What The Auto Insurer Doesn’t Tell You
Term life is actually a bit trickier than you might think. The reason it is tricky is that everything rides on the termination date of the policy. If you pass away one day prior to the date, then the beneficiary gets 100% of the benefit. If you pass away one day after that date, the beneficiary gets 0%. It’s “binary,” there are no shades of grey. Put yourself in the shoes of the seller, that means their risk rides on a single day. For $10,000 benefit, this isn’t a big risk to carriers, especially if you are Miss Perfect.
If something is not exactly perfect (including much larger benefit amounts), then that’s different entirely.
Scenario: you speak with your auto insurance agent (I hear that some people actually go into an auto insurance agency office, crazy). The auto insurance agent asks/suggests 10 year term life insurance. Again, be careful. Here’s what isn’t well-known.
Auto insurers, if they are the company issuing, have, in most cases, FAR STRICTER underwriting.
If your application is denied, that information is shared with other insurance companies.
That “might” be ok if their premiums were notably lower than other carriers. Nope. We can literally locate premiums that are an EXACT TIE across carriers. So you have applied for more costly insurance, with greater likelihood of being rejected? Hmmm.
So for us, the best is to avoid this by clicking the image, to get your quote. It is important to know that if you seek large benefit amounts ($100,000+), then this form is going to be FAR superior than the second image, because many of the most competitive carriers do not offer that amount online, at all.
But if you insist on doing this yourself, then click the image below (or click here).