If the answer to that question was easy, you wouldn’t need to work with an agent. Unfortunately though, because all life insurance companies are different, the question of which company is going to offer you the best policy is not always a given. The truth is, knowing which life insurance company to apply with is critical to getting the best policy at the lowest possible price.
If you are super healthy and can qualify for the top rate class across the board (20-25% of the population) getting the best deal on life insurance is easy. You can go to the internet, shop around on a few of the sites offering instant quotes, make a comparison and quickly identify the lowest rates with the best companies.
However, if you are not super healthy or cannot fit into the best rate class (75-80% of the population), finding the life insurance company that will offer you the best rate will take a little effort and the counsel of an experienced independent insurance agent.
If you are shopping for life insurance, you should know that each insurance company has its own set of underwriting guidelines that they use to determine your rate. While underwriting guidelines are very similar, each life insurance company has it’s own niches where they are more agressive which translates into better rates for you.
For example, if you take medication for blood pressure, most companies will not consider you for the best rates regardless of your level of control. However, there are a few companies that will offer you the best rates if you take meds for blood pressure as long as you have a track record of good control.
There are many other “niche” underwriting advantages that come into play including, cholesterol, height and weight, blood sugar, moving violations and family history just to name a few.
The bottom line is that if you are in the top 20-25% of the population healthwise, then you have no worries when it come to getting the best rate for life insurance. But, little things like blood pressure meds, cholesterol levels and other lab results among others can easily cost you if you apply with the wrong company.
For most of us, the key to getting the best rates is to know the underwriting guidelines prior to applying and choose the life insurance company that will treat you most favorably based your unique circumstances. Having an independent agent with experience that is dedicated to work on your behalf will go a long way to making this happen.