If It Walks Like a Duck and Quacks Like a Duck, Then It Must Be a Duck, Right? But Is It Really The Best Term Insurance For Your Client?
I love Amazon.com. Why? They have the stuff I need, it’s easy, and I get a good price. Do I shop around? Not really. I know if I want a new book that’s listed for $12.99, that’s what they’ll have and most everyone else will too.
As much as the term quote engines would like you to believe, term is not a commodity product. But let’s face it: you see a $1 million death benefit, a 20-year guaranteed term period, and a premium. Assuming you’re looking at rates across similarly well-rated carriers, there is little to no difference in your client’s mind.
Here are some reasons even Daffy and Donald would choose LLIS:
- LLIS has the stuff you need. We use all the carriers that the Supermegaquote engines do, and more!
- The largest term quote engine I can think of has three health questions. I know two term quote websites popular with advisors that ask four. Now, if everything required for accurate underwriting were contained in those three to four questions, their quotes would be pretty accurate. But there are pages of questions, and we ask many of them up front to get reliable quotes for your clients, allowing us to match challenges (like serious health issues) with the appropriate policy at the right price.
- Real people look at the information. If Supermegaquote spits out ABC as the best company for your client based on four questions, that’s likely where they will apply without a second check. We do a second check. If there is additional information from our first underwriting estimate, we’ll let you know.
- Who will answer your client’s calls? I’d assume it’s the same as when I call for questions on my brokerage account. I don’t even write down the names anymore because I know I will never speak to that rep again in my life. You’ve trained your clients to expect personal service, and we deliver. Your client has a case manager from step 1 to policy delivery, and a policyholder services rep after that.
- Like Amazon, we’re not going anywhere. When your client needs help with premium changes, beneficiary designations, conversions, etc., we’ll still be here to help. And we help you, too, by notifying advisors of policy lapses, running reports for clients’ policies, and looking up policy ownership/beneficiary designations for you.
Advisors tell us they (and their clients) have not found the LLIS level of service from Supermegaquote. After all, service is the only thing we sell.
— Mark Maurer, CFP®, MBA, President
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