How a Life Insurance Broker Should Shop For a Client

Sadly, I know many agents who come to the first meeting prepared and determined to sell consumers exactly what they want them to buy. In the meat business, this is called having the thumb on the scale. It happens every day and consumers blindly trust.​

What does the word “shopping” imply? That all companies are free to bid for your business? Or that your agent stacks the deck, so their outcome is pre-determined?

In order to properly and effectively shop for a life insurance policy, the following needs to be determined and completed first.

The type of policy you request is critical to the shopping process.

• Are you looking for a term policy or a permanent policy?
• If you are looking for a term policy, do you want the option to convert this policy to a specific type of permanent type of policy within a specific period of time?
• Are you looking for a term policy that will return your premiums to you at the end of the term period if you don’t die?
• Do you need a permanent term policy that can be guaranteed to go to your age 121?
• If you are looking for a permanent policy, how much risk do you want to take on?
• Do you want any features guaranteed? Do you want your policy to be paid up in 20 years or at age 65? Do you want to overfund premiums to create extra cash value? Will you want premiums to grow or take premiums out down the road?

Your health profile, travel, surgeries, tests, medical records, medications, credit score, driving record, exercise & exposure to COVID-19 are also critical to the shopping process.

• Do you have a list of all doctors you consulted in the past 5 years, except for minor issues?
• Do you have a list of all medications prescribed in the past 5 years and exactly what for? If you took it, when did you stop and did the problem get resolved?
• Do you know your recent important lab scores?
• If you are over the age of 50 or age 60, have you had a colonoscopy?
• Are you a smoker or an occasional smoker? Have you smoked in past 30 days?
• Do you use marijuana or cocaine?
• Do you know your height and weight?
• Do you have high blood pressure?
• Are you a diabetic, do you know your A1C level?
• Are you under the care of a physiatrist, psychologist or therapist for depression?

If all of these items are properly addressed up front, you stand a much better chance of getting the right policy for the right amount of coverage for the right price from the right company. When this happens, you have the right insurance broker.

Howard Wolkowitz is a financial author, educator and fiercely independent life insurance broker.

You can visit LifeInsureAssure.com and go to his quote engine to see for yourself in seconds how inexpensive term life to age 85 is. If you want to speak with Howard, call 954-558-3673 or email him at [email protected]. 
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