Life Insurance Quotes: What to Look For

Life insurance quotes have multiple variables. As a result, many consumers simply do not know what to look for in a quote because there are so many factors to determining the pricing of different plans. Some of the factors to look for in insurance quotes, because they influence the cost, is the area in which  a consumer lives, the buyers birth date, height and weight, whether or not a consumer is a tobacco user and the amount of the death benefit and the term of policy. In addition, remember to check the end of term provisions.

Factors that Affect Life Insurance Rates

Consumers should be aware that age, height and weight have a great impact on life insurance rates. Add to those criteria, a client´s geographic location and whether or not they are a tobacco user to get a more accurate quote. When getting life insurance quotes be aware of what is being compared. Find out if the quote is for preferred plus, preferred or standard. If the consumer is a tobacco user, make sure that is taken into consideration for accurate rates.

Determine the Time Frame needed

In addition to making sure the quotes include accurate information about the applicant, another determinate in the quoting process is the length of time desired. If the consumer is looking for a whole life plan to cover them for their entire life the rates, will be higher than if they are being quoted term life insurance. Make sure that the comparisons are quoting apples to apples and not apples to oranges.

Determining the Amount of Coverage

Determining the amount of the coverage being quoted is another important factor when looking at life insurance quotes. Keep in mind the amount being quoted. There are many ways for applicants to determine how much life insurance they need and it is important they understand the necessity for finding the amount needed. Many consumers pay for too much coverage and some do not have enough; either way the amount of coverage greatly affects the quote.

Check End of Term Provisions

Finally, when getting life insurance quotes, pay attention to what riders or end of term provisions are included in the plan if the plan desired is a term life insurance plan. Term life insurance plans can offer a provision allowing consumers to renew their policy when it matures without having to prove insurability. This is very important because an insured person never knows what the future holds. Also, term life insurance policies can offer a conversion rider allowing the policyholder to convert the term life plan into a permanent plan.

When receiving life insurance quotes there are many aspects to consider. As mentioned above, the most important thing is to make sure you are comparing apples to apples because one insurance company may be providing quotes for an individual based on an inaccurate rating while another may be creating quotes based on the individuals actual specifications; age, height, weight, etc. Make sure you check the length of time desired, for life or for a term and if a term then for how long. In addition, verify the amount of the death benefit when comparing. For more information on coverage, click here.


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