Best Rates Around

IT’S OFFICIAL:
WE DO HAVE THE BEST
TERM LIFE INSURANCE RATES!

After an exhaustive review of 12 of the major online quoting sources, including Zander Insurance and Matrix Direct, we have confirmed what we have been telling our clients all along, Monday Hope Financial Services can get you the best rate for term life insurance available. We can match or beat any rate.

Using 20 standard rating profiles, including gender, tobacco status, health, length of term and amounts of insurance, we exhaustively checked each one against our online competition. In every case, when comparing companies with an A rating or higher, we were able to provide the best rates from our pool of over 50 companies. In fact, in most cases, our rates were exactly the same and with the same companies as other agents.

So, that’s the main difference? Service! Service! Service!

Let’s face it: Term life insurance does not require significant service once the policy is placed. The client agrees to a set amount of insurance for a fixed period of time at a guaranteed rate for that period of time. As long as the premium is paid, the policy stays in force.

However, when you decide how much life insurance to buy, are you going to just pull a number out of thin air, or are you more likely to want to sit down with a qualified advisor, face to face, who will analyze your situation and help you determine the proper amount of insurance and length of time for the coverage? And life insurance is only part of a proper financial plan. What about planning for retirement, college education, purchasing a home, weddings, and many other significant life events? And will that advice be in accordance with sound, Biblical financial principles?

We provide all of those services and more.

TEASER RATES

We have all seen the ads on TV: “A 40-year-old man can receive $500,000 of life insurance for $35 per month.” And then the fine print appears on the bottom of the screen, fine print that would require a law degree or an insurance license to comprehend. In this fine print, you will basically see that the rate quoted is for a super preferred rate, a rate for which less than one in ten people can qualify.

If you can qualify for this super preferred rate, based on our field underwriting, we will actively pursue that rate. However, the average person does have some blemishes in their health records or other underwriting criteria. That means we have to work harder for the best rate, but we will do so on your behalf.

This practice of teaser rating is not limited to TV, radio or other media. Many agents also do the same thing when you call for a quote. In order to get the appointment with you and get you to submit an application, they will quote a super preferred rate. You like the rate, submit an application and write a check. In several weeks, you find out the rate is going to be higher.

What happens next?

Well, in most cases, the customer goes ahead and accepts the higher rate. After all, they have already invested four to six weeks in the underwriting process. “In for a penny, in for a pound,” is often the case. Those that quote teaser rates count on this.

HOW INSURANCE IS PRICED

Insurance companies base their rates on a number of criteria. A typical life insurance application has more than 20 health and lifestyle related questions. Usually, an abbreviated physical is done by a nurse, including blood, urine, height, weight and blood pressure. In many cases, an Attending Physician’s Statement is also received from your doctor, usually in the form of a copy of your health records. Additionally, a consumer credit report and a check of medical and pharmaceutical databases may be done. All of this information is then reviewed by a trained underwriter, and the final rate is determined.

The final rate you pay may be more or even less than quoted by your agent based on all of the information developed in the underwriting process. If issues not disclosed to the agent are found, the rate may go up. There are also many cases where the agent was cautious and quoted a higher rate, and the actual rate is lower based on excellent health findings by the underwriter.

Factors that determine the final rate include:

• Age
• Gender
• Height and Weight
• Tobacco Use
• Medical History
• Blood Pressure
• Cholesterol Levels
• Family Deaths Below Age 60 Due to Cancer or Heart Disease
• Occupation
• Hazardous Hobbies, i.e., skydiving, bungee jumping, small aircraft pilot, deep water SCUBA

When we sit down with a customer or a customer submits an online quote request or requests a quote by phone, we will go over these areas in detail and submit a rate request based on these factors. What you then receive is a quote that has a better than 90 percent chance of being the final rate you will pay. In some cases, clients hide things from us, or a doctor may have something in the file that changes the rate. In one case, our underwriting helped a customer realize that his cholesterol had reached very high levels without his knowledge.

We also know the companies with which we work. Did you know that not all companies treat smokeless tobacco the same? There is actually one company that will treat a smokeless tobacco user as a standard non-smoker. And they are one of the fastest and easiest companies from which to obtain coverage. And the name of that company will surprise you, because they are one of the best known companies in the country. Call us to find out!

DISCOUNT PRICING?

The idea that a certain agent may be able to get discount pricing is a common misconception. Insurance companies are among the most scrutinized of businesses in America. They must apply their rates impartially to all applicants. This is why rates may be lower than quoted by the agent based on underwriting information. Agents become appointed with companies either directly or through a large marketing organization. This does not affect the rate the public pays. It only affects the marketing and commission structure of the agent.

Beware of agents that offer incentives to buy insurance. This is called rebating and is not only unethical, but illegal, as well.

Beware of agents who give you a quote without asking any health questions at all. You are probably due for a surprise.

Beware of making a check out to an agent or agency. All of the companies with which we work require that payment be made to them. Paying the company at the time of application can buy provisional life insurance that will be in effect immediately unless a material misrepresentation is made on the application.

Beware of agents who try to sell you whole life, universal life, or other “permanent insurance,” and you are not buying a small senior burial policy. (There are reasons for seniors to buy a small whole life policy of about $10,000 to $15,000 for final expenses.) Agents offering “permanent insurance” are only looking out for themselves and their higher commissions. This is the worst way to save money. Watch for future articles to explain why, or if you have any doubt, simply go to www.DaveRamsey.com.

In short, we have checked, and we continue to check for companies that offer the best rates but which are also financially strong and will be there for your family should they need to make a life insurance claim. We know we offer the best rates from the best companies.

We will be there for you and your family, as well. We are already training the next generation in our family to pick up the reins.

Please call us today at 334-685-1805 for your no-obligation, accurate quote.