Jun 9 2013
Get The Facts of Life Insurance
At Barden Insurance and Financial Solutions, we believe in the importance of the family dynamic and offer help to those who don’t understand or currently have a policy in place. We have a mission to educate and help you better understand the great importance of owning Life Insurance and how to provide the most selfless gift to your loved ones without having to struggle. If you have questions, we have answers!
10 Frequently Asked Insurance Questions
1) How do I purchase a Life Insurance Policy?
First, Barden Insurance & Financial Solutions will send a State Licensed Agent to your home at your convenience where the application for coverage will be completed. During this consultation, we will weigh the pros and cons of a fully medically underwritten policy. You will then determine if you will pursue medical or non-medical underwriting for your policy. If we opt for a “Jet-Issue” non-medical policy, we simply complete the paperwork and submit to the Carrier for processing. The process usually goes quickly, hence the term “Jet-Issued”. If we decide on a fully medical underwritten policy, you stand to enjoy lower rates if you’re in good health.
Tips regarding your Para-Med Exam:
We will schedule a medical examiner to come to your home or office to take blood and urine. On larger face / benefit amounts and older applicants, a resting EKG or blood pressure check may also be required. It’s important to give blood after a 12 hour fast. It’s considered a good idea to schedule the exam for first thing in the morning as statistics suggest the most favorable results come after a good rest without food.
Understand the Underwriting Process:
Once the Insurance Carrier receives the Para-Med Exam results, the application in good order and any additional Doctor records required, underwriting makes a decision. An important note to make regarding this process is that every expense is paid for by the Insurance Carrier.
2) How long does the process take?
If no doctor’s records are ordered, the underwriting process takes less than thirty (30) days. If doctor’s orders have to be obtained, allow thirty (30) to sixty (60) days depending on the promptness of the doctor.
3) What happens if I apply and don’t get the rate applied for?
The Insurance Carrier under some instances will make a counter offer. If we believe we can find a better offer from another company, we will re-work your file to get you the best coverage option. This is our promise!
4) Are these Highly Rated Life Insurance Companies Stable?
Every company our agency uses has a strong financial rating as determined by the various rating agencies such as A.M. Best, Standard and Poor’s and Moody’s Bond Ratings. Every Life Insurance Company has been carefully chosen to provide affordable premiums for most risk classes while providing fantastic member benefits.
5) What do companies mean when they say “Preferred Plus, Preferred and Standard Ratings?”
Insurance companies are learning more about identifying risks. Since cancer and cardiovascular disease are the two leading causes of death, companies zero in on these risks. Individuals who qualify for the Preferred Plus would be less at risk then one rated preferred or a standard rating. Insurance Carriers look at an applicant’s height/weight, blood pressure, good and bad cholesterol, family history, personal history of cancer and CV disease and history of tobacco use during the underwriting process.
6) What if I don’t fit into any of these categories?
If an individual has one or more risk factors, they may still qualify for a preferred or standard rated policy. Many highly rated companies place higher risk policies, just as long as they can identify the specific risk factors. For example, an applicant just found out he has elevated blood pressure problem and their doctor is trying different medications to control it. Until the blood pressure is under control, this remains an undetermined risk to the insurance company. With so many highly-rated companies to choose from, we can often provide favorable rates for a variety of risk factors. Simply Visit BardenInsurance.com/quote to request your free quote now!
7) Do Insurance Companies treat all tobacco users the same?
Cigarette smokers that smoke less than a pack a day have a chance to get a non-smoker rating with one company. Other companies treat pipe and cigar smokers and tobacco chewers as non-smokers. Still another company gives almost all tobacco users a non-smoker rate for the first 3-4 years! This same company gives a preferred rate if you use tobacco less than three to four times a year. They look at the amount of nicotine in your system to properly determine your risk-class.
8) What if an Instant Quote is not right for me because of my special medical history?
Using the same diligence we use to find the lowest preferred rates for our customers, we will prepare a no-cost custom Quote specifically tailored for your age and medical condition, considering your treatment and prognosis. Now that’s service!
9) Can I apply at my age?
Our agency works with individuals of all ages! We have programs for nearly every age and physical condition. As America’s most trusted Insurance Agency, Barden Insurance & Financial Solutions puts Family First™ and always works towards the best interest of our clients.
10) How are Companies and rates selected by your Agency?
A.M. Best is the industry’s most recognized insurance rating organization. A.M. Best uses a letter grade to rate a companies overall strength and solvency. Our agency uses only insurance companies that have at least an “A” rating with A.M. Best. The top three (3) ratings with A.M. Best are:
A+ Superior A Excellent
Please read this section before you apply for Insurance expecting a particular rate.
Almost all Insurance Carriers offer preferred plus, preferred and standard rating classes. Although the requirements for preferred plus are similar for the competitive term companies, Barden Insurance understands the differences and would like honor of placing your policy with the right Carrier.
Some companies may have as few as ten (10) – fifteen (15) % of their applicants approved with a rating of preferred plus. Other Carriers are less strict and that percentage is closer to fifty (50)%.
Below we list some general guidelines commonly used based on height / weight to qualify for a Preferred Plus Rating:
Height Weight Height Weight
5’1″ 160 5’11″ 215
5’2″ 165 6’0″ 220
5’3″ 170 6’1″ 225
5’4″ 175 6’2″ 230
5’5″ 180 6’3″ 235
5’6″” 185 6’4″ 240
5’7″ 190 6’5″ 250
5’8″ 195 6’6″ 260
5’9″ 200 6’7″ 265