TIP: Honesty Screening Test
When you first receive quotes, most brokers will give you the preferred rates or super preferred rates, even though you have not yet qualified for them. You have to go through medical underwriting to get approved for these rates. But brokers who supply these quotes often do so deceivingly to ensure that they get the deal. An honest broker will send you the standard rates but will explain that you may qualify for considerable savings if you qualify for preferred or super preferred rates—and that is only determined by the underwriters after you do your medicals. What would you prefer, going through the application and the medicals only to later learn that your premiums will be more expensive than what you were quoted initially? Or, would you rather get a discount on the monthly premium costs that you assumed you would be paying anyway? These are clear indicators of transparency and honesty, so make sure you ask if the quotes you are given are the standard rates or the preferred rates. If your broker automatically gives you the preferred or super preferred rates, stay clear!
5 Tips When Choosing a Life Insurance Broker
1. Are they asking you a lot of questions.
2. Are they listening to your needs or just pushing a sale.
3. Do they pass the above Honesty Screening Test.
4. Do they offer free value not just to make the sale but to the general public. IE Videos, Ebook, Seminars, Blog Posts.
5. Do they come across as an expert. Have they Been featured in any News Publications, TV Shows, were they Referred.