When you are looking for your next term policy it is important to have an agent shop rates for you as rates are dropping yearly. On top of just the rates, you want to select a company that has good financial strength with all the current financial turmoil. The average term rate has dropped by an average of 5% every year for the last ten years.
Another factor when looking at term rates, is the conversion options of the company. Are there good permanent options to convert to if you want a permanent policy down the road? Do they offer universal life, whole life, variable life, etc. These are all important questions to ask your agent.
Term rate quotes are just quotes technically and just a guestimation of what the premium might be based on the limited info the agent has. Just because an agent quotes you select preferred, don’t assume you can get that rate. You might be able too, but you have to go through underwriting before you truly know the premium. If something seems too good to be true, it probably is. For a free analysis, and a realistic analysis you can speak to a Paramount Consultant
We will help you evaluate your different options as well as provide you insight on different company’s. Certain company’s give better rates to smokers and that is important as you apply if you are a smoker. What if you suffer from Sleep Apnea or are a pilot, where is best to apply? At Paramount, we look at all of those factors and consider all of them to help our clients get the best offers.
When you make your shopping list, it may include a new sweater, a car, and even a new set of golf clubs. Typically, you don’t put term life insurance on your shopping list. While that may not an exciting item, this is a great time to look for a new term policy. Have a Paramount consultant run you a free quote for you. Our consultants will shop the life insurance universe and find all the best options. We don’t want you to spend time shopping on this, so we do that for you. We will look for lowest rates, company’s financial strength, and best underwriting practices.
It is important to have a consultant that understands which company’s underwrite the most liberally for different medical issues. The great thing about shopping for term is that term rates are at an all-time low. People are living longer than ever before and the average term cost has dropped by at least 5% every year for the last decade. If you got a policy in the last few years, it would probably make sense to get a new quote. You may be able to save money on what you are currently paying. If you have a policy that got rated for a medical issue, it may make sense to re-apply if the condition has improved. Also, you may want to look at other company’s that underwrite for that condition more favorably. We want to shop for stuff you want to be shopping for and life insurance shouldn’t be a hassle. Let us help you make the process easy and get that new set of golf clubs
A very popular option with employers these days is voluntary payroll deduction (VPD) life insurance. It is a very convenient benefit that can be offered to the employees of a company that doesn’t cost the employer anything. Basically the options are presented to the employees during the day, so they don’t have to worry about meeting the agent at night or on the weekend. For folks who sign up for it, a deduction is taken out of their paycheck to pay the premium each month. It is one less bill you have to deal with then and often times a VPD plan has more liberal underwriting standards. If you are in bad health and might not qualify usually, you may be able to still get insured throught the VPD plan. On top of that it allows employees to select from level term insurance, whole life, and universal life. The cash value can build up nicely over time like your 401k and it can create another nice pot of money. All policy’s in a VPD plan are portable, so you can take it with you if you leave the company and you continue to have that coverage.
If you haven’t opted in to your existing plan, it would make sense to explore it. If you are an employer and would like to explore setting up a plan, you may want speak to a Paramount consultant. As an employer, it is a competitive marketplace and qualified people are always looking for a better opportunity. This is one option that you can provide to your employees as another perk, that is of no cost to you.
