Table Shave? How to Save Money on Life Insurance!

Amazon is not the only company that has bargain days for their clients. For one of our recent clients, we were able get a new policy issued at a provider’s Standard rate, even though they had some preexisting conditions which should have made a Standard rating class impossible. Turned out, we were able to find a top tier company that had a sale going on.

Here’s how:

Problem

As the result of one of our Independent Policy Reviews, it became apparent that, even though the policy we’d reviewed was in excellent health, both Fred and the advisor who brought us in for that review agreed that additional insurance coverage was warranted. Fred, like many folks in his situation, has some health history that could prevent him from a favorable underwriting decision. His blood pressure is a little high, as is his sugar level (because he works all the time and doesn’t take time out to go to the gym,) and – oh yes – the recent diagnosis of sleep apnea means Fred can’t qualify for that additional policy he needs at a Preferred rating class. Or even a Standard rate. The second best offer we got after looking at 23 insurance companies was Class 3 – a breathtaking increase in cost.

Solution

Even with the odds stacked against him, with our knowledge of the insurance marketplace we were able to find a solution that gave him the right coverage, at a great rate. Though most providers weren’t willing to budge on the price, one top tier company was having a sale. In the vernacular, it’s called a “Table Shave.”  It won’t last forever, but for whatever reason, the company saw they had some room in their risk profile. (It’s comparable to a warehouse having some extra space they hadn’t anticipated. By creating some incentives to bring in more business they can fill up that space and maximize their revenue.)

So, here’s the sale they created; for anyone meeting their criteria up to a Class 4 rating they would “shave off” all that history and issue those policies at their Standard rate – a huge benefit. Now Fred has the insurance he needs, at a cost he wasn’t supposed to be able to find. A complete home run.

Outcome

As specialists in this area, we were able to help he and his advisor navigate through the complexity and confusion of the insurance marketplace. Now Fred has the insurance he needs at the best possible acquisition cost available.

And Fred’s family is safe.

“Table Shave” is a very real option, but it’s one that often goes under the radar when individuals shop around for policies without the help of an insurance expert.

It’s stories like this that make us proud to provide the services that we do for our clients.

The insurance world can be difficult to navigate. Without a clear understanding of their current plan, it’s difficult to be certain that your clients have the right coverage. If you’d like to take a closer look, you’ve come to the right place. We can answer your life insurance questions and provide the clarity you need to sleep easy. Learn more about our services or join our newsletter today. To contact us, call 951-823-8100 or click here.

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