Author Topic: New trend - Instant approval life insurance  (Read 13009 times)

Offline Sport

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Re: New trend - Instant approval life insurance
« Reply #20 on: March 20, 2017, 08:24:44 PM »
Got my li  this way.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #21 on: March 20, 2017, 08:27:35 PM »
I assume they Haven doesn't have agents or sell through brokers. But being that they're owned by Mass, if I apply to see a final quote and don't buy, is my info gonna end up in the hands of a Mass agent?

Haven only has direct distribution. I can't promise you that your information won't make it into the hands of the Mass field force, but I think it's unlikely to if you don't buy. The agents aren't interested in the customers that are shopping for policies with premiums of $25/month.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline bades

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Re: New trend - Instant approval life insurance
« Reply #22 on: March 20, 2017, 08:33:10 PM »
Got my li  this way.

From who ??
😛

Offline Sport

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Re: New trend - Instant approval life insurance
« Reply #23 on: March 20, 2017, 08:40:49 PM »
From who ??
😛
Of course, forgot your plug:
Bades hooked me up with my policy, I had been dragging my feet for years on getting  this taken care of, mainly because I never got around to going to the doc. Until @bades hooked me uo with this policy that required no medical screening.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #24 on: March 20, 2017, 08:42:49 PM »
I googled the application form number and found Mass's filing for this product in DC - thought I might get a peak at the actuarial memorandum. Unfortunately that's one of the only supporting documents for the filing that doesn't have public access.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #25 on: March 20, 2017, 09:01:03 PM »
Of course, forgot your plug:
Bades hooked me up with my policy, I had been dragging my feet for years on getting  this taken care of, mainly because I never got around to going to the doc. Until @bades hooked me uo with this policy that required no medical screening.

Oh, haha. Bades sells? That makes sense.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #26 on: March 20, 2017, 09:04:35 PM »
I googled the application form number and found Mass's filing for this product in DC - thought I might get a peak at the actuarial memorandum. Unfortunately that's one of the only supporting documents for the filing that doesn't have public access.

Try digging up the compact filing- I would be surprised if anything is redacted. If it's not fully public someone who works at an insurance company could pull it off serff.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #27 on: March 20, 2017, 10:18:48 PM »
Try digging up the compact filing- I would be surprised if anything is redacted. If it's not fully public someone who works at an insurance company could pull it off serff.
No results from compact. It's possible they filed state by state.

Offline yitzf

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Re: New trend - Instant approval life insurance
« Reply #28 on: March 20, 2017, 10:57:26 PM »
Got my li  this way.

+1 (Principal)

Offline BP16

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Re: New trend - Instant approval life insurance
« Reply #29 on: March 20, 2017, 11:37:17 PM »


The agents aren't interested in the customers that are shopping for policies with premiums of $25/month.

Really agents don't run after people that could only afford $25 a month?
#1 that's $300 year so that's $150 commission and they hope that one day they will convert that policy to a whole life policy.

Offline ckmk47

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Re: New trend - Instant approval life insurance
« Reply #30 on: March 21, 2017, 12:49:18 AM »
I would imagine they use statistics, and not just make it up. Hence I'm asking if they have evidence that credit is a factor in life expectancy.

I've heard that 'reckless driving' like running red lights and cell phone tickets raises your Life insurance rates.  It shows them that you're reckless and not careful with your life.  Credit rating may also say something about how you run your life.
My favorite cause: cssy.org

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #31 on: March 21, 2017, 11:12:38 AM »
It's great that a lot of people already know about this.

One of the points I want to make is that right now is as easy as it's ever going to be. I wouldn't go so far as to call it a price mistake, but IMNSHO the companies doing this are cutting corners and making decisions without gathering enough data. In the future, the companies will get better at gathering data sources and tiering their prices based on the results. They are operating half blind right now.

If they are willing to give away super preferred pricing to people who may only be basic preferred (because they can't tell the difference yet), why shouldn't you benefit?

I expect to see a huge spike in applications from 08701  ;D
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #32 on: March 21, 2017, 12:38:31 PM »
It's great that a lot of people already know about this.

One of the points I want to make is that right now is as easy as it's ever going to be. I wouldn't go so far as to call it a price mistake, but IMNSHO the companies doing this are cutting corners and making decisions without gathering enough data. In the future, the companies will get better at gathering data sources and tiering their prices based on the results. They are operating half blind right now.

If they are willing to give away super preferred pricing to people who may only be basic preferred (because they can't tell the difference yet), why shouldn't you benefit?

I expect to see a huge spike in applications from 08701  ;D
Honestly, it's actually a little surprising that they're not cheaper than everyone else. It's direct marketing only (no commissions), underwriting requires no staff, one product, etc - all of that likely means much lower expenses, which is the holy grail in term pricing.

As far as the actual underwriting, the only piece they're really missing is the added info of the medical exam (primarily the blood work). It's not so crazy to think that in the presence of all the other hard data they might be able to pull, the medical exam doesn't often meaningfully affect the outcome. Layer on that any conservatism they likely built into their mortality assumptions for lack of prior experience with the system and it doesn't seem like that big a risk.

Offline yitzf

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Re: New trend - Instant approval life insurance
« Reply #33 on: March 21, 2017, 01:26:58 PM »
Honestly, it's actually a little surprising that they're not cheaper than everyone else. It's direct marketing only (no commissions), underwriting requires no staff, one product, etc - all of that likely means much lower expenses, which is the holy grail in term pricing.

I got mime thru an agent...(Principal)

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #34 on: March 21, 2017, 01:29:34 PM »
I got mime thru an agent...(Principal)
I'm focusing on the pure online buying experience, like Haven.

Offline Baruch

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Re: New trend - Instant approval life insurance
« Reply #35 on: March 21, 2017, 01:40:35 PM »
If someone is very healthy is this a great deal?
Or is it a great deal only if someone has bad health?

Offline David Smith

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Re: New trend - Instant approval life insurance
« Reply #36 on: March 21, 2017, 01:42:39 PM »
If someone is very healthy is this a great deal?
Or is it a great deal only if someone has bad health?
The only thing you're really saving in that case is the hassle of the exam, and the rates don't seem cheaper than you'd get through a competent agent.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Baruch

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Re: New trend - Instant approval life insurance
« Reply #37 on: March 21, 2017, 01:44:15 PM »
The only thing you're really saving in that case is the hassle of the exam, and the rates don't seem cheaper than you'd get through a competent agent.
So they're basically begging for people with poor health to signup?

Offline David Smith

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Re: New trend - Instant approval life insurance
« Reply #38 on: March 21, 2017, 01:46:06 PM »
So they're basically begging for people with poor health to signup?
They're begging people that are pushing off getting life insurance until they have time to sign up.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Baruch

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Re: New trend - Instant approval life insurance
« Reply #39 on: March 21, 2017, 01:51:40 PM »
They're begging people that are pushing off getting life insurance until they have time to sign up.
those people too. But someone who knows that theres negatives in his blood work, will have to be crazy not to signup for this.

Basically, I don't understand how this model works.

If no one would demand a blood test, at least unhealthy people would be split evenly between all the companies.

But this plan should have an overwhelming amount of unhealthy people. No?