At Huntley Wealth Insurance, when we have a "tough" life insurance case, we are prepared to do whatever it takes to deliver an affordable approval to our client.
That's why we usually use the trial offer .
Simply put, a trial offer when we send a summary of our client's medical history to 15-30 life insurance companies. The insurers review the information and write us back with the health classification that they are most likely to approve of the case.
This is how we decide which insurance company is best to use for a particular case. The one who comes back with the best offer generally gets our business.
For cases where we used trial offers successfully, see our testimonials page.
Steps to effectively use a test offer:
- Run quotes from the various companies
- Deliver the quote to our customers
- Usually applies to the company that quotes the lowest premium [1
Understanding a "Preliminary" Offer
Most of the insurers' answers will include language as "very careful standard provided that x, y and z" or "we may prefer as long as the applicant's compliance is well documented in his records. . ”
Keep in mind, at this point, the wearer still has not seen your medical records or laboratory results.
One of our agents has summarized your case for them, and they will try to stick to the original offer if they can, but you have to understand that it is very preliminary. So if they find that the applicant's health differs significantly from the original summary they received, they can, of course, assess the case differently from what was originally quoted.
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Example of a Request for Trial Offer
I recently sent the following request to a client with a history of atrial fibrillation. fibrillation that looked like this:
I have a man, 62 years old, not tobacco, 5-10, 185 pounds.
Some health problems:
Tinnit – Ringing in the ears dx Jan 2011, did MRI / cat scan, ruled out brain problems, it is definitely an inner ear condition caused by many years of work for a railway company. Take Alprazolam (similar to Xanax) as needed when given, which is about 2x a week.
Diabetes – Diagnosed in the last couple of years. Well controlled with a1c from 6.0 to 6.4, Tradjenta takes. Exercises daily on treadmills. 5 & # 39; 10, 185 lbs.
A Fib History – In November 2008 had a single episode of A Fib. Stayed over at the hospital. It was corrected with medication (took blood thinners for a short time). A fib was considered to be caused by severe stress at work and high blood pressure. Since then, he has retired and started taking Benicar for BP at the time (which he still takes prophylactically). In his first follow-up appointment, the heart rate was good and has been ever since. Get regular check-ups with a cardiologist, including normal stress tests.
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Credits – Lifetime non-smoker, household income 200 K +, happily married with 3 children as everyone lives nearby.
I see no reason for a decline here, but in full information I should mention that he was recently declined by Met for the same editions.  He needs an approval at Table 4 or better to be able to replace his current policy for less money. It is possible?
Looking for 10 years term, 100K.
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This was an excellent example to send out for a request for trial offer because we received offers across the board, from mildly substandard to decline. It saved the client a lot of time, because he did not have to apply for these companies one by one, and we knew immediately which company would approve our case and save money for him.
Do All Agencies Make "Test Offers"? Only the good
The concept of a trial offer is not very unknown among independent life insurance agencies. I know of a few other agents who use this tool, such as my friend Jeff Root at www.rootfin.com.
The problem is that very few do. The reason? Sales quotas.
If you go to a large online agency such as Select Quotation or Accuquote for life insurance rates, talk to an agent who is under the gun to sell five insurance policies per day. How hard will that agent work for you when they have a hundred other calls in line that they can sell.
RELATED: Check Examples of Life Insurance Rates by Age (No personal information required)
I wrote about this issue in my recent article on Select Quote Reviews and did similar points in my article on Accuquote complaints. The agents simply do not have time to devote to giving you the best price.
* While we do our utmost to keep our site up to date, please be aware that "current" information on this site, such as estimates, or relevant company details, may only be accurate as of the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.