Do you just want life insurance without a lot of hassle? You are not alone. A lot of people recognize that they need life insurance but don’t want to go through a lot of trouble. Plus, they don’t want to be sold something they don’t want.
I got a request from a man today who just wants life insurance for him and his wife. They are 31 and 28 and in good health. The husband, let’s call him Dave, just said, “I need life insurance.” So, this should be easy, right.
Yes, it is easy but from a life insurance agent’s perspective, I want to be sure that a customer is getting what they want with as few surprises as possible. So, it is essential to ask a few questions and dive a little deeper into a couple’s personal situation to get them what they want with as few unexpected issues as possible.
What kind of issues could come up?
Good health has a different definition for different people. If we can reduce the potential for any health issues, it may be possible to make the process very simple by applying for No Exam Life Insurance. To make this possible, it is essential to define good health with a few simple questions. Many life insurance companies begin by asking what medications a person is taking and how many.
The potential for good health is also affected by a person’s lifestyle. Life insurance companies have an algorithm that considers a person’s health and their driving habits. If you think about it, that makes a lot of sense. If you have three speeding tickets going over 100 mph, you’re a substantial risk to insure. Don’t laugh, I had a professional athlete that applied for life insurance that had three speeding tickets over 100 mph. He was in perfect health. But his driving habits made it difficult to get him life insurance.
Below is the email I wrote back to the couple asking for life insurance. I change the name to Dave so I can keep it anonymous. As you read it, you will get a better idea of how I approach helping people find the life insurance they want. And give it to them at the lowest price possible with the least hassle.
My response to a request for life insurance.
I am glad to help you.
I’ll start off by giving you a general idea of the cost of an average policy. If that interests you, I would like you to answer some questions, and I’ll narrow down the coverage and the best life insurance company for you to consider. Here is a basic quote from the least expensive and best financially rated life insurance company available.
The least expensive and best financially rate life insurance.
A $750,000 life insurance policy that will last for thirty years from Banner Life insurance would cost you $44.46 per month.
A $750,000 life insurance policy on your wife that will last for thirty years from Banner Life Insurance would cost you $34.02 per month.
The final rates and offer of coverage will depend on the insurance company’s acceptance of your application.
If this is something like what you are looking for, we can take care of the applications online and over the phone. However, so that you get what you want and there are fewer surprises, let’s expand the conversation a little more.
I need to ask you some questions so I can narrow down what I am quoting for you. Feel free to respond to me with the answers written after the following question.
Basic demographic questions
First, I assume you are Texas residents, correct?
What are your dates of birth?
Do either of you smoke or vape?
What are your height and weight?
What are your occupations?
Next, you mentioned you and your wife are in good health. But I do need to ask you a few health-related questions that will help me determine the easiest way for you to apply for coverage. Remember, all of the information you share with me is kept confidential.
Basic health questions
What prescription medications do you and your wife take? If you do take medications, please let me know the dosage too, and the purpose of the medicine.
When was the last time you went to the doctor and why?
When was the last time you were hospitalized, and why?
Has either of you had any moving driving violations within the past five years? If so, what was the violation, and how was it resolved.
How much do you need?
Next, let’s consider what you are buying the life insurance for, how much you want and how long you want it to last. A lot of people look to replace a ratio of their income, something like ten times their income. Others want to be more methodical. For example, some people take the number of years they want to provide an income to their spouse. If you wanted to provide your wife with $25,000 a year for thirty years, then you’d consider a $750,000 life insurance policy for thirty years. You may just want to pay off your debts in the event either of you dies. If you had a $200,000 mortgage and $50,000 in debt, then you’d want a $250,000 life insurance policy.
How long do you need life insurance?
You should also consider the length of time you want life insurance to be in force. Relate the length or term of the life insurance to life events. For example, if you have a thirty-year mortgage, you’ll want a thirty-year policy. Or, if you have children, consider the age you expect the youngest child to be on their own. If you have a five-year-old and you expect them to be on their own by age twenty-five, you’ll want a twenty-year policy.
Some people will buy more than one policy, or you can lump everything together. For example, if you want to provide an income for your wife until you potentially retire, you may want a thirty-year policy. Plus, if you have a mortgage that will be paid off in twenty years, you may have a policy that covers the debt on the house and then terminates in twenty years. So, in this instance, you would want a thirty-year policy and a twenty-year policy.
Shorter length policies are less expensive. Let’s use the example from above, and say you wanted a twenty-year term life insurance rather than a thirty-year life insurance. The cost of the twenty-year term for a $750,000 policy for you would be $26.51 per month versus the 44.46 for the thirty-year policy.
Your health will change
When considering the length of life insurance, keep this in mind. Some people get a shorter-term policy and intend to reapply when the term is up. The thirty-year policy is guaranteed to stay in force no matter what happens to your health. If you get a twenty-year policy and intend to reapply for another policy in twenty years, consider that your health will change. Your health in the future will affect the cost and your ability to obtain insurance.
Okay, now that I have made your head swim with lots of information, I’ll ask that you take a little time and think about what you want. You and your wife may want to discuss these questions.
Feel free to reach out with any questions you may have. You can email me or call. I’ll glad to talk to you or your wife with what eve questions you may have. My number is 713-320-6124.