The internet makes things easy for us everyday. Sometimes though, the information overload and lack of a direct, reliable source of information can make it hard to find the simplest things. Today we’re going to focus on life insurance. Term life insurance is the most popular form of life insurance that is often sold online. It’s easy to understand (unlike its permanent life cousin, filled with riddles in paperwork and policy structure) and is inexpensive (permanent life policies can be as expensive as 3 times a term life policy for the same face value amounts). So when you’re looking for a life insurance solution on a budget and don’t have the time to read paperwork and scout around for the right agent, right company and right policy all at the same time, you choose term life insurance, and you choose to buy it online.
Let’s quickly go through easy ways you can compare term life insurance quotes online.
1. Use an aggregator website:
What’s an aggregator website? One that hosts multiple life insurance policies from multiple carriers in one place for the convenience of the user. The best part about aggregator websites is that they often give you quotes for free! So how do aggregator websites work? They have quote comparison engines that allow users to fill in basic information about themselves, like age, sex, height and weight, which the quote generator uses to throw up a quick rate.
If you have serious health complications or habits that are frowned on by insurers (like smoking, drinking or the pursuit of risky hobbies on a regular basis), this quote may be far from the actual one you will receive after you apply for a policy and take their medical examination. But if you’re in the “regular bracket” (that is, you consider yourself healthy among your peers, have regulated blood pressure and cholesterol levels and manage your weight, your quote may be very close to the final one you receive.
Term life insurance quotes are most easily accessible online through this method. Note that the entire process is not only based on interactions with a quote generator. An agent eventually gets in touch with you and helps you iron out the last few details in your search.
2. Financial Ratings:
Some people decide early on that they want to buy from a particular life insurance provider, for reasons that can vary (their parents swore by it, a close friend who works in the industry recommends it). Others are drawn to particular kinds of life insurance providers, like mutual companies, because of the fact that all profits earned by the company are distributed back to policy holders in the form of dividends or reduced premiums.
Make a list of companies you want to buy from and compare their financial ratings and offerings on policies. At large aggregators like AccuQuote, policies are only sold from companies rated A- or higher by A M Best (or the equivalent rating through another standard ratings agency like S&P or Moody’s). Obviously, make sure to compare the same kinds of companies. If you’re comparing mutuals with non-mutuals, it’s unfair to assume that their policies and offerings ought to match.
3. Find an agent online:
There are some websites that will direct you to an agent in your area if you prefer the old fashioned route of a face-to-face human interaction. You can look up recommendations for agents, and also choose an agent based on the kind of policy you want to buy or the agent’s specialization. These websites also double up as aggregators, hosting policies directly from the life insurance companies.
So the next time you’re looking at using the internet to make your search for life insurance easier, use these methods for better results.
Pat Cassidy is an industry expert on life insurance and a regular contributor to articles on various social media platforms in the field of his expertise. Having extensive knowledge of the way life insurance companies work and the underwriting processes used to calculate term life insurance quotes, Pat writes articles to help readers better understand their life insurance options.
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