Quick Quote - The Life Insurance Agent's Aid To Determining A Rating Class
When determining a life insurance rating class, there are times when your medical history or non-medical history could potentially cause a rating class to fall outside of the preferred risk classes. Life insurance agents will often utilize a procedure called a quick quote to get an underwriter’s opinion of the risk class for life insurance.
Here’s how it works: your PivotCare agent will ask you some medical history and non-medical questions to determine if your rating class will fall within the life insurance carriers’ preferred rating classes. There will be occasions when you may have medical histories or non-medical issues that require an opinion from the life insurance carriers’ underwriting unit. The PivotCare agent will compile as many facts as possible about your medical history or non-medical issues and send a request to the life carriers’ underwriting units for a rating class opinion. The quick quote request does not begin the application process, it merely assists the agent with a more accurate rating class opinion. The rating class opinion is not an offer of coverage.
Various medical history conditions and non-medical conditions that may warrant a quick quote include; forms of cancer, heart conditions, diabetes, asthma, anxiety, depression, mental disorders, elevated PSA, sleep apnea, build, tobacco usage, aviation, avocations, alcohol usage, driving record, foreign travel, resident alien and a personal financial questionnaire. The accuracy of the underwriters’ opinion will be impacted based on the specifics of the conditions provided for a quick quote. The greater the amount of details relating to the conditions, the more accurate the life insurance underwriting opinions will be.
Recently I had an occasion to request a quick quote for an individual interested in a term life insurance policy. A review of their health indicated a diagnosis of Type 2 Diabetes, which was being treated with Metformin, an A1c level that exceeded 6 and a height to weight ratio that fell within the standard rating class level. The carriers’ rating class opinions stated a possible rating class of standard to a table c rating. A table c rating could be 75% greater than the standard rating class.
Quick quotes are an important tool to assist agents when attempting to quote prices as accurately as possible to minimize significant differences between a pre-approval quote and an underwriting offer.
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.