Archive for the 'Home Insurance Tips' Category
Banner Term Life Insurance Underwrting Guide
Monday, December 8th, 2008 by plrproBanner and William Penn are one of the very best term life product providers in the US today. Truly the company prides its self on being one of the best Term Life Carriers in the business, but recently brought on some good permanent products.
Below you will find a pretty detailed information underwriting guide for Banner Term Life Insurance products and plans, this guide should help you in obtaining the best Banner Life quotes from your agent.
Banner Life Rate Classifications:
Banner has six rate classes that they offer there insureds after complete underwriting they are as follows:
Non Smoker Rate Classes:
Preferred Plus Non Smoker - The best available rate class
Preferred Non Tobacco - Second best rate class
Standard Plus Non Tobacco -
Standard Non Tobacco-
Smoker Rate Classes:
Preferred Smoker - Best Smoker rate class
Standard Smoker-
Items that will determine if you qualify for any of the above rate classes with Banner Life Insurance:
- Impairments: Any major health issues that would normally affect underwriting, i.e. Diabetes, Cancer etc.
- Blood Pressure: Must fall into a certain range 136/50 for example in the Preferred Best rate class, if medication is taken must be well controlled and under Dr. supervision.
- Family History: Looking for history of Cancer or Heart Disease in Parent’s or siblings
- Driving History: Need to know at least past five years driving history such as DUI, DWI, Moving Violations, Reckless Driving or any License suspension or revocation.
- Tobacco Use: Need to know if any tobacco use in the last three years such as cigarette, chewing, nicotine patch, pipe and cigar.
- Cancer History: Any Diagnosis of Cancer must be disclosed, provide broker with type, stage and grade. Treatment provided and if any recurrence.
- Cholesterol: If you don’t know your current cholesterol, they will test for it at the paramedical exam.
- Cholesterol HDL ratio: This will also be determined by the paramedical exam results
- Substance or Alcohol Abuse: Need to know if any in the past ten years in order to qualify for the best rates.
- Aviation: If you are a Commercial Pilot, Private Pilot or Student Pilot please fill out the aviation questionnaire
- Avocation: Describe any avocational duties that may be dangerous i.e. Deep sea fisherman.
- Residence or Citizenship: Disclose if US citizen, if not do you have permanent Visa or Green Card. Describe in detail to your Broker.
- Build: Your height and weight if an issue can affect your premiums, please keep that in mind when applying.
Describe any issues above with your agent or broker and it always helps to draft a cover letter with the help of your agent. The more the underwriters know about you and situation and what you are doing to improve your health etc. helps you with better chances for better offers.
If you do not qualify for any of the rate classes above it could be for a number of reasons, most likely you have health, avocation or lifestyle issues and they have made a business decision to either rate you or possibly postpone decline your application outright.
Of course these underwriting guidelines can be modified at any time, go over all guidelines with your advisor to make sure you get the best rates.
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How to Buy Term Life Insurance Plans and Save Money
Wednesday, December 3rd, 2008 by plrproKnowing how to buy term life insurance the right way is very important for a number of reasons, number one being saving you some big money in premiums. I’m going to give you three simple tips that will help you find and buy the best most affordable term life insurance policy.
Term Life Insurance is by far the least expensive form or type of life insurance that you can currently purchase. Over the last few years rates on this type of policy have drastically reduced due to better carrier efficiencies and extended mortality rates and tables. Most big time financial mavens like Dave Ramesy and Suzie Orman praise term life insurance for it’s cost effectiveness and practicality.
Now that you are ready to buy a term life policy just how do you go about it?
Start by contacting a very experienced life insurance broker or agent, look for someone who has some credential like the CLU designation. A broker is an agent who can sell multiple carriers plans and policies, an agent is typically someone who sells only for one company like New York Life or AXA. Finding an agent who can sell you multiple plans is a critical part of getting the very best rates and quotes from your prospective new carrier.
After getting at least ten separate carrier quotes you now have to start asking you agent some questions, they will now know that you have done your homework and this won’t be a rollover sale for them with the highest commission carrier!
First question to ask is which carrier’s have the best ratings, very important that when you die the company you have paid all those premiums into will now be able to pay your death claim. Don’t take this step lightly, really research the companies financials and ask a lot of questions. Get rating reports on each carrier from your broker and review with them.
Next is who might have the best underwriting for you personally? You will be disclosing some personal health information with your agent so make sure you feel comfortable with this person. If you have any major health issue’s this factor will be more important than if you are healthy and expecting to obtain Preferred rates. Most term life insurance companies have niche’s in underwriting for specific health impairments and your broker should know which is strong for each particular issue. If you have Diabetes or Heart Disease your selection will become more narrowed but that doesn’t mean you still can’t find a great, affordable plan.
Last but not least is to find out which companies have good convertible plans that you convert if you wanted or needed to due to a serious health issue. You never know when you might have a serious health issue that could affect you from getting a new term life policy after your current plan expires. If your term plan is convertible you can convert it at the attained rate class you received when you took out the term plan, but you will pay the rates at your current age. That’s okay though it still will be much cheaper than paying possibly substandard rates.
If you follow this guide you are on your way to buying the most affordable term life plan that will protect your family, mortgage or business in the even of your death. Life Insurance is so easy to procrastinate and put off buying, I have even done it myself but with rates at an all time low you need to bite the bullet and just do it!
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