How To Compare Life Insurance Plans

The first few steps to buying a life insurance plan are deciding whether you want a term life or whole life insurance policy, how much insurance to buy, and how long the term insurance should last. As there are several life insurance plans, the next step is to compare quotes to help you pick the one best suited to you. Here are things to remember while comparing life insurance plans:

Get Quotes

You can get your quotes from different sources, such as agents or the internet. It doesn’t matter where you get your prices from because they are all regulated by the state governments. Every life insurance company builds a huge rate table every year. This table details how the policies are priced based on specific lifestyle risks and health conditions. The changes made annually are relatively minor, so there’s no point in waiting a year to find out if there’s any difference in the pricing.

Irrespective of who calculates your quotes, it’s going to be the same. However, this is not always the case because some life insurance quoting engines could mislead you by giving you inaccurate quotes. This happens when the quoting engine, instead of asking you detailed health questions to place you on the rate table, asks you to evaluate your health, and eventually, your underwriting rate class.

Considering you’re not an underwriter, you cannot determine the exact underwriting rate class you’ll get from a life insurance company even if you have a general idea of how healthy you are.

Use A Life Insurance Comparison Site

To get quotes from different sources and compare them, use a life insurance comparison website. Some of the most important details you need to track your quotes are:

  • Name of the insurer 
  • The underwriting class quoted (get it before you apply for the policy)
  • Your source of the quote (a website like SelectQuote or a life insurance agent)
  • Your monthly quote 
  • The coverage amount and term you requested

Once you have figured out which life insurance policy works the best for you, apply for it through the source from where you got the quote, or anywhere else. It’s a good idea to go through a company known to provide great customer service and little to no amount of surprises.

After you get your life insurance policy, ensure you review your coverage regularly and keep the policy safe.