When shopping for term life insurance online you will find a wide variety of prices, facts, figures and ratings available. Unfortunately, many sites may also ask for unnecessary personal and contact information! This page will tell you what you have to do to get your term insurance quotes, and what sorts of information you should get in order to make a meaningful term life insurance comparison?
What kind of basic questions do you have to answer?
The online insurance service will need some basic information to prepare your comparison quotes.
- The quote service will need to know your state of residence to determine available policies.
- They will need to know your date of birth to calculate your insurance age (Some companies use your attained age while others use age nearest birthday.)
- They will need to know your gender for proper rate classification.
- They DO NOT need to know your name, city, street address or your telephone number to provide you with an accurate quote.
What about health questions and Rate Classification ( Super Preferred, Preferred,or Standard)? Every life insurance company determines your rate class based upon their unique underwriting guidelines. At 1stQuote you will need to answer a short series of build, tobacco use, health history and avocation questions so that the approximate rate class can be calculated for each company and used to provide you with the most accurate online quote.
Some firms may have you simply review a general list of health history guidelines and then have you guess your rate classification based upon this generalized information. Unfortunately, this approach has a greater chance of resulting in inaccurate health classification and incorrect rate quotes.
What Information Do You need to see in your term life insurance comparison ?
The more meaningful information that is included, the easier it is to select the insurance company and life insurance policy that will best meet your needs. At a minimum we believe a useful comparison should include:
- You need to see and compare pricing (monthly, quarterly, semiannual, and annual) from a variety of term life insurance companies. In most cases, annual and automatic monthly bank draft premiums will save you money.
- You need to see and compare how long each company guarantees that its rates/premiums and death benefit will remain level .
- You need to see and compare the major financial ratings for each company listed in your comparison. At a minimum you need to see the A. M. Best rating and also Standard & Poors with Moody’s, Fitch and others whenever possible.
- You need to see and compare information regarding the insurance company’s history, assets under management, location, telephone etc.
- You need to see and compare a statement of each company’s basic policy provisions, issue ages, conversion rights, re-entry provisions, maturity dates, extra cost riders and other contractual information.
Armed with this information you can make an informed decision as to which policy best meets your particular needs and circumstances. If you have questions, the quote service should have 800 number help available throughout the day.
