Life Insurance Wholesaler

Life Insurance Wholesaler

In a retail environment, insurance providers depend on banks and insurance brokers and other finance service companies to sell their life insurance products to consumers. These insurance companies make use of go-betweens, connecting the company and the retail representatives in order to communicate directly with financial service companies. These go-betweens or intermediaries are called life insurance wholesalers. They peddle life insurance products to financial planners and advisers in areas they are assigned.

At present, financial planners make use of increasingly high-level marketing techniques and steady stream of communication with their clients. They make use of life insurance wholesalers for market intelligence and innovations to keep up with the range of products hitting the market. Life insurance wholesalers find out what’s going on in the practice of financial service companies. They identify what needs they can solve.

Life insurance wholesalers look for the right type of clients, pinpointing their needs, and recognizing where they are mentally and emotionally. Partnerships are critical to life insurance wholesalers. Forming bonds with local banks, insurance companies and accounting firms is important since they refer business to each other.

Competencies of a life insurance wholesaler should include thorough product knowledge of life insurance products, adequate training and skills in staff training, good interpersonal skills, ability to comply with guidelines and to effectively assess products.

Product knowledge is important since life insurance wholesalers are responsible for supplying the details of the presented products to the retail agents. They should be well-versed in the features and benefits of all life insurance and annuity products. This assists the agents in selling the products to the consumers. Life insurance wholesalers communicate with brokers and agents via telephone, email or in person.

Sufficient training is likewise necessary since life insurance wholesalers go to the sites of financial service companies and banks where they conduct training sessions through the use of multimedia presentations, handouts, pamphlets and even role playing exercises. If life insurance wholesalers are inadequately trained, the staff that they will coach will not be able to know how to identify opportunities for life insurance sales. Therefore, they should also be strong communicators (verbal, written, platform) and good listeners.

Life insurance wholesalers should also have good interpersonal skills, because they often are given the task of assisting licensed retail salespeople in hosting events for possible clients. They frequently speak at breakfasts, dinners, sports outings, and other events that are prepared for the interested clients. Also, life insurance wholesalers should have excellent time and activity management skills.

In addition, life insurance wholesalers are responsible for guaranteeing that any information in print that is being handed out about their products passes all state and federal standards for insurance advertising. The ability to comply with guidelines is a must for life insurance wholesalers.

Another job description of a life insurance wholesaler is assessing sales materials and product line ups offered through the insurance company. He/she asks for opinions regarding these materials and reports the suggestions and feedback to the management. This helps evaluate the present marketing strategies of the company and enhance areas that need improvement.

Lastly, it is a vital requirement for life insurance wholesalers to demonstrate ethical behavior at all times, to work in the best interests of clients, producers and the company. They understand and embrace the importance of accountability and performance management, develop and sustain consistent, lasting business relationships.

Life Insurance Weight Charts

Life Insurance Weight Charts

Along with height, weight is an important aspect that life insurance providers use to help them determine your life insurance risk category. Your risk category determines your life insurance premium. Height and weight guidelines may vary among life insurance providers. Each company makes use of its own set of height and weight charts. There are companies that have liberal standards while others have strict guidelines. There are general weight charts for males and females which can provide a broad idea of the acceptable maximums for the best three life insurance rate classes from a good number of companies.

For most amounts of insurance plans, a basic physical exam is necessary to acquire most types of life insurance. The medical exam can be done at your home or other suitable location. Conducted by a licensed paramedical or medical doctor, a general physical exam normally takes just about 15-30 minutes. The exam usually includes a urine and blood specimen, blood pressure reading, a series of questions regarding your medical history, including questions about your health and lifestyle, and height and weight measurements.

Given this height and weight measurement requirement in medical exams, insurance companies have height and weight charts they utilize. Weight is one factor that may cause you not to obtain an insurance plan if you do not meet the standards of a company’s height and weight chart.

Being overweight, but otherwise healthy, can pose difficulty to buy life insurance. Similarly, if you are not obese but your weight attains a certain level, you’ll be needing to pay extra for your life insurance. In most cases, the heavier you are, the more you will pay. If you’re over about 10 pounds your ideal weight, your life insurance quotes will not be affected. However, if you are obese, and also have other medical conditions such as high blood pressure or diabetes, you could have difficulty being eligible for a life insurance.

Your weight is assessed by how much body fat you are carrying. This is calculated using your height and weight to identify your Body Mass Index (BMI). If your BMI is between 25 and 29.9, you are an overweight adult. If your BMI is 30 or higher, you are considered obese. Obesity can lead to other serious health conditions, as well. This is why it affects your life insurance rates. Being overweight or obese heightens the chance of getting cancer, coronary heart disease, gallbladder disease, liver disease, dyslipidemia such as high cholesterol, gynecological problems, osteoarthritis, hypertension, sleep apnea and respiratory problem, stroke and type 2 diabetes.

Life insurance companies have their own underwriting guidelines, but there are various exceptions and variations among life insurers. However, in general, even if your BMI is up to 26 to 28, you still can get the best life insurance rates which are often called preferred plus. A higher BMI will possibly press you down the next rate class which called preferred, although this will cost more. If your BMI ranges from 35 to 38, you will be under the standard rate class with the rest who have normal health.

According to life insurance experts, senior citizens or those who are aged 65 or 70 and up are frequently subjected to less strict weight standards. Not only the overweight or obese are affected by weight guidelines of insurance companies. There are numerous life insurance companies who also have weight minimums. You are charged more if you are considered underweight.

If you find that most insurance companies find you uninsurable but you get to find a company that will insure you for a high monthly or yearly premium, it is advisable to still get coverage. There are insurance companies that can provide a hospital indemnity policy. This type is not a usual health insurance policy but it will pay if you need to go to the doctor or hospital. This type of insurance policy may be an alternative if you do not suit the right weight guidelines of insurance companies.

Life Insurance versus Annuity

Life Insurance versus Annuity

There is a longstanding debate regarding life insurance versus annuity. In reality, the two can be acquired to give security to you and your family’s finances in the coming years. In considering making a long-term investment such as financial security after retirement, it’s normal to take into account the different types of investment offered. The disparity between life insurance and annuity appears negligible. Both provide similar goals of giving the insured a relaxed and financially secure life after retirement. It is important however to tell apart the distinctions between these two to discover what suits you right.

There are various questions one may ask in comparing the two kinds of investment, such as “Do they both provide insurance at the death of the insurer?” or “Which is better and offers more financial security?” Again, what is important to take note is which is right according to your needs, be it a life insurance coverage or annuity. Advantages should be weighed against each other and the nature of both types of investment should be discussed to come up with the right decision. An annuity may work well with one individual, while a life insurance plan may work well with another person.

An annuity is an agreement between an insurer and an insurance company, where the insurer purchases an annuity against a substantial sum of money. In return, the insurance company guarantees to return the value of the annuity in numerous installment payments or through a lump sum disbursement. A contract, wherein the insurer may receive a stable income until he or she passes away, can be made also. As a result, an annuity presents a safe and steady source of investment transforming into income.

Other significant features of annuities include high rate of return, tax deferred status, fast growth of savings, and sure enough, a secure investment.

A life insurance policy, on the other hand, is an agreement between an insurer and an insurance company which is meant to meet the needs of the beneficiaries which may be the loved ones left behind when the insurer dies. From the life insurance plan, the beneficiaries obtain an amount of money that surpasses the cost of the premiums the insurer had paid. If the insurer dies during the contract period, surely the beneficiaries receive such benefit.

The difference between the two types of investment generally lies in the disparity with regard to benefit and the time it is bestowed. An annuity intends to support the insurer’s financial needs through a steady income, while a life insurance plan intends to support the beneficiaries of the insurer. An annuity returns the sum value of the investment, including the profits gained from it. A life insurance plan returns a sum amount which may be way more than the premiums paid by the insurer.

To sum it up, annuities systematically allocates accrued assets, lessens the financial uncertainty of living too long, provides the annuitant an income for life in exchange for a premium wherein a premium is ascertained by sex, age, class of annuity, amount of income and health. Life insurance, meanwhile, generates an estate, diminishes the financial uncertainty of passing away too soon, grants the beneficiary a specified amount at death of the policyholder in exchange for a premium which is determined by sex, age, type of insurance, amount of death benefit and health.

Life Insurance Urine Test

Life Insurance Urine Test

If you are planning on applying for and purchasing life insurance, then prepare yourself for the required medical and urine examination. You may have no issue with a general medical evaluation but you may be asking yourself – why the need for a life insurance urine test?

Life insurance urine test is included in the life insurance medical evaluation in order to check for potentially high levels of drugs and alcohols. The results of this evaluation, together with that of the other procedures done such as blood tests, are all taken into consideration and are part of the things that affect the financial risk that a person poses to an insurance company.

Life insurance is a protection that is offered for the family of the policyholder – upon the death of the insured, the agreement requires that the insurance company stands by the stipulations of the contract and provides the benefits of the plan to the family of the deceased.

Given this scenario, a person who is applying for coverage will be assessed by the insurance company first before agreement for a particular plan’s purchase is provided to the customer. As a business entity, policy providers also have the right to engage in activities that are meant to provide their companies huge profit margins.

This is the reason why an insurance company must determine the kind of financial risk it will be taking on when it accepts customer purchases of its policies and products. After all, if policyholders have a medical history or have diseases that can contribute to their deaths, the company will be liable for the insurance claims of the beneficiaries.

A life insurance urine test can provide additional and accurate medical information that the company can use to define the policy stipulations for the specific needs of the policyholder, or to offer another comprehensive policy that is better suited to the insured person.

However why do insurance companies prefer the use of a life insurance urine test? Because a urine test can easily show the abnormalities present, unlike a blood test. A person who will test positive for high-risk diseases may possibly have higher premium plans rather than another healthy individual who will not show any signs of medical issues.

Tests, like a urine test, are utilized by insurance for policies that involve huge amounts of money. Low-valued insurance policies normally do not require the insured to undergo a battery of medical tests. Companies primarily look for the occurrence of these concerns in the test results: nicotine, drugs, and medical conditions or illnesses. There are some instances when a person who wishes to apply and purchase a particular plan have not provided accurate information on his occasional smoking habits – the medical tests will show the levels of existing nicotine within his body and the stipulations of the plan he wants may change or the plan itself can change, based on the evaluation and assessment of the insurance company.

Some people may intentionally miss out on providing information about their habits, like smoking, because they wish to be awarded non-smokers’ premiums which are considerably lower than smokers’ rates. But such tests as the life insurance test can bare the truth. This will result to the insurance company giving you smokers’ rate standards once it awards you with the policy.

However, for cases where the applicant passes the test and was later found out to have provided inaccurate information in the application, the death benefits of the plan can be held back by the company.

You are purchasing life insurance because you wish to safeguard the future lives of your family. Will you allow this to be compromised because you happen to withhold some medical information that the insurance company requires?

The life insurance urine test is just one of the simple medical procedures that companies require in order to ensure that the information you provide is accurate and updated. This is a standard process that companies undertake to ensure that with the products they provide, both you and the company are well protected from financial risk. Do not take any chances and gamble away your family’s future. Be honest and upfront; the company will have a way of checking out the data you provide them with.

Life Insurance Underwriting

Life Insurance Underwriting

Insurance companies safeguard individuals and businesses from monetary loss by assuming billions of dollars in risks each year, including risks of illness, car accident, property damage, and other incidences. Life insurance underwriting is the process of making decisions whether to provide insurance to an individual or association, and if so, under what conditions. The people who do this job are called underwriters. They are the ones that find out who can obtain a policy, identify the suitable premium, determine and compute the risk of loss from policyholders, and write policies that cover this risk. There are individuals and associations with conservative and aggressive financial mindsets, and underwriters should be careful to make risk underwriting too conservative or too aggressive. The former may cause an insurance provider to lose business to a competitor, while the latter may cause the company to pay too much claims.

In life insurance underwriting, information in insurance applications are analyzed to decide whether a risk is satisfactory and will not bring about loss. Insurance applications usually include medical, data vendor and loss-control representative reports, as well as actuarial studies. If issuing a policy is possible, underwriters determine the suitable premium by examining diverse factors about the candidate such as family history, age, lifestyle, and health status, in terms of health insurance. With regard to property-casualty policies, the underwriter would have to look at the grounds for loss to which property is open to, like earthquakes or hurricanes, and the precautions taken by the candidate. It is the underwriters’ role to provide central linkage between insurance providers and insurance agents.

Life insurance underwriting includes the use of advanced computer software, thus, technology has a vital function in the work of an underwriter. They make use of “smart” systems or “automated underwriting systems”, which are computer applications utilized to compute risks more precisely and effectively. These programs examine and assess rate insurance applications as well as endorse acceptance or refusal of a risk. They also modify the premium rate according to the risk. The Internet likewise has a critical role in the job of an underwriter. Numerous insurance companies’ computer systems are connected to different databases on the Internet that permit direct access to information. This information includes credit scores or driving records, among others, which are needed to ascertain a possible client’s risk. Time and paperwork are decreased with the help of the Internet.

Most underwriting work focuses in one of the four broad categories, which are life, health, mortgage, and property-casualty. Life and health insurance underwriters may concentrate in individual or group policies. Life and health insurance sales are most commonly made through group contracts. A normal group policy provides insurance to a particular group through one contract at a standard premium. The group underwriter examines the group structure as a whole to make sure the total risk is not excessive. Senior citizens, for example, benefits from another kind of group policy which provides them with individual policies that represent their specific needs. These needs are commonly casualty policies. The casualty underwriter examines application per group member and forms individual assessments. A number of group underwriters convene with employer representatives or unions to talk about the kinds of policies available to their group.

Life Insurance with Cancer

Life Insurance with Cancer

It is not impossible to get decent life insurance after the diagnosis of cancer. Although difficult, it is feasible to obtain despite having this particular terminal disease. Several factors will be considered by insurance carriers and these include: the type, grade of cancer, stage, and treatment plan. Another would be the regularity of past treatments, its outcome, and how often the follow-up check-ups are.

Many insurance companies abide by the guidelines provided by the Surveillance, Epidemiology, and End Results database (SEER), which is provided by the National Cancer Institute. This database has information on almost three million patients which have corresponding numbers for their respective files. Oncologists and medical researchers from across the country submit reports to SEER. Insurance carriers can access the SEER database for applicants needing endorsements. They can review the diagnosis and stages, patient demographics, information and location of tumors, morphology, follow-up procedures and the like.

Considering the fact that mortality risk for cancer patients is within the first few years, insurance policies are intentionally delayed. Progress reports help determine how advance the disease is and it is not common to find an insurer willing to approve a policy for someone who is currently having treatment. A patient who has a good prognosis can get a policy within one to two years.

Breast cancer survivors usually have their records evaluated by insurance companies even after seven years of completing their respective treatments. Promising results often lead to better insurance premiums. Other cancer survivors opt to avail of life insurance after the disease has been in remission for about five years. There are certain types of cancer that insurance companies categorize as low risk. An example of this is skin cancer. Often, this kind of cancer doesn’t have an impact on insurance premiums.

It’s important to note that majority of insurance carriers will not approve applications of cancer patients whilst they are under treatment for it. Once again, the type of cancer a person has will affect premiums and other charges. For example, there might be a “temporary flat extra” which is a surcharge imposed somewhere between two to five years based on the cancer type and treatment of an applicant. These charges are not permanent and will be removed after a specific period of time.

Several treatable and common forms of cancer like prostate, testicular, breast and thyroid can give an applicant a standard rating when circumstances are ideal. Other types like colon cancer and leukemia are usually declined, if not, they either get a “high substandard” or “substandard” rating. When the cancer has already metastasized, that person won’t be able to avail of any policy.

The rule to remember is, the earlier the stage of cancer – the better chances of securing an insurance policy. This is due to the fact that many developments have been made in the treatment of cancer. Patients who have difficulty acquiring an insurance policy on their own can have a better chance of getting one through their employers with the use of the group rate.

Life Insurance and Young People

Life Insurance and Young People

Getting life insurance policies for people less than 35 years of age is not so popular. In fact, the figures have already declined by 5%. It is assumed that economics has a lot to do with it. Due to the advent of the financial recession, relatively younger individuals have put the purchase insurance policies aside for the mean time. However, there are very encouraging reasons why one should start availing the coverage offered by insurance carriers early on.

A major factor is the cost. Insurance policies will be a lot cheaper because generally, the younger a person is the better health they have, in an ideal situation. This is definitely a plus but cheaper isn’t always the best deal for you. Be sure to review the proposition especially if you have family members who are dependent on your income. It is a common mistake for many young people. Remember that getting a cheaper policy might result to skimped benefits that your loved ones are counting on. When choosing the right policy to suit your needs, don’t limit the coverage to your life alone. Have a solid computation of your earnings as well to ensure that you are maximizing the full potential of your insurance coverage.

When a policy is taken out only to cover your death, that is exactly what is it is intended for. A payout will only occur in the event of the policy holder’s death. It is much better to have your policy cover your earnings as well because if, in case, you fall ill and become unable to work, you will be getting a payout. We all know how bills can run high when no money is coming in. Consider full protection by adding your income. This will be helpful in paying debts or even the mortgage when you can no longer continue to work. Don’t put a price tag on your peace of mind.

One reason why many young people get discouraged to avail of life insurance policies is because of the aggressive selling techniques used by insurance sales personnel. Most individuals who belonged to the age group of 18 to 24 years old feel that they are too invasive. Young people are dissuaded from availing of much needed coverage as soon as a stereotype of a commission-greedy salesman comes to mind.

For those of you who have a similar sentiment, there is another option which allows you to review and analyze which one is the best insurance coverage for you. Checking for insurance quotes and reading up on other insurance information through the Internet helps you become more educated about policies. Since you no longer have to deal with brokers or agents personally, there is no more reason to get turned off from getting the protection you deserve. Another advantage is, you can do so in a relaxed environment and at a time which is most convenient for you. There are many tools online which can aid in the decision-making process for availing of your preferred life insurance policy.

Life Insurance and Young Adults

Life Insurance and Young Adults

People who are in the bracket of ages 18 to 35 often do not think about death happening in the near future. The relatively young mindset accepts the notion of immunity at this point in life and that death will occur eventually in the ripe old age of 70. This is not only false but is also an incorrect estimation. The fact remains that for as long as you are currently breathing, it can stop anytime father time says it’s time to go. This is precisely the reason why no matter what age group you belong the protection of a life insurance policy must always be considered and, whenever possible, be taken advantage of.

Young professionals who have disposable income should get themselves covered with the appropriate policy that suits their needs. Even single people have to prepare in the event of death because there are obligations that exist beyond the mortality of a person. This is inclusive of debts. It is true that you might be gone but your loved ones have to pay for that college loan or home mortgage that you took. This financial burden will definitely be felt by the ones you left behind. A life insurance policy can help cover these expenses so that their personal debts will not accumulate due to your passing.

Another expense that a family needs to be responsible for is the burial. Everyone wants their family member to be at ease and to recover quickly after they depart this world. It would be extremely helpful to your loved ones if they could focus on the grieving process without having to worry about whether they have enough savings to spend on a decent burial or where they will look for money. When you have an insurance policy you’ll save them from these worries. They can focus on celebrating your memories and the life you lived.

If you have small children or if you are helping your parents support a younger sibling, even when you’ve already left this earth, you have peace of mind that they can finish their education. This is just one of the many examples of how you can help your family through insurance coverage.

The more we age, the more expensive life insurance policies will be. It also becomes more challenging to get an insurance carrier to give complete coverage. Logic tells us that when we are in our prime, our health is better compared to our later years. This is the main reason for the significant decrease in the cost of purchase for insurance policies when younger people buy them. Also, when you start young it gives you a bigger chance of maintaining a lower rate even for the next decades to come.

Lastly, your family will appreciate the gesture very much. It means that you care enough to have prepared for that natural event in our lives which is emotionally and financially strenuous. The pain of losing a loved one will certainly not go away but it make the experience easier for those who are left behind.