Affordable Life Insurance

On our website you will find information about locating affordable life insurance online, and a list of the best sites for obtaining affordable life insurance.

When shopping for affordable life insurance, there is no better place than the Internet.  Fast, efficient, and at zero cost, you can accumulate life insurance quotes online from dozens of providers.

If your only need is for insurance, then term life insurance will provide you the most coverage for the dollar.  Also consider bundling life insurance with health insurance (if provided).  This will provide you further savings since the cost of each separately will be more than the bundled price.

When searching online, use several broker sites for comparison shopping.  This will ensure both proper apples-to-apples comparison across providers, and expert support from the broker.  A broker site is one with a certified broker representing multiple insurance carriers.  Through multiple representation, the broker is less likely to be biased, and will provide quotes on similar policies (apples-to-apples).  Having broker assistance will help you define the type of policy you need.

Also available online are carrier ratings.  This will help you determine the quality of the carrier in terms of service and payout history.  Many ratings services also provide price comparison information, which you can compare against quotes provided by the broker sites.

When applying for coverage, you should confirm that you will be paying the carrier directly (and not through the broker).  And, always confirm with the insurance carrier that the policy has been received and is in force.  In addition, NEVER pay by cash (you’ll need an audit trail to prove premiums have been paid); check or credit card is preferred.

Discuss with the broker about the life insurance medical exam requirements.  Some carriers have no requirements; others will require an insurance medical exam, which can be conducted at your home.

Cost Saving Tips 

There are some actions you can take that will help reduce the cost when shopping for quotes.  They are:

·    If you’re a smoker, stop smoking.  Besides affecting your health, smokers pay higher premiums.  If you have coverage now, or are purchasing a policy, just reapply after 12 months of smoke free living (discuss this with the broker to confirm the time-frame and reduction in premiums).

·    If you have insurance coverage currently for your home or car, certainly consider the carrier for life insurance.  Carriers do provide discounts for additional insurance coverage.  If you have coverage under multiple carriers, consider combining all your policies under one carrier (whichever is the cheapest).

·    Review with your broker all potential discounts that are available.  Sometimes the broker needs a little reminder.

·    Keep your credit clean to maintain the highest rating.  Review your credit report for errors or omissions and correct them immediately.  Good credit scores will help reduce premiums.

·    Keep good records of the quotes you are receiving and the differences between policies.  You will need this when reviewing your options and negotiating rates with the broker.

Selection Guidelines 

There are guidelines to follow to ensure the best possible outcome when shopping for life insurance.   Just understand, the cheapest policy may not be the best for your situation, since there are other factors to consider (including the rating of the carrier).

·    Determine how much you can afford to pay

·    Determine how much insurance coverage you need

·    Consider Term Life vs. Permanent or Whole Life.  Term is pure insurance (and the lowest cost); Permanent or Whole Life combines insurance with an annuity program.

·    Compare plans and rates from multiple insurance companies

·    Compare monthly premiums against annual premiums.  Annual rates are generally cheaper.

·    Try to purchase a policy before your next birthday to lock in the lower rate.

·    Always enlist the services of a licensed agent (at no cost) to review polices you’re considering before purchasing.

By following these tips and guidelines, you should be able to locate a life insurance plan that fits your needs at the lowest possible cost.