Thanks to the Internet, term life insurance quotes are easy to get – but not so easy to understand. If youve used a number of different online quoting engines, chances are youve been quoted a broad range of prices. The varying estimates you receive are usually the result of how many questions you answered to get your quotes, along with which life insurance company (or companies) the quoting firm represents. Here are five things you didnt know about term life insurance quotes that can save you time and money – and often spare you from disappointment.
- Your quote is not your final price. Regardless of what you are quoted, your final price will always be determined by the life insurance company you choose. Insurance companies calculate your final price only after the results of your medical exam and all other relevant records have been thoroughly reviewed by the underwriter.
- Lying doesnt pay. Answering a handful of questions rarely leads to accurate term life insurance quotes. Neither does being vague or less than truthful on your quote application form. Your price is influenced by a host of factors, including your family health history, lifestyle, occupation, hobbies, and medical exam results. A low quote based on inaccurate information is worthless.
- The more your agent knows, the better. The more details a life insurance agent knows about you up front, the more accurate your quote will be. Thats why it pays to be forthcoming with your agent about any medical, professional or lifestyle factors that could possibly impact your price or eligibility for securing a policy in the first place.
- Your price will vary from company to company. The same amount of term life coverage will vary in price depending on the insurance company selling it. Moreover, different companies specialize in different risks. For example, some companies offer more reasonable rates for smokers, or for people who take medication to control their cholesterol or blood pressure levels. Thats why it pays to provide as much information as possible about your health and lifestyle when youre in the process of getting a term life insurance quote. If you have a medical condition or habit that puts you at risk in the eyes of a particular insurance carrier, be sure to get quotes from several other companies.
- Get a quote from one agent, not several. While comparing quotes from multiple insurance companies is your best bet for saving money on your term life policy, using multiple agents to do so wont make your life any easier. Instead, stick with one agent who will shop a range of highly-rated carriers on your behalf, sort through all your options, and find the best quote for you.
Whether you get your term life insurance quotes online, over the phone or in person, make sure the quoting firm you use offers a solid choice of leading life insurance companies that can match you with the best coverage – at the best price – for your particular needs.