I received an email from a client last year asking me to contact his investment advisor. My client’s investment advisor had referred him to another life insurance agent, but the rates he received were not the same as the rates I quoted him. Below is an excerpt from the email (I was copied on the email).
“Tim, Greg Sanders is the agent I have been using and his rates seem a little better than Tony’s….Greg has been very responsive and professional in my dealings with him…..always good to have options … and Greg please email John S. some info about your Company.”
So, at my client’s request, I sent an email to his investment advisor. The email (letter) below describes the right way to get quotes and apply for life insurance coverage. The process I describe in the email takes more time (for the agent), but it is always in the best interest of the client.
Tim, Please refer to the “who we are” section of the Peachtree Insurance Advisors web site for some of my background info. I am not too much different from other independent life insurance agents in the sense that I provide quotes from many carriers. What makes me different than most agents is that I take the extra steps necessary to get my clients the best coverage. I’ll use the Green’s situation as an example. After discussing their needs and determining the proper type and amount of coverage, I made sure I had complete and accurate medical history. I then proceeded to shop the term life market. Once I found the best carriers and rates, I then did medical prescreens to ensure I was quoting the appropriate underwriting classification. Part of this process involves consulting my carrier underwriting guides and in some cases I need to speak directly to the carriers’ underwriting teams. Most carriers said they would only offer Standard or Standard Plus rates based on John’s medical history. Prudential was an exception. I actually obtained an email from an underwriter at Prudential stating he would offer the Preferred non-tobacco rate subject to the exam and lab results. I will attach a copy of this letter along with a cover letter to the life insurance application. These steps often make the difference in borderline cases. Underwriters prefer to deal with agents who do their homework and submit cover letters. They are often willing to “reward” that type of diligence. Most agents don’t do this kind of preliminary work and their clients are none the wiser.
I also shopped the market for Susan based on her medical history. I offer ALL the carriers that are top rated and have competitive premiums. Out of approximately 120 carriers, there are many excellent carriers that have low premiums. These quotes can be obtained instantly on our web site. After running the quotes, I found that Ohio National had the best rates for Susan. Ohio National is an excellent company (A + by AM Best). There is no guarantee that Ohio National will offer Susan the Super Preferred rate, but this is the best way to proceed. I’ll take the necessary steps to steer both these cases through the underwriting process.
Occasionally, I obtain an unfavorable underwriting offer; however, I don’t always advise my clients to accept it. In some cases, the decision can be successfully appealed by providing additional information. In many cases, there is nothing that can be done; although sometimes I can obtain a better underwriting offer from another carrier. I’ll take the exam and lab results and shop the case for a better offer. In some cases I am able to get a better rate. Companies have different underwriting guidelines and it is easy for underwriters to make an offer when the labs, exam and medical history are complete and current.
Again, many agents won’t take the time to ensure their clients get the best underwriting offer possible — it involves extra time and effort.
Hopefully, that gives you some insight into how I take care of clients and is better than just a brief description of my company.
Please call me if I can ever be of assistance to you or your clients.
Peachtree Insurance Advisors
100 Ashford Center N. Ste. 250 Atlanta, GA 30338
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