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Secrets and Tips about selecting Life Insurance

Use an independent agency like the HIQS Group

Be aware that many life insurance quoting websites are not all the same. Most are specifically created by agencies that sell insurance online. They are a good resource, but they often only show the companies that they sell. Some of the best life insurance carriers do not offer their products through this type of on-line agent.

When you apply online, you are NOT applying directly to the insurance companies

You still have an “agent” assigned to you. When dealing with major companies, it is common that the agent may not be a resident of the state. As specific rules and regulations differ from state to state, it is best to work with an agent who is familiar with the peculiarities of your home state.

Prices of life insurance are submitted to state departments of insurance and cannot vary by agent or agency

The insurance company, even if they sell directly, cannot legally give you a better price. If you find a different price for what appears to be the same product there is some difference in the product itself, perhaps different riders or different conversion options (more about that later). We can help you understand the differences.

Find out how you will be rated

Your health “rating” can more accurately determine your acceptance and real pricing that the insurance companies will charge you. Life insurance companies offer insurance at different price levels based on a number of health factors, which, when considered together, help them predict how good a risk you are. No matter what rate you are quoted, the insurance company is not bound by it, sometimes they even offer a better rate than quoted.

Literally, the insurance companies are experts at predicting what the average life span would be for someone with your health profile.

Factors such as height and weight, blood pressure, smoking history, driving history, family history, even your age and sex are all used. We help you with this, which is especially vital if you have an atypical health history.

They are trying to attract your application with a very attractive price. The next rate category down might be much worse. Many people who apply without the advice of an agent feel like they are the victim of a “bait and switch.”

Price is not the only factor.

When you get quotes we do not always recommend the least expensive plan. Health rating categories are different from one company to the next. Note that similar sounding names such as preferred plus, ultra preferred, or preferred non-smoker are grouped together in quoting software but this does NOT mean that they are equivalent.

Some companies have tighter standards for factors like height and weight, for instance. So, you may qualify for a certain rating level and get the quoted rate with some companies but not others.