We wrote this article to help our wonderful visitors determine how get the best exam and no exam life insurance quotes. There is more to online life insurance quotes than simply filling out a form. So if you are curious on how to actually qualify for these amazing rates, please keep reading.
Best Online Life Insurance Quotes in 2017
In the following article, we going to try to take on the topic of how you can obtain the best life insurance quotes online, and what you need to consider when reviewing your options.
Once you have made the decision that you need coverage from among the various reasons for life insurance, the next step is to decide on where to apply for coverage.
The key to finding cheap life insurance is to apply with an agency that represents dozens of the top companies and that knows which company will offer the best quotes based on your unique health and lifestyle.
Keys to getting the best life insurance quotes
Highlights of the article are going to focus on:
- Which companies are currently offering some of the best life insurance rates.
- And why some companies are better than others in certain circumstances.
We’re also try to define what the “Best Life Insurance Quote” actually means, because after all, are we talking about the best online life insurance quotes for someone that’s:
- Young and healthy?
- Looking to avoid taking a medical exam?
- Looking for a final expense or burial policy only?
- Dealing with a pre-existing medical condition, like diabetes?
- Using tobacco?
- Using marijuana?
- Looking to fulfill a divorce requirement?
- Trying to secure an SBA Loan?
You see when it comes to finding the best life insurance quote, many factors can come into play.
So… with that in mind, let’s take a look at some very common situations that we see on a daily basis here at TermLife2Go that will help determine which is the best online life insurance quote for you!
When you’re young and healthy you’re going to find that the process of getting a great online life insurance quote is pretty easy and the rates should be really affordable!
Which is why….
For our young and healthy clients, we’ll typically look at the following companies first:
In no particular order:
- American General
- Legal & General (Banner)
- North American Company
- Principal Financial Group
- Mutual of Omaha
- Protective Life
- American National
(We’ve actually created a Top 10 Best Life Insurance Companies in the U.S. list which you may want to take a look at as well).
Now one of the main things you’ll see right away when comparing these really great companies is that for the most part, they’re all pretty competitive when it comes to price.
So… if all the prices are basically the same, does it really make a difference which company I choose?
Short answer: Yes, it can.
For our young and healthy clients, since price usually isn’t a major factor in determining which quote is best, we’ll often point out two major factors that they should consider when determining which is the best life insurance quote for them.
Life Insurance Riders
A life insurance rider is an additional option that helps you increase your coverage and/or add additional benefits to your life insurance policy.
Now some riders will increase your monthly premium (so beware of the agent “upsell”) while other riders are actually a “complementary” component to a basic policy (AKA included free of charge).
Which means that if two different companies are offering the same great quote, knowing which riders come with which insurance company could be the deciding factor on which company is best for you.
Ten Common Life Insurance Riders One Should Look for:
- Conversion Rider
- Spouse Insurance Rider
- Long Term Care Rider
- Chronic Illness Rider
- Paid Up Additions
- Accelerated Death Benefit Rider
- Accidental Death Benefit Rider
- Return of Premium Rider
- Waiver of Premium Rider
- Disability Rider
No Medical Exam Options?
Another option that many of our younger and healthier clients will look at is the No Medical Exam Life Insurance option. After all, who wouldn’t prefer getting a great life insurance policy without being stuck with a NEEDLE!
Go to our no exam life insurance quotes page to compare different quotes from multiple carriers.
There are plenty of reasons why one would want to avoid taking a life insurance medical exam. Three of the most popular reasons that we typically encounter are from folks who:
- You need to get approved for life insurance ASAP and don’t have time to wait around for the blood and urine results on their life insurance exam. This would include folks who:
- You don’t have time to schedule an exam with a nurse.
- You’re afraid of needles, and don’t want to have to give blood to get insured.
For these reasons and many more, when comparing the best life insurance policy out there, the right one for you may be one that does not require a medical exam.
Also, deciding to go with a No Medical Exam term or whole life insurance option may also avoid the “discovery” of many un-diagnosed medical conditions which could potentially affect the cost of your life insurance.
Conditions such as:
It should be noted that for those with a pre-existing condition, it will usually make sense to choose a life insurance policy that WILL REQUIRE A MEDICAL EXAM because a No Exam policy will be more difficult to qualify for.
Let us explain:
In general, you’re No Medical Exam Life insurance policies are going to have less information to work with when determining if they should offer coverage or not.
So, let’s say that you have been prescribed a medication to treat mild case of anxiety, and choose to apply for a No Exam policy.
In this situation, the insurance underwriters for your application are only going to have the answers to a few medical questions on the application as well as a copy of your prescription medication history to determine if they want to approve you for your life insurance policy.
So… unlike a fully underwritten life insurance policy, where the underwriter will have a medical exam and/or medical records to review, in a no medical exam application process, the underwriter will be less equipped to make an accurate decision.
Which means, it’s quite possible that this “imaginary” individual with a mild case of anxiety may be denied a No Exam policy while still being able to qualify for a Preferred rate class had they chosen to apply for a fully underwritten life insurance policy.
Don’t worry about it, breaking down your options so that they are easy to understand is what we do at TermLife2Go!
When it comes to life insurance, there really is no “One size fits all.”
In fact, during a typically hour at TermLife2Go it’s not uncommon to first speak to a client that:
- is looking for a 30 year term life insurance policy to cover the cost of a mortgage,
- then have another call from someone needing 10 year term life insurance policy just to get them to retirement age,
- followed by a conversation with someone looking for a $3,000 whole life insurance policy to pay for a cremation ceremony.
The idea of what’s going to be the “best life insurance” for each of these individuals is actually going to be totally different!
I just need enough coverage to bury me!
Now with regards to the individual looking for a small whole life insurance policy, we’re basically going to focus on two things.
- Is the client healthy enough to qualify for a life insurance policy that is going to ask a few medical questions?
- And, what is the clients “ideal” budget?
Knowing if the client is healthy enough to qualify for a life insurance policy that will ask a few medical questions is key to knowing which quote is going to be best for them.
It makes no sense to apply with 5 different insurance companies if there is no chance for them to be approved. Further, if the client is healthy enough, they may have an opportunity to avoid policies that will contain what is called a “Graded Death Benefit”.
Consider your Budget!
The last thing that we want to do is place someone into a life insurance policy that they can’t afford or won’t be able to afford 10 years from now.
This is why we focus on finding a policy that will work within our clients budget and make sure that the policy that they end up with is one that will:
- Not change in price as the insured ages.
- Not decrease in coverage as the insured ages.
- And will not end at any set age, rather the policy will remain in place for as long as the insured continues to make his or her insurance payments.
For more information on which burial life insurance company is best for you, just give us a call and we’ll be more than happy to review your options with you.
Ever seen the commercial that goes something like this…
“Meet John, he’s a 42 year old man in good health; And we just got him approved for a $250,000 dollar, 10 year term life insurance policy for less than $20.00 a month!”
Chance are that you have, but what you’re probably not going to see is a commercial about getting someone life insurance that isn’t in great shape.
For example: Meet John, he’s looking for life insurance but unfortunately he’s been diagnosed with:
Or John’s had:
You see, when it comes getting clients with a pre-existing medical history approved for life insurance, you’re often going to find it’s a bit more difficult than those “picture perfect” commercials they love to make.
In fact, most times, getting a great deal on your coverage when you have a high risk condition is going to involve “shopping” one’s application to multiple companies prior to actually applying for life insurance.
We “shop” an application at TermLife2Go so that we can get a pretty good idea on how an individual life insurance underwriter will view an application long before they ever get their hands on it. This saves our clients time and it can potentially avoid any unwanted “denials” down the road.
So… how does one determine which is the best life insurance quote for someone who has a pre-existing condition?
- First, you need to have access to dozens of different insurance companies to choose from.
- Second, you need to work with an agent that is familiar with your pre-existing condition and know which insurance companies are the most likely to look upon it favorably.
- And third, you’ll need to work with an agent that isn’t opposed to doing the “extra work” needed prior to submitting your application so that you have a better chance of getting that great rate on your life insurance… the first time around!
Now when it comes to finding the top company for tobacco users, we’re generally going to need to know two things:
- What type of tobacco or nicotine products do you use? Cigarettes, E-Cigs, chewing tobacco, cigars or pipes being the most common.
- If you’re not currently using tobacco, how long ago did you quit?
One should also be aware that for many insurance companies, the use of nicotine gum and/or a prescription medication is also considered the use of a tobacco/nicotine product so should you decide to apply with them, you’ll most likely end up receiving a “tobacco” rate even though “technically” you may consider yourself a “non-smoker”.
Further, a tobacco rate is typically going to cost 2 to 3 times what it would cost a non-smoker.
Which means, if you use some type of nicotine product, you’re going to want to make sure that you apply for life insurance with an agent that really knows his or her stuff when it comes to tobacco life insurance, otherwise it could cost you hundreds if not thousands of dollars over the length of your policy.
The “I only smoke when I’m out with my friends” applicants
For all of you cigarette smokers and “weekend only” cigarette smokers, there’s not that much that can be done for you other than search out which company is going to give you the best chances for qualifying for a “Preferred Tobacco” rate class.
You see, believe it or not, smoking is bad for you, and within the “World of life insurance”, using ANY nicotine product (including “bumming a drag off of a friend’s cigarette on the occasional Saturday night” within the past 12 months, makes you a tobacco/nicotine user.
Now you may ask yourself, what’s the big deal, why does the insurance company care so much about tobacco? Just a few facts from the CDC regarding cigarettes and mortality.
Centers of Disease Control and Prevention: Cigarettes and Death
Cigarette smoking causes about one of every five deaths in the United States each year. Cigarette smoking is estimated to cause the following:
- More than 480,000 deaths annually (including deaths from secondhand smoke)
Cigarette smoking causes premature death:
- Life expectancy for smokers is at least 10 years shorter than for nonsmokers.
- Quitting smoking before the age of 40 reduces the risk of dying from smoking-related disease by about 90%.
(And yes we all have that crazy and lovable grandma that smoked non filtered cigarettes for over 80 years, but it’s still not going to make a difference when it comes time to get insured).
So… if you smoke cigarettes and you really want to save money on your life insurance, the #1 choice is easy, quit smoking for 12 months and then give us a call!
#2 choice is to make sure we place you with the most tobacco friendly life insurance company available.
The “Other than Cigarettes Club”
Now for the “other than cigarettes club,” which would include your e-cigarettes, cigars, nicotine gum, pipes, and anti-smoking prescription medications, there may be hope for you to avoid getting a “tobacco” rate.
For these folks, knowing exactly which product/products you use and how often you use them could make it possible for you to avoid a tobacco rate class and qualify for a great non-tobacco rate!
Which is why you’ll want to give us a call and be upfront about all of your tobacco use immediately.
How can a marijuana user get the best possible life insurance quote out there and not get denied based on their marijuana usage?
Now for us to be able to explain how the life insurance industry views marijuana usage, we’re going to have to ask you to:
“Leave your common sense at the door”
Because what we’re about to explain isn’t really going to make that much sense until you really think about it.
Ok, so when it comes to marijuana usage, the insurance industry is all over the place.
Some insurance companies are simply going to deny anyone who either states on the application that they use marijuana (prescription or recreation) or tests positive on a medical exam for marijuana usage.
There are other companies that will insure those who admit their usage upfront, but they’re going to add some type of additional premium (charge you more money) to your insurance as a result of your usage.
Some companies may also decide to rate a “marijuana applicant” as a tobacco user (thus increasing the cost of the insurance by 2 or 3 times what it would be as a non-tobacco user) regardless to how the applicant “consumes” their marijuana.
Finally there are a couple of companies that have choose to take a completely opposite view of marijuana usage and pretty much consider it a “non-issue” provided that the usage is declared during the initial application.
But this is where it gets weird.
Remember when we said you need to leave common sense behind? Well this is why:
When applying with one of these so called “Marijuana Friendly” life insurance companies, you’re typically going to find that those using marijuana for recreation (legally or illegally) will generally have a much easier chance to get insured and get a great rate for their life insurance versus those who have a prescription for their usage!
This is because those that have a prescription “Medical Marijuana Card” now need to explain the condition that they have that justified their need for a doctor’s prescription. Which means the insurance companies are going to want to know about their:
Now is this the end of the world?
No, it just means that you should probably give someone like TermLIfe2Go a call before you try applying for life insurance on your own!
When it comes time to helping out our clients who are looking to get a life insurance policy to fulfill a divorce decree, we basically have to do all the same things that we normally do for a client in determining which life insurance company is most likely going to offer the best online life insurance quote.
Only now…There’s usually an added urgency to get the policy in place ASAP!
For this reason, when we’re looking for the best online life insurance quote for someone going through a divorce, we’ll first look to our no medical exam life insurance options first (which can typically go in force within 24-48 hours), then pursue other options that may require a medical exam if the no medical exam options don’t look like an ideal fit.
The take away for those looking to get a life insurance to satisfy a divorce decree is this…
Be sure to choose an agency that is familiar with working with these types of policies so that you don’t find yourself having to deal with the added stress of not knowing what is going on with your life insurance application on top of the pressures associated with a divorce.
Applying for any loan can be a stressful experience especially when your lender is requiring you to purchase a separate life insurance policy as collateral on a small business loan!
What’s particularly tough for these folks is that purchasing life insurance is not a top priority.
This is why we’ll get calls from clients who are in the process of getting insured and now—two months later— they’re still waiting to hear if they’ve been approved or they’re beginning to think they made a mistake when they initially applied for coverage.
Common mistakes that we see include:
- Applying with a company that isn’t best suited for their needs.
- Paying too much for their policy.
- Purchasing the wrong type of policy (term life vs whole life)
- Not pursing a “No Medical Exam” option which would allow them to meet their loan requirements much faster (24-48 hour approval times).
- And not applying for the life insurance policy appropriately to ensure that the proper “collateral assignments” are in place to meet your SBA loan requirements!
This is why it’s so important to find a life insurance brokerage like TermLife2Go that has experience working with SBA loan requirements and get your life insurance policy done right the first time!
Best Life Insurance Quotes Summary
Now are there are easily over a 1,000 other situations that we could go over when it comes time to discussing what determines the best online life insurance quotes. Situations like:
- What’s the best estate planning life insurance policy out there?
- Which company should I choose for my Key Man life insurance coverage?
- Can I buy a life insurance policy on a family member or significant other?
- Which insurance company is best for someone who recently received a dui?
- Can I find life insurance coverage if I have a felony on my record?
- Can a recent bankruptcy effect my life insurance application?
- Who will insure me if I am a pilot or if I love to sky dive?
The list of possible scenarios is endless, which is why it’s so important to choose a life insurance brokerage that first, has dozens of different life insurance companies to choose from, and second, isn’t afraid to take on a challenge when it comes time to getting you the best life insurance quote out there!
So, what are you waiting for? Give us a call today or visit our Instant Life Insurance Quotes page and see what we can do for you!
Thanks for reading our article on the Best Online Life Insurance Quotes. Please leave any comments or questions below.
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