Rapid Decision Term Products

[bluemarlin08]

Now if you are a smoker with a family history of death from cancer under 60 years old of an immediate family member plus have a moving violation on your MVR and have high cholesterol level your premium is about the same as with the rapid term policy if you fill out the form as a non smoker with no history and rated as Preferred.

You are joking aren't you? Would you advise someone to do this?

 

[somarco]

There are no preferred rates for quick decision term. Only standard non-tobacco and standard tobacco.

Both are rated at table 4 to account for the folks that are less than healthy.

Can someone as you described get quick issue term?

Probably.

They can also get an underwritten product. The only way to know for sure which is better is to submit an application.

Being the lazy guy I am, I would probably go with quick issue term and move on, especially if the face was less than $100k.

 

[James]

The person I describe would save around 10 dollars a month on premiums by going the traditional manner or $120 a year. As you stated if this is only needed for a short time and a quick answer is needed I would recommend the "Quick Term" also. I would also be very upfront about the additional cost and make sure my client knew of the additional cost of this policy, but sometimes it just what the Dr. ordered!

Yet I would also only except "As Earned" in my compensation.

 

[James]

You are joking aren't you? Would you advise someone to do this?

I only using this company Liberty Life and RBC in threads, I'm not even appointed by them yet! I went to their site becuase of your recommendation of them for having a good rate for smokers, which I thank you, I'm in the process of signing up with them. Even though, if using quick term I'm thinking Fidelity Life is cheaper, haven't compared the two yet.

 

[insuremojo]

There are no preferred rates for quick decision term. Only standard non-tobacco and standard tobacco.

Both are rated at table 4 to account for the folks that are less than healthy.

Can someone as you described get quick issue term?

Probably.

They can also get an underwritten product. The only way to know for sure which is better is to submit an application.

Being the lazy guy I am, I would probably go with quick issue term and move on, especially if the face was less than $100k.

I'm not familiar with a whole lot of different companies but Nationwide has preferred rating on it's instant issue. Just sold one for 50k on a 24 year old healthy woman and she's paying $10 a month on instant issue. Not bad for people who don't have a lot of assets but don't want to leave unpaid loans for someone else to deal with. Also gets you a 7.5% discount if you take their auto insurance. Good selling point.

Just because someone sells a lot of it doesn't make them a predator. If done correctly it's no different from writing any other insurance policy.

Of course when I do a needs analysis I will recommend the proper amount of life insurance needed to support one's family if that type of situation ever arose. If they don't want that much and would prefer the instant issue then I'm giving it to them. Don't lose a sale because the client has a different idea of what they need. Sometimes a clients budget cannot afford what they really need.

 

[bluemarlin08]

Using the word predator was a poor choice of words and I apologize. I made that statement based on some limited experience with some guys I know that push the rapid issue folks for the only purpose of getting paid quickly. Sorry for making a statement like that based on limited experience, had one of those weeks if you know what I mean, sorry.

 

[James]

Using the word predator was a poor choice of words and I apologize. I made that statement based on some limited experience with some guys I know that push the rapid issue folks for the only purpose of getting paid quickly. Sorry for making a statement like that based on limited experience, had one of those weeks if you know what I mean, sorry.

Not a problem.

 

[insuremojo]

Using the word predator was a poor choice of words and I apologize. I made that statement based on some limited experience with some guys I know that push the rapid issue folks for the only purpose of getting paid quickly. Sorry for making a statement like that based on limited experience, had one of those weeks if you know what I mean, sorry.

It's cool bro! I figured you didn't really mean that, sometimes things can get twisted around pretty good on this forum. Now go sell some life insurance!

 

[newmindfashion]

"There are no preferred rates for quick decision term. Only standard non-tobacco and standard tobacco."

Bob, Fidelity Life Association has Select and Standard non-smoker. Not a big premium difference however.

 

[arnguy]

Insuremojo, you are using my cat as your avatar----there is a fee for using her picture (or I will have to consult my Pre-Paid Legal Agent).