Good for Bob. But hang on. You were so excited that you missed the fine print that flashed on the screen for two seconds.
That fine print was letting you know that "Bob" was rated as "super special preferred" which means that he is 4% body fat, doesn't smoke, runs marathons weekly, is on no medications and only eats salads Of course, I'm kidding about Bob, but the truth is that very few of us qualify for those rates. A lot of Americans are healthy, workout and eat right. On the other hand, there are a whole lot of Americans who eat too much, drink too much, are overweight and think that bacon and/or ranch dressing goes on everything we eat. Again, I'm exaggerating just a bit.
Those same television commercials instruct us to call or go to a website to find out how much a life insurance policy would cost for us. There you'll need to enter some information like your date of birth, the amount of life insurance you want, etc, and the quoting engine spits out a price. Most of these rates are merely estimates, as all of this is subject to an underwriter investigating your medical records and family history.
Commercials like this are pretty common these days. They can get you a great rate on a life insurance policy and the quoting engine will include some top carriers. But here's the rub. If you buy a policy and die, will your beneficiaries know who to contact for their benefits? How will they know where to click to get the money they need to pay their bills and stay in their home. And most importantly, will they know if you purchased enough life insurance?
At Surf Financial Brokers, we also solicit on the internet, but with a difference - our personal touch. You actually get an agent who will help you with your choice. Yes, we have the same group of companies and rates, but we will ask you questions that are important. Are you getting enough insurance to pay off debt, like credit cards or car payments? Are you wanting to make sure your family can stay in their home? Would you like to make sure your kids can go to college if you die too soon? And most importantly, do you have a budget?
Most of the time the rates you see on TV should be treated as ballpark estimates. There is nothing wrong with that as long as you are aware of that ahead of time. I've had more than a few instances when someone was given a rate that increased later. The underwriter discovered that the "Bob" wasn't 4% body fat, but in fact was morbidly obese and smoked two packs of cigarettes a day. Not to mention that he failed to disclose the medications he was prescribed but failed to take.
We offer a very easy-to-use quoting tool in the top right of this blog. It's only with one of our carriers but the prices are in the general ballpark to give you an idea. While you're there you can also get a rate for disability insurance to insure your income.
More conveniently we offer our calendar to you. You can find out when we are available and set your own appointment to have someone give you a call and spend a few minutes to discuss how much coverage you actually need and how to fit it into your budget. Book a consultation with us to work around your schedule. And in the meantime, stay healthy.
Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.