Life Insurance Agents Job - Ethics and Management

The things I am about to describe really happened recently. The names and a few of the unimportant details have been changed to protect the privacy of everyone involved. So here is what happened...

One of my agents was following up on a request that someone had made on our website for term life insurance rates. As part of the follow up process, we routinely verify the information that was supplied online and also gather a few pieces of information that the online form does not ask (specific health issues, family health history, etc.). We do this so that we can do what is called "field underwriting". This process allows us to shop for the best carrier given an individual's unique situation. As independent agents, we shop the whole market and some carriers are better than others for certain situations. One company might be a better choice than another for someone with a parent who died of cancer at age 62, Yet another company might be best for someone with a DUI 2 years ago, etc. We intentionally ask open-ended questions in an effort to gather as much detail as possible because it helps us to find the right choice for each consumer.

During the conversation, my agent asked the consumer about his family's health history with respect to cancer, heart disease and stroke. She left the question open-ended, not specifying an age, but just asking the consumer to tell her if there was any history and if so, what it was. The consumer became very agitated at her and abruptly ended the phone call, telling her that the questions weren't necessary or appropriate. I instructed my agent to send a short email to the consumer explaining our reason for gathering such information. Shortly after she sent that email, the consumer replied with an email telling her that her "open-ended questions were unreasonable and irrational" and that they "may be unethical because they intentionally place people in a higher rate group leading to higher insurance rates, generating more profits for the company and a disservice to the consumer".

Okay folks, here's the deal: As agents, we don't set rates or determine what rate group an individual is in! That is the job of the insurance company's underwriting team. When we ask questions about your situation, we are working for you, trying to find the best fit for your insurance needs. We are trying to shop for you and give you accurate prices. We aren't out to somehow manipulate you into paying more than you should for something. We couldn't do that if we tried. Because we don't set the rates!

The job of an independent agent is to find the products that are best for you. That's why we ask those (sometimes uncomfortable) questions. So take a tip from me when you go shopping for insurance: Let you agent do his job. Answer his questions. Make him work for you. You will be better off

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Life Insurance Agents Job - Ethics and Management

Bike and Car Insurance for New Drivers

Your teenager is driving and needs to get to school and work. How can you find cheap car insurance?

Look online for different deals

Some agencies will take a personal interest in your needs when you are looking online for car insurance. You can save a lot of money, especially when you're looking for an 18 year old whose insurance usually costs more than for other age groups. When you look online, you save a lot of time on the phone calling different agents for quotes because you can get your quote online. Then, if you like what you see, you can buy it and be ready to drive the same day. See for yourself how reasonable the rates can be, and be sure to use an agency that is open eleven hours, seven days a week to help you get the car insurance that you need. You can call them for help, and with the right agency, you will find caring employees who speak a variety of languages, including Spanish and others who will be happy to help you.

Cheap car insurance is easy to find online

By simply filling out one simple questionnaire online, you can get quotes from different companies. Just fill in your zip code in the space provided at online sites, and their huge database will match you up with companies and agencies. They match you up with major insurance companies too - not companies that you've never heard of. Some websites are direct representatives of dozens of strong carriers.

18 year olds are classified as young operators

Although the 18 year old's car insurance policy is not as expensive as it was when he or she first began to drive two years ago, it may still be higher than for mature drivers because of many accidents that occur in this age bracket. Younger drivers have more prone accidents which cause the cost to increase. For this age bracket, it may still be rather expensive, so it only makes sense to get the best deal that you can get to save money. Some companies offer good student discounts that can also help save on policies.

For example, The State of Illinois requires adequate liability insurance for 18 year olds. If the teen is listed on the parent's policy, they need to be sure that their teen is covered with enough liability so that they are not held accountable for damages and face a law suit, risking losing everything that they have worked for. With a little online research, it is possible to find a company that actually provides better coverage for liability.

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Bike and Car Insurance for New Drivers

Income Protection Insurance Policy

Why do you need an income protection policy? After all, you are fairly healthy and see no reason to rock the boat! First of all, you do not want to be like the man who does not fix the roof because it is not raining and then cannot fix the leaks once it does begin to rain. In other words, the time to decide on a policy is before, not after you become ill or miss work.

Illness

You never know when an illness could strike, leaving you unable to work and earn a living. Too many people feel they are impervious to serious medical problems or accidents and put off seeking an income protection policy, only to wish they had one in place when the worst happens. Have you ever wondered how you would pay the mortgage without a paycheck? What about groceries, utilities and your car payment? Even if you have rid yourself of most debt, there are still everyday living expenses to consider.

Stress and Anxiety

Not all stress is bad; in fact, it can spur you to action at any given moment. Problems arise when the body stays in a consistently stressful state. You see, the body goes through a variety of reactions when you are presented with a stressful situation. The first is what scientists refer to as fight or flight, your body provides the necessary adrenaline to run for or fight for your life.

Of course, this is not meant to be a perpetual state, and when the stress remains other bodily functions can shut down, leading to illness. Learning to cope well with stress can prevent illness; however, you will never be able to rid your life of it completely.

Protection Policy

Whether you suffer a stress related, genetic or germ related illness there is one constant, you need to preserve your way of life. An income protection policy can be tailored to suit your needs. For example if you run your own business and will be partially incapacitated you may be able to structure, a plan that will make up for lost wages, even though you are still working.

Disability or income protection insurance is really something everyone should have! You never know when you could become unable to work due to illness or accident, and wouldn't it be nice to know that your finances are protected? Imagine being able to rest easy with the knowledge that your children will never have to miss a meal, even if you get sick!

When you decide to obtain coverage there are a few optional riders you might want to consider:

• Cost of living adjustments- disability or illness can last years in some cases and you want to be protected from rising costs due to inflation and other factors.


• Social Security- this rider can provide benefits while you wait on a social security determination or in case you do not qualify as disabled by that particular program.


• Residuals- As mentioned above you may want to carry protection for situations when you are only partially disabled or able to work only a few hours per week.

Final Thoughts

No one is completely immune to illness or accident and if your family relies on you as the major breadwinner, you could be leaving your family vulnerable. Take some time to learn more about income protection insurance today, it will not take long and it could be the best financial decision you ever make.

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Income Protection Insurance Policy

Underwriting Life Insurance For Diabetics and Diabetic Life Insurance Information

Life Insurance Companies differ in their "underwriting philosophy" when it comes to diabetes. Offering life insurance for diabetics can be risky if the underwriters are not fully trained. Underwriters at the insurance companies that are fluent in underwriting diabetes have the ability to look at all of these factors and determine if the company will accept them as a risk. Moderately controlled diabetes cases would usually merit a "rating" or an increase in the premium, but not necessarily a declination for coverage. If the client with diabetes that is looking for life insurance is not controlled, then there are options - it will just cost them more for coverage!

Diabetic Life Insurance can be obtained no matter how severe the diabetes condition is. If the proposed insured has well controlled diabetes and a history of compliance with what the Doctor reccomends, then the rate for insurance will naturally reflect that. The better the control, the better the rate. Clients with well controlled diabetes have a great chance at getting a lower rate from a regular insurance carrier and would qualify for a policy that is fully underwritten. If, at the other extreme, the client has very poor control over the diabetes, the rate will be higher and the client will have to go with a life insurance plan that guarantees acceptance. This type of life insurance is called "guaranteed issue life insurance".

Guaranteed issue life insurance for diabetics is more expensive than regular (fully underwritten) life insurance and is only sold as "whole life insurance". This type of insurance can be advantageous, though, because it builds cash value and is intended to cover the client for their "whole life" as opposed to a "term" period of time. Another provision of guaranteed issue is that the premiums paid into the policy would be paid to the beneficiary PLUS 10% interest if the insured dies within the first 3 years of the policy's inception. After that 3 year period of time, the guaranteed issue policy would pay the full death benefit to the beneficiary.

Fully Underwritten policies take the client's full medical records into account. The doctor's records are ordered, blood is drawn, a urine sample is taken, and a full screening is done to evaluate the client. If the insurance company decides to insure this applicant, it is after the company's underwriters look at the case. If the client is fully underwritten and passes through underwriting, then they would have more options than just whole life insurance (in the case of those who are in need of guaranteed issue whole life insurance). Term insurance, Universal Life Insurance, Survivorship Universal Life Insurance, and regular Whole Life Insurance would be available to these applicants that are fully underwritten.

When evaluating a client with diabetes, the underwriters at the insurance company take into account whether the client is a type one diabetic (type I diabetic, type 1 diabetic, type 1 diabetes, type I diabetes) or a type two diabetic (type II diabetic, type 2 diabetic, type 2 diabetes, type II diabetes). Another thing that the underwriters look at is whether the client is a juvenile onset diabetic or an adult onset diabetic. And yet Another determining factor is the Hemoglobin A1C level (this is a more comprehensive test, showing the blood sugar levels over about a 3 month period of time as opposed to a quick "snapshot" blood level test).

If the client's A1C level is below 8, then fully underwritten life insurance may be available subject to the client's full medical file. If the client's A1C level is above 8, then guaranteed issue life insurance is a more realistic goal.

One of the things that applicants fear in the case of insulin dependent type 1 diabetics is whether or not their insulin pump will prevent them from getting a life insurance policy. An insulin pump is actually a positive factor where life insurance underwriting is concerned because the client's insulin level is kept at a constant level.

How often the client monitors their sugar or glucose levels in their blood is another factor. If the client habitually monitors their glucose level, then this is seen as evidence of compliance on the part of the client. If, on the other hand, the client does not monitor these sugar levels, then this could be seen as a negative in the eyes of the insurers and underwriters.

Have there been any low sugar episodes? Have there been any high sugar episodes? Is the client taking glucovance, glucophage, insulin injection, or other type of medicinal treatment? Is the client controlling the diabetes with "diet and exercise"? These are all questions that will be asked during the underwriting process (unless you opt for guaranteed issue).

By the way...ANYONE can get guaranteed issue; you don't have to be "uninsurable". Guaranteed issue is available for clients between the ages of 46 and 80 and up to $35,000 in coverage. Again, this is the more expensive type of life insurance and it is advisable that if you CAN make it through an underwriting evaluation, you should try unless you just want to pay more and be done with it!

So what kind of companies will accept clients with diabetes? Personally, I broker only with "A" rated companies that have the right combination of price, customer service, product variety, and recognition in the market. I deal with companies that take clients on a case by case basis as opposed to categorizing them "by the book". I have fully researched the market, I am in touch with the underwriters personally, and I assure you that these companies have the proper credentials to back up their policies. My clients are provided with full company backgrounds and financial profiles. I deal with several companies that are in the market to insure diabetics. The reason why I am withholding exactly what companies I deal with is because I want to earn your business and represent you as your life insurance agent. Contact Me for a free consultation!

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Underwriting Life Insurance For Diabetics and Diabetic Life Insurance Information