To get an accurate quote for term life insurance it is important to provide the agent with as much information about you and your medical history as possible. I see a lot of people giving out quotes blindly to customers without knowing much information about the potential insured. To accurately figure out what the clients rate might be, you must know their age, tobacco use, health conditions, previous health conditions, medications, profession, drug and alcohol habits, and avocations.
With that being said it is impossible to know 100% what insurance rating you will receive until you do underwriting. We would always rather be conservative in our estimates, so the client doesn’t get too surprised. When you receive a quote ask the agent what information was figured into the quote. It is easy to tell anyone the preferred rate would be, but can that person realistically qualify for that?
I spoke to a potential client the other day and he asked what a 20 year term policy would cost him? I said, “that depends, what is your health like?” It would be like asking what your mortgage rate is going to be before the bank considers your credit score, income, and consider the down payment amount. If you receive a quote, just recognize that is only a guestimation and only correct if you can qualify for that rating. If you have certain medical issues and/or dangerous avocations, make sure your agent is well versed in what are the best companies to approach. Remember not all companies underwrite the same way and certain companies give you better options based on different underwriting aspects.