Consider more than price: many people view term life insurance as a commodity, but agents serve their clients best by considering factors other than cost.

Price is important, but it's rarely the determining factor when purchasing a big-ticket item such as a car, refrigerator or even a cell phone. Before hunting for the lowest price, savvy consumers shop for the features they want, review consumer reports and check warranties. Yet, when it comes to something as important as life insurance, many people can't get beyond the price tag. Why?

Maybe it's because they don't know what to look for. As an agent, you can help your clients sort through the various product offerings and choose the policy, and the company, with the best fit. Here are five things to watch for--besides price--when shopping for life insurance:

1. All "preferred guidelines" are not created equal. Those low rates may not be available for your client. Each company writes its own set of "preferred" guidelines, and the lowest rates may be available for only the super-healthy. Be sure you understand the underwriting criteria. With the percentage of applicants qualifying for the very best rates averaging about 25%, or sometimes less, there's lots of opportunity for unrealistic expectations of the ultimate price.

Companies with broader preferred-pricing guidelines are less likely to surprise and disappoint clients with the bad news that they don't qualify for the best rates. Some companies offer useful online rating tools to better predict how a given applicant will be classified. This helps with more accurate quoting, resulting in better policy placement and greater customer satisfaction.

2. How long are you and your clients willing to wait? Cutting-edge carriers have automated the front-end of the underwriting process, making it possible for agents to go online to get a quote, apply for and bind a life policy in 10 minutes or less. While the applicant may still need to schedule a medical exam or fulfill other underwriting requirements, the agent's ability, to collect payment at the point of" sale and for the client to walk away with a certificate of temporary insurance is a powerful tool for capturing and completing the sale.

3. Does your carrier keep you in the loop? Nothing is more frustrating than being kept in the dark. While many insurance companies have eliminated the need for agents to schedule follow-up interviews, medical appointments and laboratory tests (the vast majority of agents say they prefer teleunderwriting, although it's still optional), partner-focused carriers recognize the agent's desire to track the application's progress from start to finish. These companies provide online pending reports or tracking systems that keep agents informed of the progress of their applications.

4. Is your underwriter accessible? Partnering with agents to aggressively underwrite a hard-to-place risk is a business advantage. Placing the business may be as simple as finding alternative reinsurance outlets, but what it all comes down to is underwriting flexibility.

In some companies, underwriters appreciate the ability to build trusted relationships with agents and to make informed decisions based on all of the available information. Agents who have the opportunity to offer valuable insights about their customers appreciate knowing they can make a difference, that they might be able to provide information that better qualifies the life risk and ultimately gains their clients more coverage or better rates.

5. Is the policy convertible? Convertible term life policies can be an oh-so-valuable option. They can be especially appealing for young people who may be unable to afford permanent insurance, at least initially, but who want maximum protection with the smallest outlay of cash. Insurance needs usually continue after the term policy expires, and as people age term becomes more expensive. Plus, if health issues arise--even common problems such as high blood pressure, diabetes or weight gain--term may become prohibitively expensive or even inaccessible.

Consider this: With 64% of Americans over the age of 20 being overweight (National Center for Health Statistics), and thereby more prone to the onset of chronic diseases, the ability to convert to permanent coverage without the challenge of medical exams and a new underwriting evaluation may be a major consideration.

Some companies restrict conversions to a limited selection of their permanent policies. To assure a viable conversion option for your client, look at the preferred products offered for conversion. Generally, the fuller the portfolio the more valuable the conversion option.

Obviously, these are a few examples of why pricing shouldn't rule the purchasing decision. Your sales representatives are undoubtedly familiar with the competition's products and services. Don't be "afraid to ask them to walk you through points of differentiation. They'll be eager to tell you how they beat the competition.

Mike Madden is assistant vice president of Individual New Business for Symetra Financial, formerly Safeco Life & Investments, based in Redmond, Wash. He can be reached at [e-mail].