March Madness Life Insurance Tips, Part Three: Declaring A Winner

When you let SelectQuote shop for your life insurance, the highly-rated companies we represent compete for your business – just like the leading college basketball teams contend for the championship during March Madness. With the first game of the 2016 NCAA men’s basketball tournament being held this week, March Madness is in full swish. In the spirit of the tournament (and because we love sports analogies), this four-part blog series will provide a play-by-play account of what it’s like to get life insurance through SelectQuote – from securing a quote to activating your policy.

Declaring a Winner: How to Decide on the Right Carrier and Policy for You

By definition, the teams that make it to March Madness are all excellent. How else could they earn their place in the tournament? As we discussed in last week’s post, the same goes for the life insurance companies SelectQuote chooses to represent. All 10 of these life insurance companies competing for your business are highly-rated for their financial strength and ability to pay claims. But in the end, you can only pick one. SelectQuote uses the following three R’s to help you decide which carrier – and policy – will win your business.

    1. Rate. As with nearly any purchase, price plays a major role when it comes to choosing which company to buy your life insurance policy from. Because the same amount of coverage will cost you more or less depending on the company, you’ll want to get a range of quotes before you declare a winner. While all companies represented by SelectQuote are highly-rated, some may offer you a higher price than others. That’s why your agent will show you all of your options, explain the differences between each company, and help you decide whether the company offering you the lowest price is the right one for you.
    2. Risk. Your health and habits play a major role not only in determining the price of your term life policy, but also which insurance company will be best for your needs. Once you select a life insurance company, you will be required to take a brief medical exam before your final price and eligibility for coverage can be determined. The insurance company will pay for this exam, which can be held at your home or office depending on your preference. In addition to the lifestyle questionnaire included in your application, the medical exam will allow the underwriters at the insurance company you choose to assess your level of risk. If you smoke or engage in hazardous sports like scuba diving, for example, your level of risk goes up – along with your rate for term life insurance.

      The same applies to your health. If your test results indicate that you have high blood pressure, high cholesterol or diabetes, you’ll be placed in a higher risk category. This is also true for those who have survived a heart attack or certain types of cancer, in which case term life coverage may not be available at any price. Certain life insurance companies specialize in certain risks, however, offering lower rates for smokers or people on cholesterol medication. Not only will your SelectQuote agent help identify your level of risk, he or she will know which companies we represent that are most likely to offer the lowest rates for someone in your risk category. And in the event that your medical condition prevents you from qualifying for a policy, your agent may be able to match you with an insurance company willing to cover you.

    3. Relationship. All SelectQuote agents have close relationships with the life insurance companies we represent – relationships that the average individual customer would never be able to replicate. Not only do we require these companies to have a proven track record with us when it comes to paying claims, we make a point of keeping up with their latest underwriting and pricing guidelines. This relationship enables SelectQuote to advocate on a client’s behalf for the most competitive prices and coverage options where they might not otherwise exist. Because our agents have an intimate understanding of how these companies work and what their preferences are, you’ll be given dependable advice about which company will work the hardest for your coverage needs.

Ready to get in the game? Click here to start your free term life insurance quote, or call 1-888-279-6192 to speak with a SelectQuote agent. Next week, we’ll explain why the game’s not over until your policy has been activated – and what you need to do after declaring a winner.

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