A Guide To Comparing Multiple Term Life Insurance Quotes

May 31, 2022

You know you should shop around for term life insurance. After all, there are hundreds of agents you can use. However, if you don’t know how to compare the quotes, you could end up choosing the wrong policy. Before you move forward with your term life insurance, learn the important factors you should consider.

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What’s the Term?

You want to compare apples-to-apples when you shop for term life insurance. The most basic thing you should then consider is the term. It doesn’t make sense to compare a 15-year term to a 20-year term, for example. The 15-year term will likely cost less, because the insurance company takes less risk. Instead, you want to ask for the same term from each provider in order to properly compare quotes.

Disclose Your Health History

Another large factor in your term health insurance quotes is your health history. When insurance companies give you a quote, they are basing it on the information you provide. Once you decide to move forward with the policy, they will verify the information you provided. That’s why disclosing your health history upfront will give you the most accurate quote.

For example, let’s say you suffer from diabetes. If you tell Insurance Company A about the diabetes, but don’t tell Insurance Company B, the quote from the first company will likely be higher. However, when it comes time to obtaining the actual policy, you’ll likely be in for a surprise once the agent finds out about the illness.

Does it Require a Medical Exam?

Not all insurance companies require a medical exam for life insurance. However, if they don’t, they will likely charge higher rates for the policy. The insurance company that does require an exam has better protection because they know what they are getting into. If they discover any red flags during the medical exam, they may deny coverage or increase the premium.

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When you compare multiple term life insurance quotes, you’ll want to inquire about the medical exam requirement. Only put policies side-by-side that either require a medical exam or do not require one. Don’t compare a policy that doesn’t require a medical exam to one that does require it.

Receiving the Best Quotes

Chances are that you want to obtain the lowest insurance rate quotes possible. Not only will it save you money every month, but also cumulatively, you’ll pay less for the coverage. In order to maximize your chances of receiving low insurance premiums, try to do the following:

  • Quit smoking for at least 12 months or longer
  • Exercise regularly
  • Eat healthy
  • Lose weight if you are overweight
  • Visit a doctor for regular check-ups

These factors will make you the least risky in the eyes of the insurer. The more overweight you are or the more poor lifestyle choices you make, the higher your premiums.

Finding the Right Insurer

Don’t fall for the fallacy that the least expensive insurance agent is the best agent. Before you agree to a life insurance policy, do your research. You should know the insurance company’s financial strength, which you can research with Moody’s or Standard & Poor’s. You should also do your own research regarding customer satisfaction. Read reviews about the experience of other clients to make sure the company suits your needs.

Comparing multiple life insurance policies is crucial to finding the most affordable premium. The more honest you are with an insurance company, the more accurate quote they will provide you. Then you can decide which policy works best for you. As a general rule, you should take out life insurance that equals 10 times your current salary. Get quotes from several agents to see how much you’ll have to pay for your term life insurance policy.

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