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.
