Use Multiple Agents To Get The Best Rate
“The most important secret of salesmanship is to find out what the other fellow wants, then help him find the best way to get it.” — Frank Bettger
Life insurance salesman will often quote you the lowest rate in order to get you to complete an application with them. One agent may accurately quote you a standard rate for the same insurance company that another agent quoted you a preferred plus rate just to get you to complete the application. Your actual rate will be based on the underwriting criteria of the life insurance company you choose regardless of what any agent quotes you.
You cannot get a lower cost term life insurance policy from the same company by pitting two or more agents against each other. Each company has set rates based on their underwriting criteria. If two agents quote you different rates for the same amount and term of coverage from the same life insurance company, it’s because one of them is not properly qualifying you for the appropriate rate. You may be tempted to go with the lower rate, but you might complete an application only to find out later that you’ve wasted your time.
When I got my first life insurance policy that happened to me. My agent quoted me a preferred rate that sounded appealing to get me to complete an application with her, but after submitting my application the underwriter at the life insurance company offered me a standard rate that was substantially higher. Not knowing the strategies I know today, I foolishly lowered the coverage amount and shortened the policy term to get the monthly payment lower.
Different agents represent different life insurance companies, and some agents are better (honest) at qualifying you for an accurate rate. To get the best rate on your life insurance policy, get several agents to provide you with quotes accurately based on the underwriting criteria of the companies they represent. You want to choose from the lowest *accurate* rates you can find, not the lowest rates you may not qualify to receive.
I received the standard rate on my life insurance policy simply because my father had a heart attack before the age of 50. It didn’t matter that I was perfectly healthy! However, if I had used this strategy I would have found another agent that would have shown me another top-rated company willing to offer me a preferred rate because my father was still alive, which could have saved me hundreds of dollars and allowed me to purchase more protection for my family.