Many of the quotes we hear are not accurate. A client will often get the best possible case scenario as a quote and truly expect to get that price. While it may or may not be possible for them to get that rate, we like to provide a range that we think it will fall in. For example, from the information that has been given to us we might guestimate a best case scenario and a worst case scenario. While it is not guaranteed to fall in that range, it is usually pretty accurate. The clients best case scenario with perfect health and underwriting might be Elite preferred. If they get a couple of black marks in underwriting then their worst case scenario would probably be standard non-smoker. The premium for the Elite preferred is that top of the range and the premium for the standard is the bottom of the range.
It is imperative for accurate quoting, to understand the potential clients current health and health history. It is also important to know if they have other factors that could knock them down, like bankruptcies and dangerous avocations. To give a quote without knowing these type of things is shooting a little bit in the dark. We want to help our clients get accurate quotes and a realistic perspective of where their policy will truly land. We would rather underpromise and overdeliver and surprise clients with a better rate than expected.
Remember a quote is a quote and an offer isn’t an offer until you go through underwriting.