Insurance Premiums can be costly and they differ from one insurer to another

So you think there is not much difference in premium from one insurer to the next . Think again ! With todays information age one would think that insurers would be close in their premium structure for same type of product . We are just completing an insurance audit for a client that bought policies 5 years a go and has not seen his adviser since that time . The client currently has a 10 year Renewable and Convertible term policy with Standard Life . The client needs permanent coverage and requested that we convert his existing policy to a minimum funded Universal Life plan . Easy thing to do was to fill out a conversion form and without medicals the policy gets delivered in a week or two . We asked the client how was his health and he said no issues that he knows about . We decided that the hustle free conversion root was not what we do and we put the conversion on hold . Why ? Research was needed into what our new found client could obtain in premiums with proof of good health . Yes he is going to save money !

Here is a list of premiums on a 1 Million of  coverage which includes Standard Life conversion he would get by filling out a form .

Monthly Premiums : Sun Life  $ 727.04 , ManuLife $ 759.22 , Industrial Alliance $769.39 , Great West Life $ 786.56 ,Transamerica Life $ 795.83 , Empire $801.83 ,AIG $ 839.29 And Standard Life $ 931.97 .

Easy thing would have been just to fill out the form and go on with our lives . When the client is in good health , always apply with a insurer that gives more favorable rates . We as independent advisor's never know which insurer will be competitive at a given client's age .

Insurance Rates , insurance coverage and insurance company underwriting standards differ from one insurer to the next.

Comments

[Jonathan Paul]

Great reviews on your content. Thanks for that insight regarding insurance premiums.

The cost of an insurance premium is largely based on statistics, not necessarily on individual habits or history. A 22 year old male seeking car insurance for a sports car can often anticipate a higher insurance premium than a 45 year old woman driving a mid-size sedan. Both may have excellent driving records, but the insurance company considers a younger driver in a faster car to be more at risk for accidents. Hence, the insurance premium quotes will be noticeably different.
http://www.onlyinsurance.com/