Shopping for Life Insurance

What is best way to get a lower rate on life insurance? Should I get a quote from two agents?

Most people think they must get quotes from multiple sources to get the best deal on life insurance. This is not true, in fact it may be worse than having one good agent, or more specifically an independent broker, represent you to multiple carriers and look for the best insurance design that meets your needs.

For my clients, I gather basic health history (and sometimes detailed medical records) and present your application to multiple carriers who then compete for your business. There is no game playing, carriers use their own guidelines and one may very well offer you a more favorable rate class than another.

Even worse, is when someone puts in an application with me and then applies with another agent. When the carrier gets two applications on the same person at the same time, numerous red flags go up and it makes it much more difficult to get either policy issued.

It does not even have to be with the same carrier. The industry subscribes to a service called Medical Information Bureau which is a database, almost like a credit score, that tracks when you apply for life insurance and what health class you are given by each carrier.