Purchasing Life Insurance in the Self-Checkout Lane

Do you use self-checkout?

After being hesitant at first, I only use the self-checkout lane at retailers. No waiting in line, easy to use scanner, you bag your items with care, and ability to pay and move on to the next task. The "Do-It-Yourself" person enjoys being in control of the process and being able to complete a task themselves. It's an empowerment of the individual.

It's a trend in retail and there's no turning back.

It's also a trend in the life insurance industry. Research and the gathering of information about life insurance products and obtaining quotes online has been increasing for some time. Not only are more people doing research online about life insurance products, it's how people apply for life insurance.

There still is a human element.

Just as retailers keep store personnel in the self-checkout area, shopping and applying for life insurance also retains the human element. Glitches happen with a machine. Questions may go unanswered by an online quote tool. That's why it's beneficial to have an independent life and health agent to move the process along.

An independent agent can help find the right insurance product, the risk class for an individual, and an insurer who will approve coverage quickly at the most competitive premium. 

Just how healthy are you?

This makes all the difference to the insurer and if you don't have a good handle on your own health status, communicating health facts to the insurer, you may end up paying too much for insurance coverage.

Let's look at an example: A 40 year-old female applying for $500,000 coverage for a 20 year term life insurance. Here are sample term life quotes:

Before this quote was made, an agent helped this person assess her health status by using a health analyzer. Simple questions such as:

Height and weight
Tobacco use.
Family medical history.
Driving history, and
Diagnosis or treatment of specific medical conditions.

The health analysis takes five minutes and provides competitive quotes from top insurers. The analysis also indicates which insurer most likely can approve the application and which insurers use Accelerated Underwriting. This feature speeds up the approval process to a matter of 2-3 days instead of weeks. Like getting through checkout faster. 

Accelerated underwriting can eliminate the need for a medical exam. However, depending on available health information on the individual, an exam may still be ordered.

Working with and independent agent who uses a health analysis also saved this client from paying for a simplified issue plan. No medical exam. Accelerated underwriting and Simplified Issue are not the same thing. Simplified issue places everyone in a higher risk class with higher premiums.

You pay the same retail store price whether you use self-checkout lanes are not. You might pay quite a bit more for self-checkout with your insurance purchase. 

So, May I help you?


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