poor" and AM Best to be sure that company has A+ financial rating .
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
When you are purchasing life insurance, the most important thing to look for is a reliable quote.
What is reliable? It is a rate about which your broker is confident you will be approved.
Sounds pretty basic, doesn’t it?
And after all, that should be your expectation when you buy anything, shouldn’t it?
When you buy a house, a refrigerator, a car, a business, or even a pack of bubblegum, the amount you pay should be the amount that was advertised.
The thing is with life insurance, you must be underwritten in order to come up with a real number. And underwriting can be very thorough and comprehensive. It involves current health, medical history, lifestyle, and many other factors.
But if you must be underwritten before you know what the price will really be, how reliable can your quote be?
Good question. This means that your broker must pre-underwrite you.
Before you submit an application, he or she must obtain all the necessary quote information. If need be, your medical file and other records must be reviewed.
This data must be discussed with underwriters who typically are interested in the risk you represent. This all happens, of course, with your authorization.
Once this research is completed, you should be provided with quote that represent commitments from underwriters. Not ironclad commitments, mind you – you still have to go through formal underwriting. But they should be rates about which all are confident that, barring contradictory information arising in underwriting, you will be approved.
Then you will know that it will be worthwhile submitting a formal application.
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What is reliable? It is a rate about which your broker is confident you will be approved.
Sounds pretty basic, doesn’t it?
And after all, that should be your expectation when you buy anything, shouldn’t it?
When you buy a house, a refrigerator, a car, a business, or even a pack of bubblegum, the amount you pay should be the amount that was advertised.
The thing is with life insurance, you must be underwritten in order to come up with a real number. And underwriting can be very thorough and comprehensive. It involves current health, medical history, lifestyle, and many other factors.
But if you must be underwritten before you know what the price will really be, how reliable can your quote be?
Good question. This means that your broker must pre-underwrite you.
Before you submit an application, he or she must obtain all the necessary quote information. If need be, your medical file and other records must be reviewed.
This data must be discussed with underwriters who typically are interested in the risk you represent. This all happens, of course, with your authorization.
Once this research is completed, you should be provided with quote that represent commitments from underwriters. Not ironclad commitments, mind you – you still have to go through formal underwriting. But they should be rates about which all are confident that, barring contradictory information arising in underwriting, you will be approved.
Then you will know that it will be worthwhile submitting a formal application.