Life insurance questions

disneyjoe7

What does an agent do, I mean how does he or she get paid?

Would a policy of X be priced different for agent "A", over the same policy of X be priced differently for agent "B"?

Willow

They are there to sell and maintain the policies, they get paid on the policies they sell. The more the life insurance amount and add on any ratings they get paid more. I was the interim underwritting and issue trainer for the company I work for, so between Cathy and I we will have all your answers. If you want more info let me know. Sorry they work on commission...at least up here they do and some can make loads of cash !

disneyjoe7

So many questions I don't know how to start.

So a local agent which I worked with before, in which I'm not pleased with now. Feel blood work came back wrong as fasting was bad, earlier then I was told and I think its to short of timing. Is a company like Zander ok to work with? I did a quick quote and was shocked on what the difference of pricing is.

I think he's given me a ride, and I wish to get off this thing.

cfrizz

DJ, Zander is fine it is a brokerage which means they will basically send your app to the actual insurance company that will underwrite your policy.

It looks like they specialize in Term products which are the cheapest policies to get since they don't have accumulate any cash value.

Now here are some basic facts you should know about applying for insurance.

Now-a-days, just about EVERY adult that applies for insurance has to have a blood test!

The paramed will come out, draw it & send it off to an approved laboratory for testing. Depending on how they mail it off, the insurance company can have the results back within days.

The results are what they are, like it or not. Even if you go to another agency & have another application done with another company, that company will get the results of that test as well!

The underwriters use certain guidelines when underwriting cases, if they have doubts they will ask an on staff MD to take a look.

If the specimen took too long to get to the lab & went bad, they would ask for a new blood test. However, if the sample is fine those results can be used by any company for underwriting purposes for the next 6 months.

Your fasting will have very little affect on what the results are, since the time and day the blood was drawn & when you had your last meal would all be taken into account.

They will also look at your medical history for indications of problems that might appear in your bloodwork.

You can easily get off the ride DJ, all you have to do is tell your agent you no longer want a policy. But don't think you can just easily go to another insurance company and proceed like you hadn't just come from another one.

All of them look at the same information!

disneyjoe7

The problem was some levels where off, and I understand we're human and no ones 100%. But the report I seen from the test are different then any other test report I have from my doctor, so I just felt it wasn't just.

beardog03

WOW !

Thanks for that bit o info !!

Insurance is like taxes, i don`t get it most of the time, and the rules change every year and no one tells you about it until it`s too late !

disneyjoe7

Hmmm.... Maybe this is why I need to ask for a report not just you're ok thing. Because this info will make you think later....

disneyjoe7

cfrizz wrote: »

Your fasting will have very little affect on what the results are, since the time and day the blood was drawn & when you had your last meal would all be taken into account.

They will also look at your medical history for indications of problems that might appear in your bloodwork.

You can easily get off the ride DJ, all you have to do is tell your agent you no longer want a policy. But don't think you can just easily go to another insurance company and proceed like you hadn't just come from another one.

All of them look at the same information!

Ok so my choices are to see my doctor who will say ok need to do some lab work because yes that doesn't seem right.... That comes back ok, but you say another lab report which wasn't so bad wouldn't come in to play because of this report?

Fasting for the doctor nothing after 6pm the night before, insurance 4 hours. But drawn 2.5hrs after meal, some levels act if I should be on a hospital bed right now. Micro? something in urian good from to .5 - 3.0% mine 8.6% WTH

Willow

So, if you get declined with company "A" and you go to company "B", they will know as Cathy said, that you were declined.

The blood test insurance companies are different than what your Dr would use as insurance companies look for future risks as well. As for your results there is usually a good leeway between results say your WBC are 10 the UWers guide might say between 5-15 is average.

If the insurance company finds abnormalities which will cause either a rating or decline on your policy, you can have those results sent to your Dr and he/she can explain them to you.

We may request an APS (attending physican statement) basically looking for any detailed medical info say you went to a Cardiologist as you had some heart issues, the insurance company will obtain all details from that Dr.

Willow

disneyjoe7 wrote: »

Ok so my choices are to see my doctor who will say ok need to do some lab work because yes that doesn't seem right.... That comes back ok, but you say another lab report which wasn't so bad wouldn't come in to play because of this report?

When applying the insurance company will use and go by their findings (ie, blood, urine and saliva test results) and not those of the Dr's

cfrizz

No, no, You should probably go & get more labwork done (on YOUR dime) and you can submit it to the insurance company & they will re-evalute it, They may even ask for another sample, and tell you what they decide. It could go either way. (you would have to accept the paramed company coming out for another sample)

But by all means you are entitled to get a copy of your results and bring them to your MD. If you don't mind being a pin cushion have at it.

disneyjoe7 wrote: »

Ok so my choices are to see my doctor who will say ok need to do some lab work because yes that doesn't seem right.... That comes back ok, but you say another lab report which wasn't so bad wouldn't come in to play because of this report?

Fasting for the doctor nothing after 6pm the night before, insurance 4 hours. But drawn 2.5hrs after meal, some levels act if I should be on a hospital bed right now. Micro? something in urian good from to .5 - 3.0% mine 8.6% WTH

disneyjoe7

Willow wrote: »

So, if you get declined with company "A" and you go to company "B", they will know as Cathy said, that you were declined.

The blood test insurance companies are different than what your Dr would use as insurance companies look for future risks as well. As for your results there is usually a good leeway between results say your WBC are 10 the UWers guide might say between 5-15 is average.

If the insurance company finds abnormalities which will cause either a rating or decline on your policy, you can have those results sent to your Dr and he/she can explain them to you.

We may request an APS (attending physican statement) basically looking for any detailed medical info say you went to a Cardiologist as you had some heart issues, the insurance company will obtain all details from that Dr.

It wasn't I was declined coverage of what I was asking for, I thought it was out of line in cost. Overall didn't have a good vibe about it and told him to stop at this point, I didn't wish to pursue it at this time. I also to be fair stated I didn't feel the test report was correct and I felt it was do to being rushed with the testing period.

Without getting into details here, but other then weight and tri's levels at bit high. I'm Good. I would state my cholesterol levels but that would piss off a few here I sure

Willow

Yeah that's fine you have every right to terminate the application at any time. As Cfrizz mentioned if you apply again within the past 6mths the same results will most likely be used for your new app. even if it's with another Ins company (tests cost lots and if they don't have to pay for it they will ask your previous comapny for the results). After the 6 mths they will need new test results.

cfrizz

The labs that do the testing are very thorough DJ, they have to be.

As for the rush to get everything done, This is YEAR END! The more cases the agents place/pd for the better off they are.

disneyjoe7

Cathy, I got the report it was mailed to me. Due to the delay in getting back to me I thought it was there was a problem, I asked about it and he didn't feel it was at all. Tested 11/13/08 seen him yesterday, asked about that test and those levels. Seen what he stated from those reports to insurance company, asked about the 8.6% level which is to be under 3.0%.... He called is wife which is a nurse and from what I could understand I shouldn't be out of a hospital bed. Like yes Mr. ***** ya YOUNG!


Come on now even if you now feel that report is off why state it an insurer? Just the fact everything else is ok they covered me at a price.

disneyjoe7

If it's a 6 months thing I can wait, that's how I feel about that report.

cfrizz

DJ, many factors are considered when underwriting a policy. You can ask the company to explain why they were going to charge you more money. They usually do so anyway.

Since it was so out of whack, you should probably show it to your MD & let him check it out.

disneyjoe7

This whole thing is getting my Italian up.

shadowofnight

My wife and I did the whole monster insurance policy thing twice...first when my daughter was born...and second ( Basically upgraded the amount a lot and changed from term to whole life type policies ) when we bought our house.

The nurse came to the house...took blood/height/weight ( I guess they want to make sure you are not 4'10" and 400 pounds ) of both my wife and I ....passed all parameters ...and then the policies were issued.
I think its pretty old school that they still come to the house....my parents have had the same agent ( I saw him a few weeks ago at their house...still carrying that HUGE binder ) since I was around 10 years old.


Not only does she get a very nice payoff when I kick the bucket, but with her being almost completely deaf...she says the first thing to go are all these damn speakers and audio equipment.

cfrizz

Sorry DJ. But insurance comp. are in business to make money. They WANT you to live a nice looooooooooong time to collect those premiums which go to help pay off other peoples death claims. So they look at anything that will affect your mortality.

I have always said it is best to get insurance while you are young and healthy. the older you get the more it is going to cost you, or you might be uninsurable all together.

Oh and one more thing. What your agent 'THINKS' he knows about what rating you will get and what rating an insurance company will actually give you are 2 completely different things!

disneyjoe7 wrote: »

This whole thing is getting my Italian up.

ShinAce

disneyjoe7 wrote: »

Cathy, I got the report it was mailed to me. Due to the delay in getting back to me I thought it was there was a problem, I asked about it and he didn't feel it was at all. Tested 11/13/08 seen him yesterday, asked about that test and those levels. Seen what he stated from those reports to insurance company, asked about the 8.6% level which is to be under 3.0%.... He called is wife which is a nurse and from what I could understand I shouldn't be out of a hospital bed. Like yes Mr. ***** ya YOUNG!


Come on now even if you now feel that report is off why state it an insurer? Just the fact everything else is ok they covered me at a price.

Blood profiles and urinalyses have what's called normal limits.

For a child to an elderly person, when you test for something, it needs to be between the bars. Anything that goes beyond that needs to be looked at. You said micro something earlier. Could this be MicroAlbumin, which is an indication of diabetes.

Do you have any family history of diabetes? Just being healthy doesn't mean much when every sibling died of cancer, diabetes and heart disease.

disneyjoe7

The report doesn't represent me in a true light due to an error on their end rushing the draw period. It maybe also due to a crazy work schedule at that time, but I was nice and kept the appointment day. Why should I need to wait 6 months to force another company or them to retest, but heck I got 6 months.

SKsolutions

disneyjoe7 wrote: »

, , but heck I got 6 months.

That's just funny. ^^

I didn't know they were all Gattica with the testing now . . .that's F'd.

ShinAce

If you're not willing to take care of your own health to a point where you can keep it stable, why should they insure you on the spot? It's better for them to wait until you fix your lifestyle habits and know that the bad results aren't hiding a real problem.

You don't have to wait 6 months. The results of the first test are to be considered for up to 6 months.

If your cholesterol is way out of whack, they tell you to see your doc. You then tell the doc you had the greasiest breakfast right before they took the blood. The doc will retest you and make sure you're ok. If you're ok, they can write to the insurance company to say that you're good. The underwriters will take it into consideration.

If you do nothing and wait 6 months, they will come back and ask you what you did to know your results and fix them. When you say you don't know, they might ask you to take a hike.

reeltrouble1

Geek boy your going to be dead taking the big dirt nap, piled up in a jar, or spread to the winds.

Enjoy life, get her a young house boy for when your gone. Insurance Companies and Paypal are cross breaders, good at collecting fees and premiums and not much else.

I just hope whatever you have is not contagious.

RT1

disneyjoe7

Ted,

WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA:D

Thanks I needed that.



To tell you the truth, I would preferred be self insured because I feel they all suck. Car insurance, Home owners insurance, all if it I say.

disneyjoe7

ShinAce wrote: »

If you're not willing to take care of your own health to a point where you can keep it stable, why should they insure you on the spot? It's better for them to wait until you fix your lifestyle habits and know that the bad results aren't hiding a real problem.

You don't have to wait 6 months. The results of the first test are to be considered for up to 6 months.

If your cholesterol is way out of whack, they tell you to see your doc. You then tell the doc you had the greasiest breakfast right before they took the blood. The doc will retest you and make sure you're ok. If you're ok, they can write to the insurance company to say that you're good. The underwriters will take it into consideration.

If you do nothing and wait 6 months, they will come back and ask you what you did to know your results and fix them. When you say you don't know, they might ask you to take a hike.

Ok so this goes back to my original line of question... My local guy and how he gets paid was he milking me? If a companies premium is X is it really Y+C=X Y being the price, C being his commission, X being the cost to me.

kn505

Life insurance is heavily regulated. Most, if not all, life insurance rates are pre-approved by the state insurance department before the company can sell them. Like anything else, insurance price can be different by different companies for the same, or similar, product. However, price should be the same for different agents selling the same product from the same company.
I like term life insurance. It is affordable and can easily be compared the products with different companies. I bought a 20-year term when my first boy was born. I wanted the life insurance to cover the boy until he is 18 years old. If I have to do it over again, I would buy the 30-year term instead. This longer term would cover him until he gets out of college, and also cover his younger brothers which I did not anticiapte at the time I bought the insurance. Some people buy life insurance to benefit other loved ones, such as spouse and parents, etc.
Life insurance is rated base on your age. So it might be a little cheaper if you buy it before your birthday.
Dineyjoe7, if you concern that, in the unlikely event, your family might have to use the life insurance in the very near future, you might want to get the TERM life insurance for them regarding the cost (so long that the premium is not higher than the payout). After 6 months to a year of putting yourself in a better health condition, go out and shop for a cheaper insurance.
There are many brokerages offer insurance quotes on the web. Check some of these out. Try to look at the insurance companies with high financial ratings and long term survival. It is difficult to do that in the current market condition, but it is not impossible.
Good luck.

disneyjoe7

Ok since I'm not getting my point across or this is how they work it's fine.


I'm out, talk to ourselves.

kn505

disneyjoe7 wrote: »

Ok so this goes back to my original line of question... My local guy and how he gets paid was he milking me? If a companies premium is X is it really Y+C=X Y being the price, C being his commission, X being the cost to me.

The answer is Yes and No. Since X was approved by the regulator, the agent gets his commision C as a percentage of X (C=rX). He can try to offer you a different product such as whole life insurance, which might pay him a higher commission rate r, ie. 100% of X, in the first year. Also, the premium for whole life insurance might be several times, i.e. sX or even X^n where s>1 and n>1 , of the term life insurance.

ShinAce

I think commissions paid to the advisor are roughly the first year's worth of premiums. Something like that.

They get more commission by you buying a more expensive policy. If you buy whole like insurance instead of term, you'll pay more for it and they get more for it. Basically, commission is fixed. For example, if I worked in sales and got a 5% commission on anything sold, that would be equivalent to a broker. For a given policy, they cannot get a better commission.