Are you planning to get a term life insurance? If you are, then you might be dazzled by the different options of term life insurance plans that are offered by different life insurance companies. When you look for a term life insurance plan, it is important that you find the most affordable policy available. And there is no better way to do this than to shop around for term life insurance quotes to help you save a great deal.
Term life insurance quotes are available for all kinds of term life insurance policies ranging from level term life insurance to group term life insurance. No matter what type of policy you want, term life insurance quotes can be fast and easy. You just have to know where to obtain these quotes and how to get them.
How to find term life insurance quotes?
Term life insurance quotes are advertised in many television commercials. After watching the commercial, you can simply dial the phone, call the toll free numbers, and inquire about the term life insurance quotes being offered.
However, there is one easier way and that is to go online. Multiple Web sites, which usually have as many as 500 life insurance companies competing for the best price for the given situation, now offer instant rates for term life insurance quotes. Most insurance Web sites offer these for free.
In order to get your instant term life insurance quotes, you just have to fill out an application and provide the information required such as your state of residence, gender, date of birth, amount of insurance, insurance period, and insurance payment method. After which, you just click the get quotes button to submit your application. Once you have your quotes, you can now start comparing term life insurance policies in order to find the best option for you.
Finding insurance quotes online is can be fast and easy. You just have to take some time doing research and comparing rates to get the best deal around.
It sounds easy enough. Just go online and get the Best term life insurance quote from one of those quote providers. We’ve all heard about it. “Save 75% in 2 minutes!”
The problem is – with so many choices – which website do we trust to give us the best quotes for our life insurance? And, how do we get the best term life insurance quote?
First, you have to understand that the internet has made it so easy to compare quotes that many insurers have lowered their rates in recent years. Also, many of the quote providers’ websites have agreements with the top rated insurers offering the best rates. So, when you go to a respected website and request a quote – you’ll get instant side-by-side comparisons from many of the best insurers with the best rates available online.
Where Do I Begin?
There are consumer review sites that mention the top rated quote providers. Some leading quote provider sites include ReliaQuote, AccuQuote, Insure, and Term-Life-Online.com.
First, decide why you need the coverage and for how long. Then, determine how much life insurance protection your loved ones need. Use a life insurance calculator to determine the right amount of coverage.
Select a website mentioned above and go to their quote page. This should be clearly stated on their website. You answer one set of questions, one time and they give you easy to understand quotes from top-rated insurers. The quotes shown will be the lowest available from that service based on your information.
Also, the quotes should show the financial rating for the insurers. A.M. Best is a financial rating service that reviews and rates the financial strength of insurers. You may want to choose an insurer with an “A” rating from A.M. Best to be safe.
Next, make sure your quotes are for the coverage you need. The most common type of term life insurance is Level Term Life Insurance. An example would be a $100,000 policy for 20 Year Level Term Life Insurance. This means you pay the same premium each year for 20 years. If you die before the term ends, your beneficiary receives the death benefit of $100,000. If you outlive the term, your policy expires. If you need coverage at that time, you will need to purchase another policy – usually at higher rates based on your age at that time. However, you may or may not qualify for coverage if you are in poor health.
Next Higher Coverage Limit – If you need $178,000 of coverage, compare quotes for $200,000 as well. You may find the higher limit of protection doesn’t cost that much more.
Your Current Age – One factor that affects your rates is your age. Buy coverage more than 6 months before your next birthday if possible. Some insurers set rates based on the age you are nearest. That means your rates may be lower at 25 years and 4 months than they are with the same insurer when you are 25 years and 7 months old.
Premium Payment Plan – If you can afford it, choose to pay your premium on an annual basis – if they charge you more when paying on a quarterly or monthly basis. This may save you some extra money on your life insurance premiums.
Buy Early – The sooner you buy coverage, the cheaper it will be. Your age is a factor in determining your rates. The older you are, the closer you are to your life expectancy – so, the higher your life insurance premiums. Younger people are not expected to die soon, so their premiums are lower. Also, your health may change and you may not be able to qualify for life insurance coverage in the future. Or, the premiums may not be affordable.
Important Note: Always make sure you get guaranteed rates. Level term insurance offers you guaranteed rates for 10, 15, 20 or 30 years. So you know your rates will not increase during the policy period. Also, you may want to get a guaranteed death benefit that will remain the same for the entire term of the policy.
Finally, when comparing quotes to get the best term life insurance quote available, make sure you get the amount of protection your family needs at a price that you can afford.
If you have any questions you can call or email the quote provider or insurance company and ask for a reply in writing to any/all questions you have. Make sure you understand your policy before you buy. I hope that helps, and best of luck!
If you have a low budget and want to buy an affordable life insurance policy then term life insurance policies are the best options. But it is not quite sufficient to get lower term life insurance rates; rather you have to ascertain that the policy that you are taking will be sufficient to meet your purpose of buying the policy. If you are unsure about the terms and conditions of various life policies then you might take the help of a broker or an underwriter. They being more accustomed to the present rates will be better equipped with all the information that you need before getting a policy.
As the main purpose of an insurance policy is to assure financial security for your loved ones hence before buying a policy makes sure that the policy amount that you take should be sufficient to fulfill the needs of your family after you are gone. Apart from the rates of life insurance policies, it is important to get the quotes for the policy that you have decided upon. For that, you can get the quotes from an insurance agent or you can avail the quote services over the net. this process of getting online quotes is quite easy and you will have to give certain information over the website and the quote services will get you multiple quotes from various companies which you can compare and decide the best quote.
Understanding the financial aspects of the policies are important so that at a later stage in the term you do not feel inconvenienced. As the term life insurance policies offer only death benefits, hence the beneficiaries can claim the benefits only if the insured person dies within the stipulated time of the policy. The policyholder should be careful that the premiums are paid regularly or else the policy lapses which again can be revived by paying some additional amount. The time of the policy should be so decided that it covers the life of the insured person. Taking the term policy for a short-term will not be of any help as the beneficiaries will not gain anything from such a short timed policy.
Term life insurance rates are decided in such fashion that affordability aspects remain a major focus in them. Affordability is the key aspect of term life insurance rates. These rates are completely modified at those occasions when the term of a policy ends and you are renewing it once again to have life coverage of yours. The best option is to buy term policies for a specified fixed term period decided after proper planning that is sufficient and you don’t need to renew it anymore – henceforth you don’t pay higher term life insurance rates.
To understand the policies better and also for better investment options you can get the quotes for different policies. The quotes will provide you with detailed information on all the aspects of the policy. You can also take the help of an agent or an underwriter who will be able to give the break-up of the premiums and the benefits due under the policy scheme. You can choose a broker who has multiple carrier profiles so that he can suggest the best option for you. He will be able to guide you on where to invest and how it will give better benefits and so on. The term life insurance quotes are also available over the net and you can get it very easily just by answering a few questions.
Keeping such crucial factors in consideration the policy buyer shouldn’t compromise in selecting term life insurance quotes. They should be drafted after complete planning. Most importantly the involvement of experienced and knowledgeable underwriters and brokers is important. You can’t expect to have best term life insurance quotes if the primary information you provide is not accurate. Single wrong information of yours and concealing something that could have offered some input into the quote may change the scenario completely and the term life insurance quotes prepared would hardly have any impact.
If the quote is not clear enough to you then you can take the help of an insurance broker or an agent. Better still, you can choose brokers who deal in more than one carrier. This will enable you to get an approximate idea of how the policies from different companies are going to cost you. Then you can compare and settle for the best policy. Before buying any policy, make sure that the payment options and benefits offered suits you.
Nowadays the insurance companies are coming up with many insurance options that are term life but can act as investment options also. You will have to keep track of the latest policies that are being offered in order to avail the best deal. For further details on the policies, you can contact the customer care desk. They will give you the quotes, which you can compare and decide whether it is the best offer or not. As the main aim of taking a policy is to give financial stability to your family hence it should be taken at an early age to get the maximum benefits and at a very affordable price.