Huntley Wealth Insurance | Instant Term Life Insurance Quotes!

Term life insurance policies for individuals with high risk medical conditions. For term or whole life, we're the experts.

  • FREE QUOTE
Menu
  • Life Insurance
    • Life Insurance Basics
      • How Much I Need
      • How Much it Costs
      • How do I Buy Life Insurance?
      • What is Term Life Insurance?
      • Best Life Insurance Companies
    • Types of Life Insurance
      • Term Life Insurance
      • Whole Life Insurance
      • No Exam Life Insurance
      • Universal Life Insurance
    • Sample Quotes by Age
      • 20 to 29 Years Old
      • 30 to 39 Years Old
      • 40 to 49 Years Old
      • 50 to 59 Years Old
      • 60 to 69 Years Old
      • 70 to 75 Years Old
      • Other
    • Pre-existing Conditions
      • High Blood Pressure
      • High Cholesterol
      • Overweight
      • Diabetes
      • Cigarette Smokers
      • Cigar, Pipe and Chewing Tobacco
      • Sleep Apnea
      • Prostate Cancer or Enlarged Prostate
      • Crohn’s Disease
      • Skin Cancer
    • Close
  • Car Insurance
    • Auto Insurance Basics
      • Best Auto Insurance Companies
      • Cheap Car Insurance Quotes
      • Average Cost
      • Car Insurance Calculator
      • Find An Agent
    • Types of Auto Insurance
      • Classic Car Insurance
      • Commercial Insurance
      • Sports Car Insurance
    • Sample Quotes
      • Find Your Make/Model
      • Find Your State/City
    • Close
  • Homeowners Insurance
  • Pet Insurance
  • All Types of Insurance

Is Life Insurance Still a Good Deal if I Don’t Get the Best Health Rating?

By Chris Huntley

Don't Have the Best Health Rating? Find out how we go the extra mile!

Approved at a Poor Health Rating? Find out how we go the extra mile!

I recently had a client get approved by North American Life Insurance.

Great news, right?

Well, unfortunately, I had quoted him a Standard rating which he did not qualify for.

The policy was supposed to cost him $172 per month for $1,000,000 of coverage , but he got rated slightly higher than I had hoped and ended up with a premium of $255 per month.

What to Do if You Don’t Qualify for the Best Health Rating

We at Huntley Wealth Insurance do a LOT of service after the sale, or in this case, after the approval.

Here are some steps we might take after an offer has been made, if the client does not get approved at the best health rating or as applied:

1. Provide illustrations for less coverage – The amount you apply for is not locked in after you are approved. You can always take less coverage, which will reduce your premiums.

2. Reduce the Term Length – Same idea as #1. This lowers the premium.

3. Fight for you – We’ll go to bat for you. We will review your medical records, and be sure you’re getting a fair offer. If not, we go back to the underwriter and fight for a better offer.

4. Put Your Case out to Bid – If we think another carrier might offer at a better health classification, we’ll put together a trial offer letter for you.

5. Help you Understand the Financial Benefits of your Current Offer – Sometimes, our client offers are actually good offers, but the client may not want to initially take the policy because it was higher that what was originally quoted to them. If we’ve gone through steps 1-4 above and the current offer is the best we can do, then we’ll have a discussion about accepting the policy as is. Sometimes we use spreadsheets to illustrate the benefits of the current policy as I have shown below.

Assessing a Life Insurance Policy to See if it Makes Good Financial Sense

We always try to customize a policy that fits the following criteria and that suits you best including:

  • Find a policy that meets your individual needs,
  • Find a policy that fits within your particular budget

As an example of how we go that extra mile at Huntley Wealth, here’ s an example of a real life story of how we went that extra step to get what our clients need.

Compare Term Life Insurance Rates

Sample Case – Quoted at Standard and Approved at Table 2

Now back to the case I mentioned above. Again, my 47 year old client was expecting a premium of $172 per month for $1 Million of coverage but ended up getting approved at Table 2, so it was actually going to cost him $255 per month for the same policy.

In this case, we went through many of the steps above. I fought for a better rate. Wasn’t going to happen. So we put his case out to bid to a bunch of other carriers with a trial offer.

I then sent the client this following email, which you will see demonstrates steps 1-5 listed above.

Email to Client Demonstrating Items 1-5

Hello,
The offer we have from North American is for 15 year term, although we could look at rates a 10 year term or permanent policy from them as well with the same offer. The 10 year would be cheaper and a permanent policy would cost more.

Update on Shopping for a Better Rate
I’ve gotten back about a dozen offers now from the email I sent out yesterday. They are all rating you at the same rating or worse, (table 2 or worse). I’m still waiting from an offer from one company, Banner Life Insurance. If they offer at Table 2, their rates are substantially less than North American’s, so I’ll let you know about that.

Where to Go From Here
If we don’t get a better rate from another company, which it looks like we may not, we need to consider either reducing the amount of coverage to fit your budget, or I have also prepared an equivalent rate of return chart for you below to help you analyze what a great deal your current offer actually is.

Here are some options for 15 year term:

$1,000,000 = $255.06 per month (see equivalent rate of return chart below)
$750,000 = $205.52 per month
$500,000 = $138.91 per month

Equivalent Annual Rate of Return for 15 Year Term Life Insurance Policy with Monthly Premium: $255.06See below for explanation….

Year

Premium

ROR

Face Value

1

$3,061

32575%

$1,000,000

2

$3,061

1658%

$1,000,000

3

$3,061

553%

$1,000,000

4

$3,061

296%

$1,000,000

5

$3,061

193%

$1,000,000

6

$3,061

140%

$1,000,000

7

$3,061

109%

$1,000,000

8

$3,061

88%

$1,000,000

9

$3,061

73%

$1,000,000

10

$3,061

63%

$1,000,000

11

$3,061

54%

$1,000,000

12

$3,061

48%

$1,000,000

13

$3,061

43%

$1,000,000

14

$3,061

38%

$1,000,000

15

$3,061

34%

$1,000,000

In other words, if you were to try accumulating $1M in an alternate investment, contributing $3,061 per year you would need to earn 34% per year, every year, to have that money grow to $1M over 15 years.

Call Now for a Trial Offer Life Insurance Quote

At Huntley Wealth we mean what we say when we will go that “extra mile” for all of our clients.  You always want to talk to an independent agent like myself because we can give you this extra level of service to find what you need.

I also have a financial planning background and have my series 65 investment adviser’s license, so if you need to talk over the pros and cons of whether or not to buy life insurance, call us and ask for Chris at 877-443-9467.

*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.

Filed Under: Life Insurance Tagged With: $1000000 life insurance policy, approval, life insurance

Leave a Comment Cancel reply

Your email address will not be published. Required fields are marked *

About | Blog | Tools | Contact

This website provides information for the reader to choose to request more information about life insurance, including how to apply for a quote.  By requesting a quote, or application for a quote, you agree to our Privacy Policy and our Terms & Conditions. If you submit your personal information, you are making a consumer inquiry for life insurance through us as a licensed insurance producer as more fully described below.  By proceeding, you give your consent and expectation to be contacted by a life insurance producer or company.  Any health or personal information shared is protected by applicable privacy laws and regulations, including HIPAA.

Invitations on insuranceblogbychris.com for application for insurance are made through Consumers Advocate Group, LLC (and in Florida: Consumers Advocate, LLC, and in New York: Consumers Advocate Group of Washington, LLC), an independent agent/producer, and its designated insurance producer, Francine Powel, only where licensed.  All license numbers are available here and automatically provided as required by law.  Consumers Advocate Group, LLC and Francine Powel are licensed insurance producers in all states and the District of Columbia. Partial list of licenses of Consumers Advocate Group, LLC and Francine Powel include National Producer Numbers 17651093 & 17613858, Resident State of Washington 892652 & 889919, Arkansas 100133617 & 17613858, California OK54069 & OK36946, Louisiana 662576 & 661089, Massachusetts 1987330 & 1984318, Minnesota 40439498 & 40437799, Texas 2170808 & 2022858 & 2019069, and Utah 536206 & 534286.

Commercial use by others is prohibited by law. No portion of insuranceblogbychris.com may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization from the owner.

Insurance policies described, quoted, shown, and illustrated throughout this website are not an offer for the sale of any particular insurance policy or product, only an invitation for application for insurance coverage and may not be relied upon.   There are many variables in different insurance coverages and companies, including various insurance company standards and offerings, underwriting requirements and may not be available in all states.

“Insurance Blog By Chris" is a trademark of Ad Practitioners LLC.

Copyright © 2019 – All Rights Reserved