A recent survey showed that half of all consumers who are in the market for life insurance are looking for convenience, speed, and simplicity when it comes to the underwriting process. No wonder so many insurance companies are streamlining their applications and setting up options for online quotes!
Purchasing life insurance is a big decision, and it’s important to weigh your options carefully.
In this article we’ll give you an overview of how to get life insurance quotes online, along with a few important tips to keep in mind as you shop around.
Know What You’re Shopping For
Before you can begin to compare various quotes, you should start with a thorough knowledge and understanding of the different types of insurance and how much coverage you will require.
There are two main types of life insurance: term and whole. Term life insurance offers coverage for a set period of time, usually anywhere from 5 to 30 years. This insurance option guarantees a death benefit payout if the policyholder passes away within the term period. Your monthly premium will vary based on the amount you select as a death benefit payout, but this is a great option for people who just want to cover specific debts or expenses upon their death.
Whole life insurance policies, on the other hand, offer permanent coverage that does not expire unless you stop making premium payments.
Keep in mind that the policy type is only part of the bigger picture with life insurance. You also need to figure out how much coverage you need. To do this, calculate what you want your policy to cover in the event of your death. If you have no debt and only need to cover final expenses, you’ll need less than if you have a mortgage, medical bills or other expenses that will need to be paid off upon your death.
Finally, decide how much you can afford to pay each month towards your policy. Just like with other types of insurance, your monthly or yearly payment is known as your premium, and you need to pay it every month in order to maintain your coverage with no lapses. If you are a young senior, you may pay a lower premium, and that premium may increase the older you get.
What to Expect from the Process
Once you know what you’re looking for from a life insurance policy, getting the actual quotes is easy! Start by gathering up all the information you may need, such as medical records and proof of your identity, income and residency.
Note that some providers will require you to have a medical exam before you can be approved for a policy, but some, like Americo Senior Life, provide coverage with no exam required*. If you choose to get quotes from no-exam providers, the process can be done entirely online and you can have a completed quote in minutes.
How to Compare Life Insurance Quotes Across Companies
Now we get to the real deal – quote comparison.
While you could compare quotes manually by getting individual quotes from each company and then weighing the differences, there are also a number of sites that will compare quotes for you to streamline the process.
Try a site like PolicyGenius or Quote Wizard to get a quick idea of what each company can offer. These sites pull from various trusted life insurance providers, so you only have to enter your info once to get several quotes from different companies.
Next, look at what each provider offers in terms of coverage, and weigh it against their monthly or yearly premium rates. Whoever can offer you the amount of coverage you need at an affordable cost is the clear winner.
Talk to an Expert at Americo Senior Life
Whether you’re ready to get a quote or you need more information on life insurance options, Americo Senior Life is here to help. Contact us today, and an Americo Senior Life representative will be happy to answer your questions and get you started on the path to insurance security.
*Issuance of policy may depend on answers to medical questions.