How to Get the Most Out of Your Online Life Insurance Quote

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Before you can compare life insurance quotes, you need to know what to look for. Life insurance quotes can look similar across companies, and by knowing what you want out of your life insurance and what to look for on a quote you will have a leg up when it comes to making a final decision to purchase life insurance.

TIP: Getting the best life insurance quote is just a matter of asking the agent or insurance company a few good questions and knowing what to look for when you compare quotes

Getting a Life Insurance Quote

Before you can get a quote, you will need to determine the amount of insurance you need. How much life insurance you need depends not only on your age and health, but also on how many people you support and what type of lifestyle you would like to leave for them should you pass away during the life of the policy. As you shop for a life insurance quote, you will need to give, among other things, information on your health, medical history, and who you need the life insurance to support. Once you get an idea of how much you need, you can shop for and compare several life insurance quotes from the internet or a life insurance agent.

What to Look for In Your Quote

After receiving a life insurance quote, you will need to know what to look for before you can be sure the quoted policy is best for you. Take a look at the following factors:

  • Where Your Money is Going: If you get a term policy, your money will go only towards the life insurance policy. However, permanent plans such as whole life, universal life, and variable life build savings or investment accounts. You need to know where your premium is being spent, and find a quote that fits your life insurance needs.
  • Premium Rates: How much you are going to pay for your life insurance is going to be a big factor in your decision about what life insurance policy to buy. Insurance professionals have calculated the best prices rates based on historical data or past claim payout in order to make the insurance rates profitable for the insurance companies. The less of a risk you are, the lower your rates will be.
  • Rate Category: One factor in your premium rate will be what category your life insurance company puts you into based on their underwriting from your responses to questions about your health to determine what level of risk you pose. Life insurance plans offer either preferred, standard, or sub-standard rates. Preferred rates will generally be lower and are reserved for healthier customers while standard and sub-standard are offered to customers who are at a higher risk of death.
  • Cost of Extras: Every life insurance customer should consider adding a rider to their policy to increase or specifically tailor their coverage. When you look at life insurance quotes, take note of what riders are available, and how expensive each one is.
  • Quality of the Company: Whether you obtain your life insurance quotes online or through an agent’s office, always check the rating of your insurance carrier. AM Best is a rating company for insurance companies. Make sure you are getting a term life quote from and insurance carrier with AA + or A Class rating. This will let you know that you are getting the best life policy from a carrier that stands behind paying their claims and one that is in good financial standings.

Because your life insurance policy is particular to your needs, there may be other things that you will want to consider when you shop for a quote. If you have any questions, you can consult an agent before you purchase a plan.

Make Sure You Take Advantage of Savings

There are some things you can do to get the best life insurance quote possible. Make sure you find life insurance quotes that give you the best savings!

  • Stay Healthy: The healthier you are, the less of a risk you are to a life insurance company. If you are overweight, drink too much, or are otherwise unhealthy then you can save money on life insurance by addressing your health concerns. Some life insurance companies allow you to get your rates re-evaluated after a certain period to reflect any changes in the state of your health. Be sure to ask about this possibility.
  • Quit Smoking: Another easy to identify factor in the rising cost of your insurance is whether or not you smoke. A non-smoker can get much better rates on life insurance than a smoker. If you are a smoker, you can quit now and ask if you can be re-rated in the future.
  • Payment Plans: Consider paying annual and not monthly. Usually there is a fee to pay a premium monthly. Eliminate this fee by paying annually.

Different companies may have more ways to save on life insurance. When you are comparing quotes, look at the various money saving offers each company has and take them into account before you buy. Take the time to shop quotes so you can find the policy you need at a price you can afford. If you have any questions, consult an experienced agent, and click here for a free life insurance quote from Free Advice.

Read more articles about finding the right life insurance policy by clicking here.

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