Please Educate Me on how to Shop for Life Insurance

[Guest]

Thanks for playing

 

[STIBROKER]

I already contact Selectquote and got a preliminary quote. A nurse is coming over on Saturday to take our health exam.
Any preference or recommendation on how/where to shop, assuming 2 brokers are quoting the same company, do they usually come back with the same number?

whats the difference......you already bought......

 

[moonlightandmargaritas]

In light of your post, it appears you are looking for some free consulting. Why don't you ask Selectquote?

 

[sman]

My wife and I are considering life insurance for ourselves. We're looking at a min of 500k to about 1.25m coverage

I already contact Selectquote and got a preliminary quote. A nurse is coming over on Saturday to take our health exam. This is our first and only contact we've made with a life insurance broker. Since this long time and quite an important decision we'd like to make sure we make the best one.

We have 2 small children, a 1 and a 2 year old and we'd like to make sure to have them covered for awhile, 25-30 years.

I also heard that some of these terms can be converted to whole life? How does that work?

Any preference or recommendation on how/where to shop, assuming 2 brokers are quoting the same company, do they usually come back with the same number?

The time to ask those questions was probably BEFORE you completed an application through Selectquote. As of right now, they are your representative so maybe you should be asking them since they are the people who are getting paid.

In essence, what you've just done is purchased a product and then taken it to a competitor to ask them to educate you on the product. No thanks.

 

[DHK]

This post is a PERFECT EXAMPLE of why the need for insurance agents will never go away.

The internet can make products available easier... but not necessarily give wisdom in helping to make educated and informed choices.

 

[Guest]

I'm not sure how this makes me contractually obligated to purchase from one company. He insisted that I get my medical exam and decide later.

Keep in mind that not everyone is well educated in this subject matter. I think of it like car insurance, you get multiple quotes and choose the best one. If this is the wrong assumption, please explain.

 

[DHK]

1 - Industry integrity. I don't interfere with other agent's sales. While that may not hold true for most agents, it's a personal code of conduct of mine.

2 - Once an exam is performed, only that agency/company can use that exam's results.

If you get a preferred rating (which everyone wants), then why change to work with anyone else? They've got your preferred rating "in the bag".

If it comes back less than standard... let them figure out how to best help you get coverage.

BTW, quotes are meaningless. Only offers from the insurance company matter.

That's the difference between working with an internet agency and an experienced agent.

 

[Newby]

My wife and I are considering life insurance for ourselves. We're looking at a min of 500k to about 1.25m coverage I already contact Selectquote and got a preliminary quote. A nurse is coming over on Saturday to take our health exam. This is our first and only contact we've made with a life insurance broker. Since this long time and quite an important decision we'd like to make sure we make the best one. We have 2 small children, a 1 and a 2 year old and we'd like to make sure to have them covered for awhile, 25-30 years. I also heard that some of these terms can be converted to whole life? How does that work? Any preference or recommendation on how/where to shop, assuming 2 brokers are quoting the same company, do they usually come back with the same number?

If they quote the same company they will all be the same exact quote. But get your own agent that doesn't have millions of dollars of advertising overhead and you will likely have a more knowledgable agent and a better company/rate than the kid in a cubical that you got.

 

[VolAgent]

Just how many exams are you willing to do to get one policy?

A life insurance quote generally isn't worth the paper it is printed on. It is based upon assumptions which are based upon incomplete information. Pulling an MVR for an auto quote is easy, for a life policy, an exam and lab work are much more involved.

 

[Guest]

1 - Industry integrity. I don't interfere with other agent's sales. While that may not hold true for most agents, it's a personal code of conduct of mine.

See, here's my problem with the responses I received in this thread. Integrity is great no matter what business you're in. But to frown upon someone who's trying to be a smart shopper, especially on something that will be with them for the rest of their lives that's going to be protecting their family is just plain ignorant, no pun intended...

It's like saying that you can't negotiate a car deal at one place then go to the next dealer and negotiate a better deal. If that's all true, then shopping experience will be all pleasurable no matter what you're buying.

But anyways, I appreciate some of the responses that actually answered my questions. The intention here is to make sure I don't make an impulsive buy to find out that I'm paying too much for too little.