I got an email ad for life insurance for $15 a month. When I try to get it at that price, no one has it. Seems like someone is just lying to get some more business, to me. What gives?

Asked by Sarah

3 Answers

Log in or sign up with email
By submitting you agree to our Terms of Service
Hello Sarah,

One word is helpful here: marketing. Here is what I mean. It is not a lie because someone out there can buy that policy for that price, but you have found that it is not YOU. In most cases, the lower the marketed price, the lower the age of the person for whom that policy is designed, the shorter the term of the plan, and also the least costly rate class may be used. Put another way, this "marketing target" is a 32 year old female (life insurance for women costs less than for men of the same age), who is in excellent health whose plan is not the 30 year plan that you are looking for. Any difference of those factors will mean a difference of cost for you.

Life insurers, of course, will not advertise the opposite because the price won't attract a likely buyer. Like this: male, 59 years old, 25 year term, Standard Table 4 rate class, high face amount. That person's premium will never ever be $15 a month, yet that person probably lives in your city and received the same ad. The spirit of marketing is get your attention with a low rate but, again, it's not a lie. Find article at MoneyTips titled "How To Get Accurate And Meaningful Life Insurance Quotes" which offers some detail on how your personal information affects your rate. Key words are "your personal information" since that is what your actual premium amount will be based on. My best advice is to ignore the ad and check with your advisor for the best information.

Kirby
Term.com
lifeInsuranceToday.US
NoExamLife.US | 01.12.16 @ 18:04
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:23
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
It sounds like a bait and switch type of solicitation | 01.12.16 @ 19:19
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:23
Answered by Michael Minter, Financial Adviser in Tampa, FL
I think Kirby summed it up very well. Not more needs to be said, but to point out it is wise to work with an independent insurance broker that will have all the top rated carriers available and has the expertise to work with you to determine what's the best plan at the correct price, based on your needs. There are many sites you can shop online with to look at rates. A very good site makes it easy for consumers to shop their rates and different plans at www.mintcofinancial.com NO Personal information will be asked and will have rates to shop within seconds, This way you won't have to worry about many agents calling you to solicit your business, but if needed will have the expertise to answer all your questions and point you in the right direction.. all the best & much success. | 01.12.16 @ 19:45
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:23
Log in or sign up with email
By submitting you agree to our Terms of Service
Free MoneyTips Membership!

Get FREE, full access to MoneyTips.com

Related Questions

Q&A
Asked by Scott