As part of the coverage couple’s FAQ series, we’ll be answering the question “Why are some policies simple to obtain instantly, while others seem to be impossible to qualify for?”
This is a great question. After you’re done here, check out another one of our FAQ episodes on “What’s the approval process and timeframe of life insurance” to shed some more light on the topic. In short, a lot of companies have adapted to the fact that most people want to “buy now”, rather than “add to shopping cart” for later. The desire for instant gratification has its place, but there’s no way to fully automate the underwriting process by totally removing the human component to issue instant approval-or-denial decisions.
In the few rare cases where this is being done, the sneaky secret of those crafty carriers is they’re price-gouging you for that so-called convenience. Guaranteed issue policies advertised by credit unions, mortgage lenders, and other shark tanks prey upon the uninformed consumer — capitalizing on the fact people are in a rush nowadays. The insult-to-injury aspect of it all is those consumers are overpaying for an underperforming policy.
Some carriers have found great ways to adapt to 21st century systems, where a policy can be streamlined and approved within ~1 day. The safety net is even the most efficient carrier will require basic health history. The point is, if you’re ever in the situation where an organization you didn’t request information from solicits you, whether by the mail, email, phone call, or someone knocking on your front door…be skeptical, cautious, and retain their information for our review(and likely the state department of insurance). Fraud is on the rise like never before, and so is the fleecing of consumers and the elderly.
Basically, we have a classic “too good to be true” scenario here. We mentioned earlier that while many people unknowingly accept convenience in place of competitive pricing, the bad news is those overpriced products aren’t even good. In contrast, the products, policies, and investment strategies we have access to at thecoveragecouple.com are not only A-rated, nationally known, longstanding, reputable, and highly regulated — but they’re far more affordable than other options in the captive market. We only partner with the best of the best. The solutions we propose for you are the same solutions we would AND HAVE proposed to our own family AND our own personal policies.
Because we work with reputable carriers that have a process of health qualification, you can rest assured you’re getting the best value anywhere, PERIOD. While some policies can take up to 4 weeks in rare situations for final approval, the wait is still always worth the end result. Not only will you have the certainty of knowing you’ve secured the best protection for yourself and family, but once you’re approved there’s nothing that can ever be done to revoke, change, or terminate that coverage!
SO HOW LONG DOES IT TAKE? A reasonable estimate for policy approval is around ~2 weeks following your exam. That exam could be as simple as an agent statement by us at TCC attesting you’re in good health. As licensed and regulated advisors, the state departments of insurance and carrier compliance officers place a lot of weight in our testimony. While ~2 weeks is a dependable average, that’s still extremely fast in the realm of life insurance.
The reason we’re able to maintain such fast processing time is that we’re not amateurs submitting partially completed applications to a distracted uninvolved manager in some office. The corporate meat-grinder model of “sale by any means necessary” is a horrible practice in the industry, and aside from being such a disservice to families, it creates huge delays because people don’t conduct themselves as devoted professionals.
At The Coverage Couple, we have great first-name relationships and direct access to all the top underwriters at carriers we partner with. NO MIDDLE MEN. We don’t just know the people and processes, but just as important we know the carriers to avoid based on your history. Submitting a trial application to a carrier that won’t approve you (or worse yet keep you on the hook while they request a million additional forms from your doctor) is something we actively avoid FOR your sake! Some carriers want to know every vitamin you’ve taken and stitch you’ve gotten — we do the legwork for you so that never becomes an issue. It’s best to walk around the pitfall, than worry about climbing out!
We commit to conducting deep investigative research for you, and would like for you to reserve time with us, without any cost or obligation. We’ll carefully listen, and then follow up with a proven, practical, custom proposal for your review. HERE is our official invitation to take part in The Coverage Couple Challenge, where EVERYONE WINS. Visit the Scheduling Page at thecoveragecouple.com to see how much we can save you on your existing coverage, or provide a financial risk assessment and needs analysis for your review if you’re unprotected and univested. We hope to hear from you soon, because your life is worth the investment! -Aaron & Sarah, The Coverage Couple