Life Insurance Quotes
Prior to purchasing a life insurance policy, the vast majority of customers will request a quote or even several quotes. As there are various types of life insurance policy, it is generally best to request a quote for these different types of policy, before you make a decision. However, there is also the kind of client who knows exactly what type of life insurance policy they require, and simply wish to compare a number of quotes.
The easiest, and possibly quickest, way to receive a life insurance quote will be online. There are numerous websites whose specific intention is to provide customers with life insurance quotes, further information, and sometimes even an agent to speak to. The two most popular life insurance products for which consumers are receiving quotes appear to be whole life insurance and term insurance. Term insurance, as you may be aware, is typically far less expensive than whole life insurance, although the type of cover that you will receive is very different.
It may surprise you that the number of people who request whole life insurance quotes is just as popular as those who ask for quotes on term insurance. The main reason for this is likely to be that the vast majority of consumers would like to get some of their money back, if not all of it. Consumers have definitely become far more savvy about life insurance, and are now aware that an insurance policies should not be avoided simply because of cost.
When you receive a whole life insurance quote, you will need to take into consideration that the premiums not only includes a guaranteed death benefit, but also the potential for an investment. You should never be tempted to go with the company that offers the cheapest quote, as it is highly unlikely to be the best policy. It is also vitally important to do business with a reputable company, and indeed a company that has performed well over the years. Whole life insurance will typically pay a dividend, which can be received and then distributed in numerous ways. You may also decide to leave your dividend payments to accumulate interest over a period of time, and often people will use this to pay up a life insurance policy, and thus reduce their premiums. Therefore, whenever you do receive a whole life insurance quote, and it seems slightly expensive, at least you know you have the option of potentially reducing this at a later date.
Term insurance will provide you with peace of mind for a specific period of time. As there is no cash value and a specified end date, you will typically find that term insurance quotes will be far less expensive than the whole life variety. Most term insurance policies will typically run from five years up to a maximum of 35 years. The longer the term, more often than not the lower you can expect your life insurance quote to be. However, with that said, you will need to consider that a longer term will mean more payments. If you are interested in purchasing a term life insurance policy, then you should consider exactly how long you require the policy. The vast majority of consumers appear to request quotes for 20 years and 30 years. This will typically cover any mortgage payments, loan payments, credit card payments, and any other debts until they are fully repaid.
When requesting a life insurance quote there are certain personal details that you will need to provide. For a basic quote this will typically involve your age, date of birth, amount of cover required and the term (if you are requesting term insurance). This information will allow you to receive an extremely basic quote, but this does not mean that this will be your eventual premium. Once you are happy with the quote that has been provided, you will generally need to complete an application that will require far more details. These details were generally include whether you are a smoker or not, your medical history and indeed your family’s medical history. You will also need to explain why you need the life insurance and what specific events you are looking to cover. Once all this information has been gathered you will be issued with a further quote which is far more likely to be the agreed premium. Your application will, of course, need to be assessed and underwritten, but the likelihood is that your premium will be very close to the final quote provided.
As mentioned, the easiest way to produce a basic life insurance quote is initially to do this yourself via an online comparison website, or a specific company’s website. As this is only a basic quote that is being produced, you now know that you need to furnish your potential insurer with far more details for your final quote, and indeed premium amount.