How much are life insurance policies? – is one of the first questions that new buyers would often want to know. Because life insurance plans do not come with price tags or there exists no index to life insurance costs, you are usually in the dark.
Though foretelling the cost is often a guesswork because many variables work behind it, it is possible to get a near-accurate idea about how much life insurance may cost you.
Thanks to the online life insurance quotes tools, knowing how much life insurance costs has become a matter of a minute now. You can get quotes from term insurance as well as whole insurance from them.
And almost all big insurers offer them free of cost.
But you need to know 2 important things about quotes:
1) That they are not life insurance rates by any means.
2) Where you should get your quotes from
This post throws light on the issue to help you get the best quotes.
So, What Is A Life Insurance Quote?
Life insurance quotes are estimates of the probable costs of the policy you would like to buy. Computer software prepares them on the basis of a set questionnaire and how you answer to them.
Despite not being exact real rates, life insurance quotes can be useful in that they are based on the pricing policy of the companies. The authenticity lies in there.
How Can I Get Life Insurance Quotes?
There are two ways you can get a quote: direct from a company website or a brokerage agency site.
All you need to do to get a life insurance quote is to go online to one of the company or brokerage agency sites, locate the tool (often indicated ‘Get a Quote) and put in the information that you are asked to provide. The more the length of the questionnaire and accuracy of your information, the more accurate the quotes will be.
In order for you to get the best life insurance quotes, you need to put in the most accurate answers.
However, the actual cost may vary by different degrees when you go through the underwriting process. The reason is, underwriting goes through a more complicated process with multiple variables overlooked by the quotes tools.
Benefits of Online Life Insurance Quotes
Helps You Prepare Better
For better preparation for purchasing life insurance, getting quotes can be a great step. You are well-prepared when you have an idea about how much your life insurance premiums will cost you. Surely, when you know the cost, you can prepare properly for the purchase.
Helps Determine Coverage
It is often a dilemma for most buyers to decide how much life insurance they should buy. Randomly choosing a large sum of money is not the right method. You need calculations for this. If you do not know, there are online life insurance calculators to help you and most quotes tools will provide you this tool.
Saves Your Time
To get life insurance quotes online is quite easy. It literally comes in a jiffy. You simply choose several yeses and nopes and put in a few data and there you are.
Brings Product Details and Company Ratings
Alongside bringing instant life insurance quotes, the tools also bring product details for you. So, you know what you are buying. The brokerage agency tools always provide company ratings for you to better understand the companies’ trust level.
Direct Application
The next step to getting the quote is to apply for your policy if you decide positively. You can do it online and instantly. However, this does not mean you are going to get approved unless you are buying one of the instant, guaranteed approval or no medical exam life insurance policies.
Free and No Obligation
Life insurance quotes are free of cost. Also, you are not obliged to buy a policy because you are getting quotes from somewhere.
You Can Get Multiple Quotes Instant
It is an added advantage of the quotes tools that you can get multiple quotes from them. You can get requotes as many times as you want.
Where Should I Get Life Insurance Quotes From?
Company sites should always be your second choice when you are seeking cheap life insurance quotes. The first should be the online brokerage agencies.
The biggest negative of company tools are they do not let you comparison-shop. Also, majority of companies would ask you fewer basic questions like your age, smoking habit, your health category and how much insurance you want to buy. For example, TIIA, Protective, Gerber or Mutual of Omaha ask you very basic questions. As a result, their quotes are most likely to vary when the actual costs come up. Most often, the trust factor of the quotes sways between 50-60%. But it goes up to 80% when you get quotes from one of the best brokerage agencies.
Also, as you can comparison-shop with brokerage agencies, they are better especially when you want to get inexpensive life insurance policies from one of the best companies. These are the 4 ways they are worth taking a tour to:
1) Their questionnaire is more detailed.
2) They help you get anonymous life insurance quotes.
3) You can comparison-shop.
4) They provide ratings of the companies.
Here is an infographic for you to see how life insurance quotes from companies and brokerage agencies differ:
Who Provide the Best Life Insurance Quotes?
You already know that almost all big shot insurers provide you quotes. Attaching a number to how many is kind of impossible. There are also many brokerage agencies. But not all stand out as the best.
Here is a list of the 5 best places that you may rely on for your quote. We have presented them alphabetically with a view to staying neutral.
ACCUQUOTE
Active Since: 1986
Work Hours: Monday-Friday 7:30 am to 7:30 pm
Saturday, 8:00 am – 1:00 pm
Contact Number: 800-442-9899
BBB Rating: 3.7
Website: Accuquote
Accuquote is one of the good places to get quotes. They have sold policies to more than 200,000 people since they started the agency. So long, they have provided life insurance quotes free to over 3 million people.
They bring quotes from 6 different life insurance companies in about 38 seconds.
Their tool is quite helpful. Integration of calculator and health class determiner surely speaks in their favor. It also goes in their favor that their site is full of life insurance resources that you may find useful. They have a number of preset answers for present or former smokers that few tools offer. Unlike many agencies, they get you quotes from different types of life insurance policies.
Unfortunately, you cannot get anonymous quotes from them. You require to share your daytime and evening time phone numbers with them.
On a negative note, Accuquote’s questionnaire is a weakness for them. They prepare their quote only on few basic information like your age, sex, health class and coverage amount. As a result, you may not have an actual idea of the real cost from their quotes.
Nerdwallet
Active Since: 1990
Address: 505 Highway 169 North, #560
Minneapolis, MN 5
Contact No. 844-786-822
BBB Rating: 3.7
Website: nerdwallet
Nerdwallet is among the oldest agencies that have been in the insurance sales market. According to Google, more than 90,000 people search this site each month. This surely speaks of their trust and popularity.
Once you have received your initial quotes and proceeded onward, they gather almost all essential data to prepare your personal quotes. You require to put in information about your blood pressure, cholesterol, and parental medical history to get quotes from as many as 12 best rated companies. Obviously, they stand as a strong competitor to Policygenious.
They also have wonderful resources to provide you insights into life insurance as well as all money matters.
It surely is commendable that you can get your quotes anonymously from them.
However, they do not have a life insurance needs calculator.
Policy Genius
Active Since: 2012
Address: 22 W 19th St Fl 8
New York, NY 10011-4204
Contact No. 1-855-695-2255
Trustpilot Ratings: 9.6/10Service
Available: Across the USA
Website: policygenius
Policygenius has a commendable tool to fetch your quotes. Their questionnaire goes beyond the basics, asking you essential questions that bear great underwriting value. For example, they want to know about your height, weight, smoking habit, personal and family medical history and driving history. As a result, you can expect their quotes to be more trustworthy than those of their competitors.
It is a positive that they bring quotes for 3 different terms – 10, 15 and 20 years. You can also choose to save your quotes from as many as a dozen companies in your inbox.
Besides term life insurance quotes, they also provide you Return of Premium and whole life insurance quotes. So, you can not only compare life insurance rates between companies but also between policies. This surely is a great service that no other agency offers you.
Provision of life insurance needs calculator, having salaried agents and commendable resources add strengths to their quotes tool.
QUICKQUOTE
Active Since: 1995
Corporate Address: 825 Maestro Dr
Reno, NV 89511-2295
Contact Number: 877-432-4440
BBB Rating: A+
Website: Quickquote
Quickquote has their services everywhere in the USA but in the District of Columbia, New York and Louisiana. They bring you quotes from more than 10 companies to help you get the cheapest rates.
They provide you quotes for level term insurance, return of premium and mortgage insurance. You can also compare quotes between these policies. This makes them stand out from their contenders. They provide quotes for non-life insurance, too.
Quickquote also has life insurance needs calculator to help you determine your coverage as well as health class determiner that goes in their favor. You can get better quotes from them when you choose to go into details. They are worth a tour when you would want to go anonymous.
Our recommendation is only for getting quotes.
TERM4SALE
Active Since: 2002
Contact No. 888- 798-3488
Service Available: USA and Canada
Contact: (888) 798-3488
Website: term4sale
Term4sale is best when you would want to compare life insurance quotes between the highest number of companies. Also, you can choose the ratings of the companies that you would like to get quotes from. Sometimes, they bring quotes from more than 30 companies that none other does.
Like their competitors, they also have health analyzer and life insurance needs calculator to help you determine your health class and coverage respectively. You can go anonymous with them.
Their quotes tool is not as broad as that of Policygenius. But their strength is the number of companies that they bring quotes from. As a result, you can make use of their tool to find the most affordable life insurance companies. But the accuracy of the quotes is not very high.
We Want You to Know
We do not recommend that you buy your insurance from any of these life insurance brokerage agencies. The purpose of this post is to help find the most affordable life insurance quotes. We would ask you to use your own discretion before choosing to buy your insurance from any of these or any other agencies.
A great resource for those looking to get life insurance!
I think shopping around for life insurance quotes is such a good idea, after all we all want different things from our policies, which will cost different amounts.
This is very informative. I do have a life insurance ever since my daughter was born.
I love online life insurance quotes. Just makes getting a quote and comparing other quotes so easy. Helps to make sure you’re getting the best and most affordable life insurance possible.
Life Insurance is such an important thing. Now that we have kids, we have been shopping around for the perfect policies.
Life insurance is really important and this is great advice for finding the right one for you.
Great website. This post will surely help me to get perfect insurance. Keep up the good work.
Great info on how to get the best life insurance. Its so important for people to have life insurance!
It is so important to get life insurance and to shop around for life insurance quotes.
Life insurance is definitely an important thing to look into. I never though too much about it until I had my son. I’ll have to look into some of these companies, thanks for sharing!