(1) I finished this website’s “Life Insurance Needs Calculator” and it is here (Completed the tweaks again and broke it down into steps so it’s easier, and then also built the underlying formulas and tested them). It’s done:
I’ve been working on the development of a “Build Calculator” since the last Session Date, beta testing other software as well, testing what I can tweak so I don’t have to build one from scratch. .
(2) WHY? Because Insurance Companies (Carriers) have basic underwriting guidelines, one of which is the “Build Chart”.
Based on height, what is the minimum weight and the maximum weight for a specific plan?
Usually, Carriers have 3 types of products:
1) Preferred (for healthy applicants)
2) Standard (depending on underwriting decision)
3) Basic (or Guaranteed Issue)
They call these plans different names, but those are the general Whole Life, Final Expense and IUL Insurance Plan Types.
And they all require different calculations. Initially I was upset that one application got “switched from preferred to basic” and when I asked “why” they said the applicant was 1 pound too thin, LOL! Anyway, so that is when having 10 other Carriers to choose from is handy. Other carriers have the minimum weight different (that client was about 7 pounds above the minimum weight).
The way I work is, I will work for the BEST interest of the CLIENT and their beneficiaries. Since I see them and eyeball them, 🙂 So we can try and apply for the “Preferred Plan” which has a cheaper monthly premium, than all other plans.
What about commissions? Other agents sell the most expensive premiums, but for me, I believe it’s better to sell a plan with a cheaper monthly premium so it will be affordable for the client and they don’t have to cancel because they can’t afford the premiums anymore down the road. Sell them something they can keep for life.
The best life insurance policy, no matter how small, is the one that a client keeps until such time of death.
So, applying at another company, this client got approved for preferred plan.
Why the Life Insurance Needs Calculator?
So consumers would know if they have enough insurance to cover final expenses, and maybe to leave a little something for their family.
So, people can buy another policy if they want to or if it fits their budget.
Why the Height and Weight Calculator?
I am building the height – weight calculator because WHAT IS THE POINT of requesting for a life insurance quote if a person’s weight disqualifies them from getting life insurance with certain Insurance Companies?
I am actually pissed off right now for a 10 day wait time for one policy application that got switched too, with no initial explanation other than “sorry, HIPAA”, then click, the call center rep hung up.
To me, as an agent and consumer, I always recommend declining bait and switches. It’s a Yes or No situation. Because if the original application is “revised” with a “counter offer” – to me it’s a NO, that the original analyzed plan was not approved. So, I suggest go to the next Carrier. (AND THERE’S 10 OTHERS TO CHOOSE FROM).
And I did. And for that specific product type, it was approved as is, preferred, and it was even $20 cheaper premium.
Another blessing in disguise. 🙂
Noting these little details here for timestamping. This is a tech project. 🙂
It will be useful to those who are considering life insurance so they can check if their weight qualifies for their height. Because I know it can be depressing getting rejected after divulging personal information to a Licensed Agent, and Insurance Company and then the Insurance Company would just decline (or do a bait and switch). Consumers deserve to KNOW what they are buying, because this will be a life-long commitment.
Insurance Companies should disclose that outright – there is “insurable interest”, they should include “insurable height and weight” on their sales and marketing brochures.
So I am building that calculator to lessen the aggravation on the part of consumers who are “wondering” if they can get life insurance.
Not everyone qualifies. BUT at least Insurance Companies should make it more transparent what their ACTUAL standards are.
So we don’t waste people’s times and ours, too.
And if you are a Life Insurance Agent and have experienced helping a beneficiary process your Client’s Life Insurance Claim, it REALLY HITS HOME, how important it is that Consumers know that they are aligned with a Life Insurance Agent who would do their best to help them and their beneficiaries when that time comes, and they are a Customer of the Life insurance Company who will ALSO deliver on the Claims of a Life Insurance Policy Contract.
*End of rant.
Back to developing Weight and Height Calculator. (I am selecting “1 Carrier Build Chart” for now, and once all the calculations are done, I will duplicate and adjust accordingly so I can make an “Informed Recommendation” and make it easier for clients.
I am also thinking about sharing these software for free with other Licensed Professionals if they want to use it. We are already getting pitched by too many things as it is, so helping for free helps. 🙂
I got helped today by a good friend and I am so grateful. God knows our hearts. 🙂
I can be “upset” about something, but I look at it in hindsight, as an opportunity to make things better. In this case, for me, I built these very useful calculators.
Most definitely a good tool for me to use.
… Rather than digging for brochures to compare Build Charts, and doing weight and height calculations in front of a client.
… Worse yet, actually spending time researching quotes and then finding out the client is overweight or underweight, and will surely get declined by the Insurance Company. All that time and effort wasted at advertisements and there is a very angry person walking away, or not accepting whatever bait and switch looking offer that an Insurance Company returns with after 10 days of sitting on a LIFE insurance application. (Don’t get me wrong, I am NOT going to recommend that company, based on my customer experience). So that is one less Online Calculator for me to build. 🙂
Consumers need to know and understand that there are “insurability factors” that come into play.
So I think prior to a Request for a Quote for Life Insurance, the potential client or prospect, need to do the Weight and Build Chart Calculations first.
Even before doing the Life Insurance Needs Calculator.
(What’s the point of knowing what your current “Life Insurance Needs” are if the Insurance Company will just decline the application based on their Height and Weight Guidelines?)
I think using the Calculators I developed is like a “reality check” – so they have an idea where to go from here, because the Height and Weight limitations are measurable and quantifiable.
That’s what it means when Life Insurance Agents say “Not all who apply for Life Insurance can qualify for one.”. My take on that is, if we can quantify it, and not make it so damn difficult for Consumers to get information, maybe it will get better.
With regulations though, about advertisements and using Carrier Names and Logos, we can only share information with consumers one on one, via email and so these calculators, I am not disclosing the names because it is for Agent’s Use. (Producer’s Use Only). It is mine to publish on this website. As the developer.
One Carrier had me contracted a month ago and todate, their Tech Team couldn’t even fix a “dead link” that would allow me to “Click” so that I can promote their product. And I’ve reported that too, with screenshots, and the last email I wrote, I actually suggested the STEPS TO TAKE to fix the dead link in their database.
And I get so much automated emails from autoresponders from these companies,
* End of rant.
Anyway, so I am going to take a break now and get this posted. I’ll be working on Tech Projects and just wait for the decision on another IUL.
God allows the bad to happen, so that when the good comes along, we can recognize it.
UPDATES:
(1) I finished this website’s “Life Insurance Needs Calculator” and it is here (Completed the tweaks again and broke it down into steps so it’s easier, and then also built the underlying formulas and tested them). It’s done:
https://www.shallhelp.com/life-insurance-needs-calculator/
I’ve been working on the development of a “Build Calculator” since the last Session Date, beta testing other software as well, testing what I can tweak so I don’t have to build one from scratch. .
(2) WHY? Because Insurance Companies (Carriers) have basic underwriting guidelines, one of which is the “Build Chart”.
Based on height, what is the minimum weight and the maximum weight for a specific plan?
Usually, Carriers have 3 types of products:
1) Preferred (for healthy applicants)
2) Standard (depending on underwriting decision)
3) Basic (or Guaranteed Issue)
They call these plans different names, but those are the general Whole Life, Final Expense and IUL Insurance Plan Types.
And they all require different calculations. Initially I was upset that one application got “switched from preferred to basic” and when I asked “why” they said the applicant was 1 pound too thin, LOL! Anyway, so that is when having 10 other Carriers to choose from is handy. Other carriers have the minimum weight different (that client was about 7 pounds above the minimum weight).
The way I work is, I will work for the BEST interest of the CLIENT and their beneficiaries. Since I see them and eyeball them, 🙂 So we can try and apply for the “Preferred Plan” which has a cheaper monthly premium, than all other plans.
What about commissions? Other agents sell the most expensive premiums, but for me, I believe it’s better to sell a plan with a cheaper monthly premium so it will be affordable for the client and they don’t have to cancel because they can’t afford the premiums anymore down the road. Sell them something they can keep for life.
The best life insurance policy, no matter how small, is the one that a client keeps until such time of death.
So, applying at another company, this client got approved for preferred plan.
Why the Life Insurance Needs Calculator?
So consumers would know if they have enough insurance to cover final expenses, and maybe to leave a little something for their family.
So, people can buy another policy if they want to or if it fits their budget.
Why the Height and Weight Calculator?
I am building the height – weight calculator because WHAT IS THE POINT of requesting for a life insurance quote if a person’s weight disqualifies them from getting life insurance with certain Insurance Companies?
I am actually pissed off right now for a 10 day wait time for one policy application that got switched too, with no initial explanation other than “sorry, HIPAA”, then click, the call center rep hung up.
To me, as an agent and consumer, I always recommend declining bait and switches. It’s a Yes or No situation. Because if the original application is “revised” with a “counter offer” – to me it’s a NO, that the original analyzed plan was not approved. So, I suggest go to the next Carrier. (AND THERE’S 10 OTHERS TO CHOOSE FROM).
And I did. And for that specific product type, it was approved as is, preferred, and it was even $20 cheaper premium.
Another blessing in disguise. 🙂
Noting these little details here for timestamping. This is a tech project. 🙂
It will be useful to those who are considering life insurance so they can check if their weight qualifies for their height. Because I know it can be depressing getting rejected after divulging personal information to a Licensed Agent, and Insurance Company and then the Insurance Company would just decline (or do a bait and switch). Consumers deserve to KNOW what they are buying, because this will be a life-long commitment.
Insurance Companies should disclose that outright – there is “insurable interest”, they should include “insurable height and weight” on their sales and marketing brochures.
So I am building that calculator to lessen the aggravation on the part of consumers who are “wondering” if they can get life insurance.
Not everyone qualifies. BUT at least Insurance Companies should make it more transparent what their ACTUAL standards are.
So we don’t waste people’s times and ours, too.
And if you are a Life Insurance Agent and have experienced helping a beneficiary process your Client’s Life Insurance Claim, it REALLY HITS HOME, how important it is that Consumers know that they are aligned with a Life Insurance Agent who would do their best to help them and their beneficiaries when that time comes, and they are a Customer of the Life insurance Company who will ALSO deliver on the Claims of a Life Insurance Policy Contract.
*End of rant.
Back to developing Weight and Height Calculator. (I am selecting “1 Carrier Build Chart” for now, and once all the calculations are done, I will duplicate and adjust accordingly so I can make an “Informed Recommendation” and make it easier for clients.
I am also thinking about sharing these software for free with other Licensed Professionals if they want to use it. We are already getting pitched by too many things as it is, so helping for free helps. 🙂
I got helped today by a good friend and I am so grateful. God knows our hearts. 🙂
Okay, the R & D Part of these Tech Project is done, I think. And I have completed at least two different In-House Calculators:
1) USE CASE SCENARIO: For Whole Life Insurance / Final Expense Life Insurance Products
Insurable “Height and Weight” Build Chart Calculator (Company 01)
Can be found at:
https://www.shallhelp.com/insurable-height-and-weight-build-chart-calculator-company-01/
2) USE CASE SCENARIO: For an Indexed Universal Life (IUL) Insurance Product
Insurable “Height and Weight” Build Chart Calculator (Company 02)
https://www.shallhelp.com/insurable-height-and-weight-build-chart-calculator-company-02/
I can be “upset” about something, but I look at it in hindsight, as an opportunity to make things better. In this case, for me, I built these very useful calculators.
Most definitely a good tool for me to use.
… Rather than digging for brochures to compare Build Charts, and doing weight and height calculations in front of a client.
… Worse yet, actually spending time researching quotes and then finding out the client is overweight or underweight, and will surely get declined by the Insurance Company. All that time and effort wasted at advertisements and there is a very angry person walking away, or not accepting whatever bait and switch looking offer that an Insurance Company returns with after 10 days of sitting on a LIFE insurance application. (Don’t get me wrong, I am NOT going to recommend that company, based on my customer experience). So that is one less Online Calculator for me to build. 🙂
Consumers need to know and understand that there are “insurability factors” that come into play.
So I think prior to a Request for a Quote for Life Insurance, the potential client or prospect, need to do the Weight and Build Chart Calculations first.
Even before doing the Life Insurance Needs Calculator.
(What’s the point of knowing what your current “Life Insurance Needs” are if the Insurance Company will just decline the application based on their Height and Weight Guidelines?)
I think using the Calculators I developed is like a “reality check” – so they have an idea where to go from here, because the Height and Weight limitations are measurable and quantifiable.
That’s what it means when Life Insurance Agents say “Not all who apply for Life Insurance can qualify for one.”. My take on that is, if we can quantify it, and not make it so damn difficult for Consumers to get information, maybe it will get better.
With regulations though, about advertisements and using Carrier Names and Logos, we can only share information with consumers one on one, via email and so these calculators, I am not disclosing the names because it is for Agent’s Use. (Producer’s Use Only). It is mine to publish on this website. As the developer.
One Carrier had me contracted a month ago and todate, their Tech Team couldn’t even fix a “dead link” that would allow me to “Click” so that I can promote their product. And I’ve reported that too, with screenshots, and the last email I wrote, I actually suggested the STEPS TO TAKE to fix the dead link in their database.
And I get so much automated emails from autoresponders from these companies,
* End of rant.
Anyway, so I am going to take a break now and get this posted. I’ll be working on Tech Projects and just wait for the decision on another IUL.
God allows the bad to happen, so that when the good comes along, we can recognize it.
ADDED these at the very bottom and will update and build others (so it’s easy to compare)
———-
Try Other Calculators:
1) USE CASE SCENARIO: For Whole Life Insurance / Final Expense Life Insurance Products
Insurable “Height and Weight” Build Chart Calculator (Company 01)
Can be found at:
https://www.shallhelp.com/insurable-height-and-weight-build-chart-calculator-company-01/
2) USE CASE SCENARIO: For an Indexed Universal Life (IUL) Insurance Product
Insurable “Height and Weight” Build Chart Calculator (Company 02)
https://www.shallhelp.com/insurable-height-and-weight-build-chart-calculator-company-02/
———–