Don’t Make These Mistakes When Buying Life Insurance
by ROB BERGER
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3. Holding Out for A Better Offer
The most recent and biggest screw up we saw had to do with a 30 year old female applying for a $1 million term policy. After asking all the basic medical conditions, she gave us the impression that she would get approved at a Preferred rate. With her age and the amount she needed, we anticipated her rate to be about $70 per month.
After the initial paramedical exam, they found that her cholesterol was a little on the high side; and not just a little on the high side, high enough where instead of being Preferred she was rated a Standard Table B (essentially that means she was knocked down four table classes). That means her rate went from $70 a month to $162 a month. The insurance company made this offer without requesting her APS, otherwise known at the Attending Physician Statement. Your APS contains your entire medical background. If you have any medical history, then there is a pretty good chance that the life insurance company will request your APS.
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I’ve been always been a firm adherent to the “take the deal”. Have to bird in the hand; rather than two in that bush over there.
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