7 August 2014 0 Comments

Help Yourself to the Best Premiums

shutterstock_89752360There are many factors that go into what you will be charged for life insurance.  There is really only one of those factors that is totally out of your control:  family history.  If your father died of a heart attack at the age of 55 there’s nothing you can do about that, and that would disqualify you as being eligible for the Preferred-plus premiums with all companies.  But even with this totally uncontrollable factor if you are age 65 when you are applying for insurance, have never used tobacco, have no other cardio vascular risk factors and your father was a 2+ pack per day smoker, some insurance companies might be convinced to bend that rule and give you Preferred-plus premiums if you would otherwise qualify. 

Here are some other things you can do to get the best premium:

Excess Weight

If you think you might be a little heavy, make sure your agent knows your height and weight before deciding on what insurer to use.  Build charts vary from one company to another.  Prior to your insurance company medical exam reduce food intake to try to get an extra pound or two off.  When you step on the scale make sure you are wearing light clothing, have removed your shoes and all keys, wallets and other items from your pockets.

High Blood Pressure

Get a good night’s sleep before the exam.  No caffeine intake prior to the exam and take all BP meds.  Attempt to schedule no business or personal contacts right before the exam.   As the BP cuff is being placed on your arm take deep breaths, close your eyes and think of yourself serenely at rest in your favorite place in the world.  If the first reading is higher than normal, ask the examiner to try for a second reading after you settle down.

Personal History

If you have been involved in any personal activities such as bankruptcy, driving record, criminal involvement or drug/alcohol use be sure to provide your agent with all positive aspects of the case to put yourself in as positive  position as possible.  Don’t wait for this to come out in the underwriting process appearing as though you are trying to conceal the facts.

Unresolved Medical Problems

If your doctor recommended certain tests that you did not have performed, this can often cause insurance companies to decline any offer until the matter has been resolved.  One I recently experienced is where the doctor recommended a sleep apnea test, but the applicant decided not to proceed with the test.  The application was declined, but then when there was further investigation, there were really no symptoms that warranted such a test and the policy was issued in a Preferred category. Advise your agent if any such situation might come up in your doctor’s records.

The key to getting low premiums is dealing with an agent who represents multiple insurance companies and understands the underwriting process.

Next…how to obtain a term-like policy when converting a term policy.

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