Last Updated: November 2020
Comparing life insurance prices online is as simple as using the life insurance quote engine. You can see a screenshot of our life insurance price comparison tool on the right.
If you are looking for life insurance, and want to do your shopping online, we will show you how to compare rates and find a policy below.
Here is what you need to know when comparing rates online for your life insurance.
- How Comparing Life Insurance Prices Online Can Help You Find Low Rates
- Know Your Health Class Before You Compare Life Insurance Online
- What to Look Out For When Comparing Online Life Insurance Prices
- Tips For Securing The Lowest Life Insurance Rates Online
- Compare With An Independent Life Insurance Agency To Obtain The Best Rates and Coverage
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Comparing life insurance rates online is becoming easier and more streamlined. Before comparing rates, know the health class that you qualify for. Then, make sure you compare rates from top-rated life insurance carriers. Independent agents can help you compare companies if you have health issues.
How Comparing Life Insurance Prices Online Can Help You Find Low Rates
When you compare life insurance rates online, you are saving yourself a lot of time, money, and even saving yourself the hassle of using the phone.
Many people considering life insurance end up purchasing from the first or second company they find, but usually, that will not get you the best rates. The more companies you can compare, the more likely you are to find the best carrier and policy for you.
Doing your research and comparing policies online will also help you understand the range of prices that you should expect. That way you don’t fall for a life insurance scam or end up paying too much.
Comparing life insurance prices online is also much faster. If you tried calling each company to get quotes, it would take weeks to get prices and compare a dozen or more companies. With online quote tools, you can compare quotes from multiple companies instantly, saving you hours of research and phone time.
Know Your Health Class Before You Compare Life Insurance Online
It is important to understand how to choose the correct health class for your life insurance coverage.
If you choose the wrong health class, the life insurance rates you see will not be accurate. Many individuals may not realize that they could be considered high-risk life insurance applicants and will not get the same rates that comparison tools show.
Prices for life insurance vary depending on the underwriting class you qualify for. There are 5 major health classifications in life insurance that will determine your premiums:
- Preferred Plus: This is for people in excellent health and is the best class you can qualify for. Less than 5% of the population qualifies for these rates.
- Preferred: This health class is for people in good health for their age range. You can have very minor health issues.
- Standard Plus: This health class is given to those with above-average health.
- Standard: Choose standard if you are in average health for your age. This is what most of the country qualifies for.
- SubStandard (Table Rating): Life insurance table ratings range from Table 1 (+25% of standard rates) to Table 8 (+200% of standard rates). These rates are for people with health complications.
Life insurance underwriters will always offer the best possible rate class given their findings on your application, medical exam, and medical records, no matter what rate class you apply for.
Most people believe they can qualify for preferred plus life insurance rates. In fact, over 65% of quotes on our website are run at the “Preferred Plus” rating. Industry-wide studies show less than 5% of the population can actually qualify for this health classification.
If you’re not in perfect health, or you have some complications in your medical history, you can save yourself time by calling us and letting us compare quotes for you (at no extra cost).
What to Look Out For When Comparing Online Life Insurance Prices
When you shop online for life insurance, you need to know what to look out for. Here are a few things you should know about comparing life insurance online.
- Make sure you’re comparing the same types of policies. The problem many people run into is that the prices they see are for completely different policies. Make sure the coverage amounts, term length, and type of life insurance policy is the same when comparing prices.
- Many tools only compare a few life insurance companies. You should always check to see how many companies are being compared and that they are highly rated carriers. If you compare prices on a tool that only compares five companies, you could be missing out on lower rates.
- Make sure the quotes are up to date. We provide you accurate and up to date life insurance rates from the nation’s top-rated carriers. If there’s a rate increase or reduction, our software reflects those changes as soon as they’re released.
- Look for an online application process. 90% of our carriers allow us to do business electronically. Meaning you don’t have to fill out a long life insurance application. We actually complete the application with you over the phone and send it to you for an e-signature.
- Double-check the health class! Again, make sure you’re comparing quotes from the same health class and that you can qualify for those rates.
The life insurance prices on our website are accurate and pulled directly from the life insurance company’s rate books.
Tips For Securing The Lowest Life Insurance Rates Online
Besides comparing life insurance prices online, here are some other money-saving tips for applying for life insurance.
Tip #1: Pay premiums annually to save money
Life insurance prices per month are more expensive than if you paid annually. If you want to save some money over the next year, consider paying annually.
It usually comes to around a 4% discount depending on the carrier. Most companies let you make your first payment on a credit card – so rack up those points as well!
Tip #2: Prepare for the life insurance medical exam
Consider scheduling your exam in the morning, preferably after you wake up. You get a good 8 hour fast and your body is relaxed in the morning, giving you more favorable readings on your exam. Read more exam tips here.
Tip #3: Use an independent life insurance agent
Independent agents don’t have any bias toward any specific life insurance companies like captive agents do.
An independent agency can compare top-rated companies without the pressures of “pushing” a certain product.
Compare With An Independent Life Insurance Agency To Obtain The Best Rates and Coverage
Comparing prices for life insurance is a very important factor in securing the cheapest life insurance prices, but it doesn’t end there.
What becomes important after comparing life insurance rates online is choosing an independent life insurance agent who can help you get your policy and application approved at the lowest prices possible and the prices advertised during the process.
While some fully online platforms do exist to purchase life insurance, it is highly likely that at some point in the process, you will need the help of a life insurance agent to finish the process, especially if you have had health problems.
Beginning the process by comparing online rates is a great place to start your research. You can use our quote tool or give us a call to start comparing today!
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