Term Life Insurance

Ok, so you can't really study for this exam, but you can help swing your chances of getting a better rate by following some simple directions. You've decided on your term life insurance plan and company, so you just need to give up a little blood and urine for the company to examine.

They'll be looking for drug use (cocaine, marijuana, etc...), nicotine use, HIV, sugar, & cholesterol readings.  For the first three there's not a whole lot you can do late in the game and you certainly want to be truthful on your application, but by avoiding red meat and sweets the day before the exam can make a measurable difference in the results, and since 5-10 points of cholesterol could save you 25-40% in premium it's not something to be taking lightly.  If you can eat right for more than one day and even from the point of application to the exam day you'll be doing yourself a great service.

Finally, the exams are "fasting" exams so get them done early in the morning and have no evening (the night before) or morning snacks (the day of) until the exam is complete.  Food in your system could significanlty raise your cholesterol and sugar readings, so you'll only be cheating yourself.  Drink lots of water to help flush the system of everything, and be sure to "go" before the examiner arrives.

So, you're buying term life insurance and you're going with the company that gave you the "best" quote.  Just keep in mind that you may not qualify for that rate due to cholesterol, pre-existing conditions, family health history, or your build (that's a nice way of saying that you're overweight....or just undertall.)

First of all deal with a broker (like me) who has access to different companies and can give you guidance depending on any of the problems/conditions listed above.  Obviously any pre-existing conditions and medications will affect the final cost and may require a little shopping that you really can't do without the aid of an insurance broker.  And, for goodness sake use the service because it doesn't cost you a dime since insurance is a regulated product and going direct to a company when available provides ABSOLUTELY NO BENEFIT to you.  In fact, it lessens the quality of the recommended product and lowers the quality of service.

But, don't assume that you'll qualify for the "best" rate just because you have no adverse health history, are of average height and weight, and take no maintenance medications.  Items that commonly knock an applicant from a top rate class (which could add 10-40% cost to the policy) are cholesterol (both your total cholesterol which usually needs to be under 220 AND your "ratio" which usually needs to be under 5.0) and family health history -- having a parent that deceased prior to age 60/65 due to cancer or heart disease will in most cases immediately knock you out of the top class.  But, each carrier is a little different and by letting me do the homework for you, I might be able to find you a carrier that you'd otherwise not find on your own -- because this carrier's "best" class you might qualify for where the competitor's "best" class, which is a lower premium, is unattainable.  Use your broker and save on the rate.

You'll also gain yourself a resource to ask many questions about different financial services products in the future.  This is something you will not gain using the Matrix Directs and the SmartQuote companies.  Besides, even though they are bigger companies, their rates for the same products are identical to mine and they carry anywhere from 8-15 companies where we have in excess of 150.  So, I beat them every time!