Getting life insurance online is a great way to find what you
need with the convenience and privacy of your computer. Many people put
off getting this important coverage because they are not sure how to
start, and going online is a great way to see how easy it really is.
Here are some tips for saving money and getting quotes.
First, you want to get more than one quote. In fact, the Insurance Information Institute recommends that you get at least three quotes from different companies. The reason for this is simple: Each company determines their rates based on certain underwriting factors. Thus, rates can vary quite a bit from company to company. Getting comparison quotes could save you hundreds.
The Internet has made this easy. You can visit the individual Web sites of life insurance companies and request a quote from each by filling out their online quote request. Or, many people find it more convenient to go to an insurance comparison site. These sites don't represent a single company. Instead, you fill out one form online, and then get several quotes back from different insurance companies or agents. You can then follow up on the quotes you like best.
When getting quotes, you'll want to provide the same information about yourself, the amount of coverage and the type of policy you want (term, whole life, etc.) for each quote in order to get an apples-to-apples comparison.
Once you find some quotes you like, be sure to ask the agent or company representative questions if you are confused about any aspect of the policy. You'll want to understand the exclusions, which are basically the listed reasons for why the company may not pay the claim.
It's also a good idea to check the financial stability of the life insurance company you are going to buy the policy from. After all, life insurance is about a future payout and you want to be sure the company will be around in the future.
There are several companies that rate insurers by financial stability. A.M. Best, Standard & Poor's and Weiss are three of them and they have Web sites which can help you look up a company's rating. You can also check with your state's insurance department to see if the company is licensed to do business in your area, and to see if they have received any complaints about the insurer.
First, you want to get more than one quote. In fact, the Insurance Information Institute recommends that you get at least three quotes from different companies. The reason for this is simple: Each company determines their rates based on certain underwriting factors. Thus, rates can vary quite a bit from company to company. Getting comparison quotes could save you hundreds.
The Internet has made this easy. You can visit the individual Web sites of life insurance companies and request a quote from each by filling out their online quote request. Or, many people find it more convenient to go to an insurance comparison site. These sites don't represent a single company. Instead, you fill out one form online, and then get several quotes back from different insurance companies or agents. You can then follow up on the quotes you like best.
When getting quotes, you'll want to provide the same information about yourself, the amount of coverage and the type of policy you want (term, whole life, etc.) for each quote in order to get an apples-to-apples comparison.
Once you find some quotes you like, be sure to ask the agent or company representative questions if you are confused about any aspect of the policy. You'll want to understand the exclusions, which are basically the listed reasons for why the company may not pay the claim.
It's also a good idea to check the financial stability of the life insurance company you are going to buy the policy from. After all, life insurance is about a future payout and you want to be sure the company will be around in the future.
There are several companies that rate insurers by financial stability. A.M. Best, Standard & Poor's and Weiss are three of them and they have Web sites which can help you look up a company's rating. You can also check with your state's insurance department to see if the company is licensed to do business in your area, and to see if they have received any complaints about the insurer.
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