The Disconnects with Individual Term
- The variation of issue classes and how companies rate can be different even within one year of issuing.
- Some companies have age last birthday versus age nearest birthday.
- Some companies have 5 classes of issue and some have 4 classes Standard to Preferred to Preferred Plus. Others range from Standard to Standard Plus. MYTH many brokers believe companies without a Standard Plus rating are not competitive. In fact, because they do not have a Standard Plus rating, they frequently issue policies at Preferred versus Standard – benefiting the client.
- With table shave programs: people in their 40’s, 50’s and even 60’s with issues like diabetes, former cancer, asthma, Crohn’s, etc. can get issued Standard– instead of table 2 or table 3.
- Some companies treat things like alternative tobacco or even marijuana as if it isn’t there while most companies treat them as smokers. This can be a huge savings for some clients!
- Conversion options lessen over time.
- At certain rate classes and ages, permanent insurance can cost less than term insurance.
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