How to Get a Life Insurance Quote Without Risking a Formal Application

How to Get a Life Insurance Quote: One of the Big Questions in Life

“How can I get a life insurance quote?” This is a question men and women across the country are mulling over. It ranks right up there along with the other major life issues people ponder in the deepest recesses of their souls. “Who will I marry?” “How can I get rich?” “What makes me happy?” “When will we have world peace?” And, “How can I get a life insurance quote without risking a formal application?”

Why is this question such a big deal? It is because nobody likes to go through life insurance underwriting.

Life Insurance Underwriting Can Be Really Tough

dreamstime_xs_15764134Life insurance underwriting can be so tedious, so time-consuming, and so nerve-racking, people would do just about anything to avoid it. The application and other required forms can seem endless. The exam can be inconvenient and bothersome. The constant probing into all parts of your life can be intrusive.

Perhaps the most stressful part of underwriting is the uncertainty about the outcome. All too often, people submit a formal application on the hope and the prayer they will be eligible for coverage, and at the price they want. Yet also all too often, they do not get approved at the price quoted. Or, they get declined altogether! They have then basically wasted three months for nothing.

But: what if people were confident of an approval at the price quoted? That would make all the difference in the world. They would go through the underwriting process with satisfaction because they would know the final result would be worth it.

How Can You Get a Life Insurance Quote? Start with Prequalification

Prequalification takes place when the broker does all the homework up front. All the risks and underwriting challenges a potential applicant poses are addressed on a preliminary basis. The applicant’s personal and family history is disclosed. Medical records are obtained and reviewed for potential problems. Professional advisors, such as an accountant, attorney or banker, are consulted if needed.

Very importantly, the potential applicant is given an opportunity to tell her story in her own words. She can give perspective on the tough times in her medical history, driving record, or finances. The broker can assist as well and provide a solid testimonial on her behalf.

The broker directs this process until he feels a thorough and accurate package of quote information has been assembled. Then it is time to go to market – still without a formal application!

How Can You Get a Life Insurance Quote? Reach the Right Underwriters

The risk profile that the broker has compiled on behalf of the client must be presented to the right underwriters. Who are they? The fact of the matter is that different underwriters have expertise in different risk areas. Some are very familiar with cardiac conditions, while others know the ins and outs of rock climbing. The broker must have the contacts and the relationships to make a good match between an underwriter and a candidate.

Once this connection is made, then good things can happen. The underwriter will be able to assess the level of risk a potential applicant represents both fairly and aggressively. Negotiations between the broker and the company can proceed smoothly because everyone is on the same page. This is the type of business the company wants, and therefore everyone has an incentive to make it work.

The rate offered by the underwriter will then be both competitive and reliable. Prequalification has given all parties involved the confidence that formal underwriting would now be worthwhile.

Additional Resources on Getting a Life Insurance Quote

The Wall Street Journal and NOLO  both have useful guides on shopping for life insurance.

“Compare term life insurance rates at no cost from top rated companies in seconds.”
 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.