SF Term Policy

[nad83]

I've been shopping around for a term policy. When to an indy and he sent me premiums after underwriting for several companies. Also applied with my SF agent. He's giving me the runaround, won't give the premiums over the phone or send me the policy. I just want to save everyone time. All I want are prices; this isn't rocket science.

I'm already uneasy because they are already charging me the quoted premium (at preferred.) Two months worth already. I came in rated at standard though, so I know my premium will be higher. I don't like their process; but have been assured I have 30 days to decline the policy. I haven't even seen it yet though and it has been processed.

I'm pretty sure SF premium will be higher, but I'd like to know what they are. Why make it so diffucult? Is it against SF policy to give the info over the phone or online? Can I just call corporate and get it? I don't like to meet with agents; the sales tactics makes me uneasy.

 

[tlmarketing]

I think you answered your own question. Do you really want to work with an agent using this sales tactic???

They want to deliver the policy in person and get the check from you...When the agent delivers the policy, take a look at it, put it in a drawer and then tell them you are going to hold it for a few days in order to review it. If you accept it you'll complete the docs, if not send the policy back to them.

 

[WinoBlues]

I've been shopping around for a term policy. When to an indy and he sent me premiums after underwriting for several companies. Also applied with my SF agent. He's giving me the runaround, won't give the premiums over the phone or send me the policy. I just want to save everyone time. All I want are prices; this isn't rocket science.

I'm already uneasy because they are already charging me the quoted premium (at preferred.) Two months worth already. I came in rated at standard though, so I know my premium will be higher. I don't like their process; but have been assured I have 30 days to decline the policy. I haven't even seen it yet though and it has been processed.

I'm pretty sure SF premium will be higher, but I'd like to know what they are. Why make it so diffucult? Is it against SF policy to give the info over the phone or online? Can I just call corporate and get it? I don't like to meet with agents; the sales tactics makes me uneasy.

Most agents here can give you quotes that are going to be pretty close to what you will get. Assuming the agent gets all the information.

The agent should know the premium as soon as underwriting gives you a rate.

Being an independent (28 years) I tend to think that we have more options if a client comes back at a higher rate. Standard at SF could very well be Preferred at another company like Prudential or Transamerica. Depending on the reason.

The biggest red flag I see in your post is that the agent makes you un easy. Find another agent. Even if it is with SF. You are in control not them. Again another reason I believe working with an independent is of more value.

Lee

 

[danmoore64]

If you call SF Life Insurance customer service, they should be able to give you all the policy info including premium. You'll just need to give them some identifying information.

 

[WinoBlues]

Hello,
If you call SF Life Insurance customer service, they should be able to give you all the policy info including premium. You'll just need to give them some identifying information.

I'm an independent agent and can connect you with up to 35 highly rated carriers. I'd be happy to help you find the best price for you. Check out some of my reviews by googling "Domo Insurance Super Pages" We are often praised for being highly informative and having a no-pressure approach.

You are new so let me say this gently.

The person came here asking for some opinions fro agents. Not a commercial. If they want to shop they many options. Most of us also have many more companies and many more years experience.

They already stated they did not like sales tactics. I am sure they have been slambed with PMs already.

Welcome to the forum.

 

[danmoore64]

You are new so let me say this gently.

The person came here asking for some opinions fro agents. Not a commercial. If they want to shop they many options. Most of us also have many more companies and many more years experience.

They already stated they did not like sales tactics. I am sure they have been slambed with PMs already.

Welcome to the forum.

Thanks for the guidance WinoBlues. So, if I just gave the advice in the first paragraph of my reply, it would have been appropriate?

 

[WinoBlues]

Thanks for the guidance WinoBlues. So, if I just gave the advice in the first paragraph of my reply, it would have been appropriate?

I think so. We are all in business I get that but this is a consumer just looking for some guidance. This is a great resource for agents. Welcome.

 

[nad83]

Thanks for all the insight. It is truly helpful. I consider myself an intelligent consumer, but the fact remains for products like life insurance, the ancient method of hiring a sales person, lessens my ability to have the upper hand and leaves it up to someone often with ulterior motives.

I finally received an electronic copy of the policy issue. Very high premiums, as I suspected. Not comparable to other quotes I have received, and nearly 50% higher that the original SF quote.

One question though, and maybe this is standard practice. My wife was added as a rider, not a seperate policy. Is that standard practice, and if so, why? Thanks.

 

[VolAgent]

Thanks for all the insight. It is truly helpful. I consider myself an intelligent consumer, but the fact remains for products like life insurance, the ancient method of hiring a sales person, lessens my ability to have the upper hand and leaves it up to someone often with ulterior motives.

I finally received an electronic copy of the policy issue. Very high premiums, as I suspected. Not comparable to other quotes I have received, and nearly 50% higher that the original SF quote.

One question though, and maybe this is standard practice. My wife was added as a rider, not a seperate policy. Is that standard practice, and if so, why? Thanks.

You know, the agent could be as honest as the day is long and is just doing his best for you. However, you are pretty much against the guy, so I would definitely find a different agent to work with. No matter how good or bad he is, there really is no reason to stick with an agent you don't like.

Also, quotes are worth the paper they are printed on. It doesn't mean a thing until an underwriter makes an offer. So if you do decide to apply elsewhere, keep the SF policy until approved. Maybe you really are standard and suddenly that rate looks better, or maybe not. But get another offer in hand, not just a quote.

As to the rider, I personally don't care for riders. I prefer everyone have their own policy as it gives them more options. However, some people like them. Generally a rider won't have a separate policy fee so it can be slightly cheaper.

 

[WinoBlues]

Thanks for all the insight. It is truly helpful. I consider myself an intelligent consumer, but the fact remains for products like life insurance, the ancient method of hiring a sales person, lessens my ability to have the upper hand and leaves it up to someone often with ulterior motives.

I finally received an electronic copy of the policy issue. Very high premiums, as I suspected. Not comparable to other quotes I have received, and nearly 50% higher that the original SF quote.

One question though, and maybe this is standard practice. My wife was added as a rider, not a seperate policy. Is that standard practice, and if so, why? Thanks.

A lot what Vol said.

It seems like captives and especially the P&C companies use spouse and term riders as a way to lower the premium. However, with most polices we sell, the rate is usually lower with separate policies. In addition to the cost, there is the fact that most riders do not get their own Accelerated Benefit Rider. We have paid that out enough ABR claims over the years that I count that as an important benefit. Then there is the whole question of what happens to the rider if the base insured dies first. Or that company A is the best for you but company X is best for your wife.

Now child riders are different; I mostly recommend those even if we have separate policies on the kids, mainly due to future guaranteed conversion options that are usually 5 times the face.

Not meant as a knock on P&C agents, but you should be talking to a real Life Insurance agent. My preference would be an independent agent over a captive.

Lee