With so much information available on the internet and so many companies offering free quotes online, why is it that the average person overspends for their life insurance policy? By now, it should be a simple, hassle-free process to get an affordable life insurance policy. Yet, that just doesn’t seem to be the case.
How to Find the Best Online Life Insurance
Are the most expensive policies the best policies and vice versa?
Just because you stick a $1000 sticker on a sweater, does it become a higher quality sweater than when you were selling it for $20? Of course not. It’s the same with life insurance. Spending more money does not equate to a better policy, nor does spending less equate to purchasing a lower quality life insurance policy.
If a life insurance company offers a cheap rate online, is that the rate I’m going to get?
Unless you have filled out an extensive online form that leaves no stone unturned, then chances are your online quote isn’t going to reflect reality. Before an company underwrites a policy, it will consider things like:
- Travel history—do you go to dangerous countries ridden with disease or with civil strife? If so, your chances of a shortened life are higher, and thus so will be your life insurance rate.
- Driving Record—have you had any accidents, tickets or DUIs? All of these will raise your life insurance premium
- Occupation—is your job dangerous? Expect to pay more for a life insurance policy
- Tobacco Use—still smoking in 2015? You’re going to pay for it!
- Marijuana use—medial or recreational, some life insurance companies will charge a premium
The list of things that will raise your life insurance premium goes on and on. It becomes tricky, however, because not all life insurance providers consider the various risks at the same level. For example, life insurance provider “A” may find smoking and driving as top dangers, and thus will penalize reckless drivers or tobacco smokers with a hefty premium. However, life insurance provider “B” may see driving issues as a lesser offense, and therefore will not charge as high of a premium to people who have had speeding tickets, however will charge even more for smokers.
The key is to know which company is best for your unique health and lifestyle profile.
What about my medical record?
On top of the aforementioned areas of concern, most traditional life insurance policies require a paramedical exam and full disclosure of your medical history. This adds another set of variables. You could have an existing health problem or just have some health issues that run in your family—both can impact your life insurance rate. The degree to which a particular medical condition impacts your rate differs from insurance company to insurance company, and from medical condition to medical condition.
Life insurance companies will also take basic health matters into consideration. These include:
- Weight/height (BMI)
- Blood Pressure
- Cholesterol levels
- Urine samples
- Blood sugar levels
These things can impact your life insurance rate. It is also possible that you may have higher blood pressure than normal on the day you apply for a life insurance policy, and thus you get stuck with a higher life insurance rate.
There are some things you can do to prepare for your insurance medical examination to ensure the lowest possible rate such as avoid working out for the 24 hours prior to your exam. Simple tactics like this will help you get the best possible medical test results so that you will get a life insurance rate at the most affordable price possible.
Another option would be to forego an exam and apply online for no exam life insurance. There are several top companies available to choose from that offer competitive rates, free from invasive medical exams.
With so many variables, how can I figure out how to find the cheapest life insurance rate?
These variables are what complicates things—unless you have a full understanding of what each life insurance company and policy in the market has to offer, and how they are likely to treat each scenario, then it’s pretty difficult to figure out who will offer you the most affordable rate. This is why so many people wind up overpaying for a life insurance policy.
Why do companies tell rates online if they don’t really reflect the actual rate?
The figures you will see online are just ballpark figures to get you started. Rates can go up and down, depending on your personal situation.
Is there anyone who can help me get the best rate for a life insurance policy?
Fortunately, we at TermLife2Go are here to help. We aren’t a life insurance company, but we know the ins and outs of the life insurance business—this puts us in the perfect position to help you find the best life insurance policy at the most reasonable rate…and we can help you do that.
We have an in-depth understanding of the life insurance business. We know what each life insurance company’s strengths and weaknesses are, and we know how they will respond to certain situations. After we have a thorough understanding of your personal situation (health, life choices, and other variables) we match you with a life insurance policy that will be the most affordable while still offering you the kind of coverage you desire.
If you would like to know more about how TermLife2Go can help you so that you won’t be spending too much on an overpriced life insurance policy, then get in touch with us today.
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