Life Insurance Comparison

On our website you will find information about how to properly perform life insurance comparison online, and a list of the best sites for obtaining affordable life insurance.

Like any service or product, shopping for the best insurance coverage is the only way to locate life insurance that best fits your needs.

With access to the Internet, shopping for insurance is far easier than inviting sales reps and agents to your home. And, because it is faster, it enables you to get far more life insurance quotes than was previously possible within a short period of time.

Comparison shopping for term life insurance or universal life insurance has now become far more effective.  And the insurance industry has recognized and embraced the Internet by enabling comparison shopping of carriers, policies, and rates that enable consumers to make informed decisions at zero cost and with little effort.

What is needed by the consumer, however, is a framework for performing life insurance comparison shopping. 

Life Insurance Quotes Comparison Shopping Framework 

Shopping online for life insurance is a great way to locate a policy that will meet your needs at the lowest cost.  It enables you to obtain, at no charge, multiple insurance quotes.  The issue, of course, is to ensure that you are comparing apples to apples. 

How can we ensure apples-to-apples comparison?  We do this by locating broker websites (or companies) that represent a large number of insurance companies (and their products that are on the market).  This will ensure that the quotes received represent comparable insurance products, and that the specifics are provided.  And, since the online specialist (or broker) does not represent any specific carrier, the information provided by the specialist should be unbiased.

Compare this to multi-quote websites that simply provide online comparison quotes.  With the multi-quote model, the website is simply forwarding (actually selling) your information to numerous agents.  The end result is that you will be contacted persistently (by phone or email) by those agents.  This approach makes it more difficult to compare products since you are dealing with multiple agents.  It is far less likely that the quotes provided represent comparable products.

Here are guidelines for shopping online:

·    First, determine how much you can afford to pay

·    Second, determine how much insurance coverage you need

·    Third, 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.

·    Fourth, compare plans and rates from multiple insurance companies

·    Fifth, compare monthly premiums against annual premiums.  Annual rates are generally cheaper.

·    Sixth, try to purchase a policy before your next birthday to lock in the lower rate.

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

In addition, it is advised that you…

·    Carefully review any application for insurance to eliminate mistakes and to ensure all information is provided.  Not doing so could result in your application being rejected.

·    Never pay your premiums in cash; always pay by check or credit card, or any other means that will leave an audit trail.  You need a trail to prove you have paid your premiums.

·    Keep all records and contracts in a safe place.

To recap, do the following…

·    Be prepared: understand what type of insurance you want, what you can afford, and the insurance coverage needed.

·    Shop online through broker websites: this way you will be comparing apples to apples.  You can certainly use more than one broker website for your comparison shopping. Also, take advantage of the specialist to help understand and locate the best product for your circumstances.

·    Keep good records: be sure your application is correct and complete; pay by check or credit card to maintain an audit trail; and keep records in a safe place.

By following these guidelines, you will improve your chances of locating the proper product through life insurance comparison.