When you run your instant term life insurance quote, usually 5-7 plans will appear in a few seconds according to your age, health class, amount of insurance, and length of term. We quote more than these carriers but according to your vital information above, these plans offered the best life insurance rates blended with the strongest carrier ratings. You'll find that if you change term length or amount or any of the other information for that matter, then different plans, rates, and carriers will appear. Again, the system automatically recalculates to find the best rates. That's the first part to successfully comparing life insurance plans so you have a head start.
Once the online quote is there on your screen, we really get down to the business of comparing options. The variables that we should take into account are all right there.
Term life insurance rate
Of course the first one that most people focus on immediately is the monthly rate and for good reason. Can we afford the coverage after all. Most people brace themselves for bad news only to find that term life can be quite affordable. There's usually a sigh of relief. The rate or premium amount really is probably the most important criteria upon which to compare the plans. The carriers quoted are financially strong and there are protections by the State to protect you up to a certain amount anyway. The rate quote probably makes up 75% of the decision. Not only does the rate need to reflect your current budgeted amount, it has to work during the various financial up's and down's that a person usually encounters during a long period of time. Keep in mind that term life lengths can run 10, 15, or even up to 30 years. This is a long period of time and we want be able to handle the premium.
This ability to focus so narrowly on the rate is unique to term life. We wouldn't recommend doing this with health insurance for example. There is a huge difference between medical plans options and medical plan carriers. The cheapest plans make us nervous to say the least. Term life is more of a commodity these days which means it's very similar from carrier to carrier and plan to plan. It reminds us of dental in that respect. Yes, there are differences but not so extreme as with medical. It usually makes sense to look towards the middle to low-middle of the range in terms of price.
Within that range, it then comes down to carrier strength and ease of use. You'll find the carrier strength right there on the page according to all three major life carrier rating agencies and their relative score (#1 rating). This is a great bonus and usually we recommend that this is a litmus test once you've found the right rate for your budget. If the carrier ratings are not significantly lower than the others, it passes the test.
Ease of use is a little tougher. It really makes sense to use our experience as life insurance agents on this one. The carriers are all making their way to becoming easier to deal with since the advent of the online life insurance transformation. Once you have decided on your plan and requested the application kit, we would be happy to provide guidance on ease of use when comparing term life insurance plans for your situation.
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Article Added on Saturday, August 29, 2009
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