Typical scenario: you were quoted a rate for life insurance before applying…you were satisfied that it was a decent rate and you applied.
You waited the four to six weeks for medical records to be received and the underwriter to make approval, and the rate you’re offered is higher than you were quoted initially…or maybe your life insurance application was denied!
Your agent will likely tell you it’s justified or a really good offer based on the results of the underwriting process.
They may even tell you that all other insurance companies would charge you a similar rate or also decline.
Is This The Biggest Lie Life Insurance Agents Tell?
Hmm, to believe or not to believe your agent? That is the question on everyone’s mind when this happens.
We can tell you that there will almost ALWAYS be a better rate available to you.
The problem is that most independent agents don’t want to put the work in to getting you a better offer, and/or maybe their employer won’t even allow them to re-shop you case (since the less you pay, the less they make).
If you applied through State Farm, Farmers, Allstate, or another “captive” agent, they cannot usually offer you any other company’s rates. So you’re stuck!
WHY WAS I MISQUOTED ON LIFE INSURANCE?
There’s a few reasons you may not have qualified for the rate you were originally quoted.
1. Most life insurance companies have about 11 to 19 different rate classifications for which you could qualify. This varies from insurance company to insurance company, but most companies are offering Preferred Plus, Preferred, Regular Plus or Standard Plus, Regular or Standard, Table 2 or B, Table 3 or C, Table 4 or D, and some companies offer all the way up to a Table 16 or P rating. With so many different rate classifications, you can see how it’s not always easy to quote an accurate rate.
2. Based on thousands of inquiries we received from others like you, we do believe that there are still agents who have no clue how to quote accurately, especially on tougher cases. There are also thousands of agents who won’t put the work in to getting you a better offer later.
3. Any agent can quote you ANY rate, whether it’s accurate or not. There are still agents that are intentionally quoting low rates to get you to apply through them. It’s called the “bait and switch” mentality. They quote you a low-ball rate initially to get you to apply with the intent of trying to convince you to accept a higher rate after approval is made. If your agent cannot give you specific reasons why you qualified for a higher rate than you were quoted originally, then it’s time to cut ties with that agent.
EXAMPLES OF LEGITIMATE REASON FOR HIGHER OFFER
Your A1C on insurance exam was a lot higher than you indicated originally, you had heart attack that caused more significant heart damage than you were aware of, you had stents placed and your cholesterol levels are still abnormal, etc.
These are the kinds of things that can result in you qualifying for higher rates than you were expecting.
Ask a lot of questions to your agent about why you qualified for a higher rate and ask them for tips on how you can get your rate reduced.
Don’t accept vague answers, and you really need to turn your BS meter on in these situations to determine if you’re getting truthful and accurate information.
WE HAVE SOLUTION TO FINDING YOU A BETTER RATE
What do you do when you’re offered a higher rate than you were expecting and your agent is not willing or able to get you a better offer?
And maybe you don’t believe them when they tell you “there’s no better rates available”…
Easy solution, click here to email us, call us at 1-800-380-3533, or simply click the link below and complete this form.
We will email you with better offers from the 121+ quality insurance companies we can offer you.
Since 1969, we’ve saved consumers millions of dollars on their life insurance by re-shopping their case after receiving a higher than expected offer.
We also do a LOT of cases every month for people whose original agent, not us, was not willing or able to shop their case.
We are always happy to shop your case for a better offer, and the process can be as easy as you only having to e-sign a new form!
IT’S NOT COMPLICATED TO RE-APPLY FOR BETTER RATE
Here is what you should do if you qualified for a higher rate than you were expecting:
- If you got any approval, then have the policy issued regardless of whether you decide to accept it or not.
- Most life insurance companies attach the part two medical exam questionnaire to your policy; remove this questionnaire, as it can be used for ANY life insurance company.
- Make sure that you get a copy of the lab results from your free insurance exam (you are entitled to receive copy).
- Send us a copy of your insurance exam questionnaire and a copy of your lab results, and we will inquire with every life insurance company to get you a better offer.
You can fax to us at 215-836-0828, click here to email it to us, or mail it to:
6001 W. Valley Green Road
Flourtown, PA 19031
RECENT CASES WE SHOPPED
Thirty-six year old male, good health, answered NO to tobacco/nicotine and marijuana question on app. Was originally approved for $500,000- 20 year term smoker rate of $152 per month with United of Omaha. After he admitted to occasional marijuana use and regular use of nicotine gum, we shopped his case and got him offer of $54 per month. This saved our client $1,176 per year!
Thirty-four year old male diagnosed with type 2 diabetes in 2012, and his diabetes has been very well controlled and his health was good otherwise. His financial adviser got him a $1,000,000- 30 year term rate of $250 per month with Protective Life. He called me and explained the situation. As soon as he told me what insurance company his adviser had placed him with, I knew I could get him a significantly better offer, and we ultimately got him a $1,000,000- 30 year term rate of $171.94 per month. This saved our new client $937 per year!
Thirty-seven year old male approved for a $3,000,000- 30 year term rate of $522 per month with USAA due to having a slightly elevated NTproBNP on his insurance exam results. We shopped his case to all carriers and we were able to get him a total of $3,000,000 of 30 year term with 2 different A+ rated insurance companies with one of the policies that had critical and chronic illness living benefits built in and with a combined cost of $331 per month. This saved our client $2,292 per year and provided him with a much better value!
Sixty-three year old male called us after he was told by several agents that they couldn’t help him because he had an aortic valve replacement and a stroke one year ago. We shopped his case to numerous companies and most declined, but we were ultimately able to get him a Table 5 non-smoker rate with A+ rated Penn Mutual Life.
Sixty-five year old male with currently well controlled type 2 diabetes and stage 2 chronic kidney disease for which his kidney functions have been stable for a good period of time. He was paying $7,400 per year for life insurance and this rate was going to increase each year going forward. We were able to get him a rate of $5,484 per year that was guaranteed to remain level for 25 years or up until his age 90 with Lincoln National Life. We saved him $1,916 this year alone and got him a much better policy with a long duration guaranteed level rate!
Forty-one year old male was declined by Northwestern Mutual due to having coronary artery disease with 3 stents placed at age 37. His NWM agent told him he shopped his case to other carriers, but they all declined. After we obtained his medical records and shopped it to every competitive insurance company stressing that his lipids were currently excellent, and we emphasized that he had a recent stress test with excellent results. We were able to get him a Table 6 rate with Principal Life.
Forty-two year old male was declined by Protective Life due to cardiovascular disease with heart attack in late thirties, and some incidents of chest pain after six months since angioplasty. He had some other underwriting issues, including his brother and father both having died from heart attacks at relatively young ages. This was not an easy case, and both Banner Life and American General Life told me they may make offers, so we submitted apps to both. American General ultimately made the better offer. This insured had a young child and was all too familiar with the problems a sudden death could cause due to his family history, so we are happy we were able to get him covered!
Thirty-six year old female was declined through another agent and was told no company will offer her coverage due to her height/weight of 5’ 4” and 296 pounds. This woman told us her cholesterol, blood pressure, blood sugar, and overall health were really good otherwise. We have a friend who is a head underwriter at one of the most well known life insurance companies in our country who has made us underwriting exceptions on these type of cases, and she was able to approve this case for us when no other quality companies would.
We have shopped thousands and thousands of cases like these above over the past 46 years. What we’ve learned will save you money!
IT DOES NOT MATTER WHAT YOUR ISSUE IS
It does not matter whether your underwriting issue is diabetes, heart problems, cancer, or another health issue, or if you’re a scuba diver, private pilot, motorcycle racer, etc.
Our process is the same regardless of your issue:
We’ll shop with every quality insurance company, and we will get you the best rate and value possible!
While we’re pretty good at narrowing down best insurance companies to use on our first try, even we don’t get it right the first time every time.
This is why we order medical records on every case, so that we can easily “flip you” to any other life insurance company later to get another quick offer.
Our goal is to make the “re-shopping” process as hassle free as possible for you!
Since 1992, Gordon E. Conwell, III (G3) has helped thousands of ”higher risk” individuals get the best life insurance rate/value. Being a high risk himself, he knows the struggles you’ll face trying to get affordable life insurance. His unique shopping process and underwriting knowledge will result in the best offers, every time!