Is Your Agent Willing to Go the Extra Mile for You
During the field underwriting process, your agent should gather as much information about you as possible so that the insurance company can make the most informed decision about your health rating. For those that are healthy, the process of buying life insurance can be quick and simple. But for those who have health issues, the process can be lengthy and frustrating unless you have an agent that is willing to go the extra mile for you. What are some things your agent can do make the overall experience of buying life insurance better for you?
Communication is Key – The underwriting process takes time. It is not unusual for days and sometimes weeks to go by without any word from the insurance company about the progress of your case. A good agent will stay on top of the insurance company to get status reports as frequently as possible and communicate the information to you. You should never be left wondering about the status of your case. If the insurance company has to order your medical records, it may take months to get a final decision on your health rating. Your agent should be able to set realistic expectations about how long your case will take and not just tell you what you want to hear.
Shop Your Case –You should always use an agent that can shop your case in any instance, but this is especially important if you have a health issue. Some insurance companies are more liberal when underwriting certain impairments. Some also offer table credits for those who may have one health issue but are otherwise healthy and live healthy lifestyles. This means that if you were initially given a “Table C” rating (see our blog about health class ratings), you could ultimately move to a “Table A” or in some cases a “Standard” rating if you meet other health and lifestyle criteria set by the company. This could lower your premiums considerably.
Fill Out a Detailed Questionnaire – Before you even apply for a policy, your agent should have you fill out a detailed questionnaire about your particular impairment whether it is diabetes, COPD or any other health issue. With detailed information, your agent can go directly to multiple underwriters from various companies and field tentative offers for your case. This will give you an idea of where you stand in terms of your health rating and a give you an idea of premium costs.
Write a Cover Letter – Applications and paramedical exams only tell part of your story. Did you know that your agent can submit a cover letter on your behalf to the insurance company with the application? Cover letters provide an additional source of information for underwriters and can help tell the “whole story” about an applicant. For instance, if you have a health issue but you are an avid runner and vegetarian, your agent should include that in a cover letter. Your agent should give as much truthful information about your healthy lifestyle habits as possible. Underwriters take this information seriously when deciding your health rating.
Your agent is supposed to be your advocate during the underwriting process. Make sure your agent is willing to go the extra mile so that you can get the best rates possible. We go the extra mile for our clients and would welcome the opportunity to give you a free needs analysis and present multiple coverage options to you. We have access to over 40 insurance companies and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
