#1 of (7) in the Life Insurance Quote Tricks series
If you're buying permanent life insurance or term life insurance or know someone who is, it is very important for you to read and understand the 7 life insurance sales tricks discussed in this series. It doesn't matter if you're buying term life insurance, whole life insurance, universal life insurance, or variable life insurance, the initial quoting process is very similar. Read Carefully, these tricks are going on every day, in every state…
The “Birth Date -vs.- Age Trick”
Some “tricky” agents will use your age rather than your birth date. Life insurance companies age a person 6 months prior to their real birthday. For example, if you're 29 years old and your birthday is June 1st; on January 1st you would be considered by life insurance companies to be 30 years old. Since the “tricky” agent quoted you at 29 years old, he/she will come in with lower quotes than all the other honest agents.
However, if you go with the “tricky” agent, he/she will not be able to keep the promise when the life insurance company rates you at your proper age (and they will).
So make sure you ask your agent what quoting method they used, age or birth date? If they used age, make sure they can explain why and make sure it's a good reason. You may want a second onion.
( Hint: there aren't many good reasons. )
Life Settlements FAQ – What If I Die Shortly After Selling My Policy?
Life Settlement FAQ – What if I Change My Mind?
Life Settlement FAQ – When Will I Get My Money And From Whom? And What Happens After?
Life Settlement FAQ – Is My Information Private & Confidential?
Life Settlement FAQ – Broker or Provider Representative?
Life Settlement FAQ – Do I have to sell all of my policy?