Here are some sample rates for you:
Hmmm. Clearly, more information is needed.
Face amount? Guarantee period? Gender? State of residence? Smoker status?Underwriting class?
You want to know something interesting?
You could have two people born on the same day, same gender, same medical history, and same everything else, except one of them had a parent who died of cancer before age 60 – and each could be charged a different rate for the exact same life insurance product!
Life insurance underwriting gets very, very particular.
This, of course, means that your broker should pre-qualify you for coverage so that you know you are being given both a low rate, and a reliable rate, tailor made just for you.
Not what is typical, but what is competitive for YOU.
Life insurance just cannot be treated as any old commodity when you shop for it.
You can go to the Internet and shop for any car. As long as you are keeping consistent with the features, you can find out what different dealers and private sellers would charge for it. An apples for apples comparison.
But the thing is with life insurance, different companies specialize in underwriting different types of risk. Some are good for heart cases, other for cancer cases. Others only really want people with no history of serious illness at all.
Not only that: your broker has to have a very good relationship with the carrier to get it to be very aggressive in applying its underwriting standards. You can’t just call up the carrier on some website quote service and expect to get the rate on your screen.
Many times the broker has to advocate on behalf of the client to make sure the rate quoted is the rate approved. It takes work.
Really, the last thing you want is a typical rate. What you want is the rate that is the best for you. You can invest a little time with a broker who will pre-underwrite you, and you’ll find out in short order.
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