Life insurance quotes: simplify your shopping
Shopping for life insurance isn’t always simple. It’s not like you can walk into a store or log into your Amazon account, toss a policy in your cart, and check out.
That’s because life insurance is so personal. The needs of you and your family will vary depending on life situations like whether you own a home, have kids, are married, or are retired. Not every policy is right for every person.
Plus, your budget and how much time you have to shop and apply for coverage can affect your decision too.
On the flip side, life insurance companies charge premiums based on factors that are highly individual too, like age, gender, health status, profession, lifestyle, and location. Add up both sides of the equation, and you can understand why insurers don’t just list prices on their websites and call it a day. You can look up sample life insurance rates, but your monthly premiums won’t match them precisely.
Instead, insurers give quotes based on personal information you provide. If you want to skip the hassle of shopping for quotes from multiple insurance providers, we can help you find the best policy in a single phone call.
Speak to a Licensed Agent 888-234-8376
How life insurance quotes work
When you use the above no medical exam and exam required life insurance quote tools, you’ll get individualized rates tailored to your situation as accurately as possible. That said, there’s no guarantee of your price until the life insurance company finishes its underwriting process.
That’s because insurance underwriting is complicated and requires statistical analysis and number crunching. Insurers take into consideration variables as diverse as how dangerous your profession is, common causes of death in your area, and average height, weight, and life expectancy.
Many insurers also require you to take a medical exam before you can get some kinds of life insurance coverage. Generally, you won’t have to pay for this medical exam because insurance providers consider it part of start-up costs.
What if I have a medical condition?
Depending on your condition, you may opt to apply for no-exam life insurance. These policies aren’t based on blood tests, but the insurance company may require you to answer some health questions. In certain cases, the company may do a background check on you.
Some insurers even pull your driving record to see if you have any driving violations, because this can help them understand what kinds of risks you choose to take.
The reason insurers gather all this information is that without knowing anything about you, a life insurance company can’t manage its risk efficiently. Without a complete picture of the person it’s insuring, the company must err on the side of caution. That’s why insurers usually charge a higher premium for applicants who opt out of a medical exam.
For those who have health issues, however, a no-questions-asked policy might be the best and most affordable way to get much-needed coverage.
If you’ve had trouble getting life insurance due to preexisting medical conditions, give us a call. We can help you find a low-cost life policy that meets your needs.
Speak to a Licensed Agent 888-234-8376
How companies quote life insurance
Insurance providers want to quote low rates to stay competitive, but they also have to make sure they have enough funds on hand to pay out benefits if necessary. To walk that line, insurers use statistics and data to determine how likely it is that a policyholder will die while covered.
Nobody knows for sure when their time will come, but statistics show that on average, insurers can identify policyholders that pose greater risk. As a result, insurers adjust premiums based on several factors. These are some of the most common:
How old you are is the single most important number insurers use to determine rates. The older you are, the higher your rate will be. That said, there are plenty of options for low-cost life insurance for seniors out there.
Having a preexisting health condition, like diabetes, high blood pressure, or a history of heart disease, can also increase your rate.
Some jobs are more dangerous than others. If you work around heavy machinery, are a soldier, or have a high-stress job, you may get a higher life insurance quote.
Smoking tobacco or marijuana, drinking alcohol, driving recklessly, and participating in other risky behaviors can all contribute to an early death, so these habits increase rates too.
Policy types affect rates too
Learning more about your age, health, profession, and habits can give insurers a better idea of the risk of insuring you, but insurance quotes also change depending on the types of life insurance in question.
Term life insurance quotes
Term life insurance is typically the least expensive kind of insurance and covers you for a set period. The longer the term, the longer you’re covered, and that means your rate will go up. Although terms vary by provider and age, you can usually get terms from one to 35 years long.
Whole life insurance quotes
Rather than ending at a predetermined time, whole life insurance (a type of permanent life insurance designed to cover you for your entire life) will cover you indefinitely, provided you continue paying premiums. You’ll have the same rate throughout the life of your policy, so the younger you are when you buy the policy, the lower your rate will be.
Whole life insurance also builds cash value. In other words, the insurer deposits a portion of your premiums into a savings account, which you may be able to draw on or borrow from.
Universal life insurance quotes
This type of insurance allows an insurance company to invest a portion of your premiums in stocks, mutual funds, or other opportunities, so the cash value of your policy may increase or decrease over time, depending on the market. While this type of life insurance is one of the most expensive, you may also be able to adjust your rate and coverage throughout your life.
Quotes for riders and extras
Some companies offer ways to customize your life coverage by adding riders or other benefits to your permanent or term life insurance policy. A terminal illness rider will get you a payout before you die if you’re diagnosed with certain chronic, life-threatening illnesses. A family income rider could give beneficiaries steady income over several years instead of one lump sum.
Adding riders typically increases your premium, but some insurers include popular riders in all of their policies, which can lead to huge savings. Shop around, or let our licensed sales agents find a policy with the riders and extras you need.
Compare life insurance quotes
There are many reasons to buy a life insurance policy, and your goals should affect how you compare the cost and value of various life insurance policies.
Some people see their policy’s death benefit—the amount paid out to beneficiaries upon the policyholder’s death—as a great way to help loved ones maintain a financial lifestyle after the insured passes away. This is a fantastic reason to get a permanent life insurance policy instead of term insurance that may expire before you die.
Older adults may want to make sure their final expenses are covered, so a short-term life insurance policy might be best. On the other hand, bread-winners who wish to ensure their families keep their home or avoid financial strain in the event of an unexpected death might choose a longer-term policy.
As you narrow down your options, make sure you understand exactly what your top choice policies cover—and what they don’t.
What will my policy cover?
Life insurance pays money to your beneficiaries if you die from a covered cause, provided you pay your premiums on time and your term hasn’t ended. Most life insurance policies cover most causes of death.
That said, don’t forget to read the fine print. Rules regarding specific coverage situations vary by company and policy.
What life insurance doesn’t cover
Generally, your beneficiaries won’t see a payout in several cases:
- Application fraud discovered during the first few years you have the policy
- Death due to self-inflicted injury, intoxication, or suicide
- Murder committed by a beneficiary
- Death while participating in criminal activity
Many life insurance companies also sell accident insurance, but it’s important not to confuse this type of coverage with life insurance. Accident insurance covers death or loss caused explicitly by accidents. It won’t cover a policyholder who dies of cancer or other health issues.
Your policy documentation will detail what’s covered and what isn’t. Every policy is different, so before signing on the dotted line, read yours thoroughly.
Want assistance comparing life insurance policies? We can help. Call us today.
Speak to a Licensed Agent 888-234-8376
Why choose TermLife2Go?
Honest, helpful information
Our life insurance reviews, recommendations, and guides make excellent resources for understanding your options because they answer the most critical life insurance questions.
Easy life insurance shopping
No single policy or life insurance company is right for everyone. You and your loved ones are unique, so let us help you find the coverage that fits.
We sell policies from several of the best life insurance companies that we believe offer excellent life insurance, but we’re not beholden to any of them. Our customers always come first.
Got your quotes? You’re on your way to finding a great life insurance policy that will protect your assets, provide for your family, and help you sleep at night.
Now if only applying for coverage was that easy!
Luckily, our licensed sales agents can help you with that step too. We’ll help you choose the right life insurance coverage and start the application process.