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.
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.
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Posted by: Jonathan Paul | October 12, 2009 at 03:58 AM