Here is the most comprehensive guide on the internet to how the life insurance process works!

Get and understand your quotes: We have access to any Life Insurance company in the U.S and we check every one of them. This means which underwriting class we think you will get approved at and at what cost. Most companies or agents will just give you preferred plus rates, which only 10% of the population gets. There are 14 underwriting classes they go like this.
Preferred plus
Preferred
Standard plus
Standard
Table 1
Table 2
Table 3
All the way to Table 10

If I give you a standard quote that is correct and someone else gives you a teaser quote at preferred plus most people will go through the company with the cheapest quote. Be careful when getting quotes because there are different companies that are the most cost effective at these underwriting classes. So the name of the game is get the cheapest and valid quotes.

A good example is when someone who thinks they are perfectly healthy and go through a company that quotes them preferred plus rates. When the underwriting process is finished they get a standard rate because their cholesterol is higher than 200 and they have family members that have passed away before the age of 60. Some companies have more stringent underwriting guidelines than others so it becomes very important selecting the best one. Another part of understanding your quotes is how many years is this policy guaranteed for? Some policies renew annually and some are good till age 120.

Another underwriting consideration is sometimes the first company we go through may give us higher rates than what we thought. Well, if you got it from a company who is able to provide us a copy of the physical then you don’t have to go through another one and can apply to another company. Not all companies share their physical exam information.

The companies we do business with have a good AM best Rating of at least an “A”. www.ambest.com  

After settling on a Life Insurance company……

We will order you a physical from a company called Portametic. They have 300 office locations nationwide and have Registered nurses that work for them. They will call you from their nearest office to schedule an appointment for a registered nurse to come out to your home. They will also send you an email that has the office number that is selected close to your address. They have you sign everything that is submitted to the insurance company.

Please reply to the Quick Application we sent you by email. You don't have to print this out and this does not ask for social security numbers, drivers license numbers, it just asks basic information about you.

After you finish your physical, you are now in the underwriting process which takes 3 weeks – 2 months depending on the company. Please be approachable and check your email and phone if the insurance company has any questions.

I will let you know what the insurance company’s offer is before the policy is sent out to you. We can try other companies if you are not happy with their offer.  I will answer any questions you have. You have a 10 day free look period when you receive your policy.

I have done this for over 15 years I have seen these 3 most common mistakes people are making when getting life insurance.

Misquoted: They fall for the lowball offer. The rate is determined by the final underwriting determination made by the underwriter at the insurance company. Its like you are shopping for a mortgage and they say it is 5% but after the application process it comes back 6%. I can get the most cost effective rates only if you qualify or not. I will give you a good explanation of what underwriting class you will be approved at.

Failing the physical:  You might not think you can “study” for a life insurance physical, but you can. There are quite a few things you can do to insure that you get the best results from the physical that the life insurance company will require. Most people have no idea how to insure that you get the best results. Most experienced agents I know don’t coach their clients on how to get the best results, and the big DOT.COM companies never do. If you flunk the physical, or simply have your triglycerides, blood pressure, blood sugar, slightly elevated, it can cost you thousands of dollars in extra premiums over the years. And don’t think you can just run and apply to another company. There is a clearinghouse for insurance companies called the MIB- Medical Information Bureau. Any decision made by one company is listed here for any others to see. Flunk at one, you just raise red flags for any other company you might apply for in the future. I will provide you with information on how to not fail the physical.

Unaware of what they purchased:  Most people don’t know that after a term policy is done with the last year the cost of renewing through the same company is too expensive. They also have to go though the whole application process again, which at that time they usually have health conditions that increase the policy cost. I want to make sure you know exactly what you are purchasing.