Quote Comparison

Life Insurance Quote Comparisons with LifePlans.com

Although it's not an alluring topic, life insurance is undoubtedly necessary and important. It will benefit your loved ones financially when you're no more. But to get the best deal, you need to conduct life insurance quote comparisons. The quotes will help you compare and analyze various insurance plans..

You can compare the quotes online from reliable providers like LifePlans or agents and brokers. Whichever works for you, getting accurate quotes helps you choose an affordable policy.

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Why You Need a Life Insurance Policy

Buying life insurance is never about you. It's all about giving your loved ones financial shelter once you die. So those who depend on you financially will not suffer or get overwhelmed by hospital bills and debts.

So, why would you get life insurance?

It's Easy and Inexpensive to Get

You heard that right! Contrary to the unpopular belief that life insurance is expensive, you can always get a price that suits your needs. More so, term insurance is more than five times cheaper than whole life insurance.

For as little as $4 a month, you can get a cover with a death benefit rider of up to $600,000. Term insurance options range from 1 year to around 30 years. So you can get a policy to act as the security blanket for the time being.

You Have Debts

You wouldn't want your family to suffer long after you're gone. But, unfortunately, your debts, such as business loans, private student loans, mortgages, or personal loans, can overwhelm your loved one. So instead, get a policy to shield your beneficiaries from financial pressure.

Pets and People Depend on You

You're a pet lover, caregiver, a big brother/sister, mother, or father- we wear many hats. Those who depend on you feel safe in your presence. However, death will cause havoc in their lives.

Are you a divorced parent covering your children's bills? Do you have elderly parents depending on you? Do you have special needs relatives or children? Do you have pets? If “YES” is your only answer, having a life insurance policy is imperative.

You're an Entrepreneur

Owning a business comes with its highs and lows. A recent study indicates that approximately 8% of companies close every year. And the major causes of business closure are low cash flow and sales, illness, or death.

Your business can thrive, even in your absence. Although life insurance is not the only financial plan for business sustainability, it's an excellent option to consider. The insurance payment will help the beneficiaries pay debts and taxes.

You Have a Life-Threatening Illness

Ailments like cardiovascular diseases, arthritis, cancer, or liver failure claim many people's lives. You may also have a history of devastating family illnesses. As a precautionary, you should get a life insurance policy. It ensures your family's financial stability is not disrupted.

Cost Impact

Factors that Impact the Cost of Insurance

Gender: Well, discrimination based on gender is illegal and inappropriate. However, gender plays a vital role in the life insurance arena. In most cases, premiums are based on life expectancy.

Ideally, the life expectancy for men is lower than that of women. Therefore, insurers tend to offer low-rate premiums to women than they do for a man. Sorry guys!

Age: As you age, insurance companies consider you a high-risk component. For this reason, your premiums will be higher. That's why you should apply for the life insurance policy when you're young- from as low as 18 years.

Inherited Illnesses: During the life insurance exam, you're required to disclose any predisposing ailment. Failure to reveal and it gets discovered will render your policy null and void. Also, in case you have an inherited illness, the premium will go higher.

Occupation: Firefighters and military personnel are tangled in high-risk jobs. Some insurance companies can decline a life insurance policy or pay high premium rates. In addition, some underwriters also look at employees who travel frequently.

There is an increased risk of getting involved in car of place crashes. Thus, high-risk occupations attract higher life insurance quotes.

Smoking Status: Smokers tend to pay high insurance costs than non-smokers. But if you quit smoking habits after getting insured, you wait for a year and then apply for lower rates. However, tobacco users are often favored over heavy smokers.

Hobbies and Lifestyle: Are your hobbies life-threatening? Hobbies like rock climbing, scuba diving, and bungee jumping are dangerous. Often, insurance companies will consider you a high-risk person because you're prone to injuries and death.

Improving your lifestyle will save you tons of bucks on premiums. At LifePlans.com, our competent insurance agents will offer you competitive rates that suit your needs and situation.

What to Know Before Researching for Life Insurance Quotes

As you hunt for life insurance quotes, ensure you follow vital tips to avoid making mistakes during your application.

  • A medical exam is not a necessity - Some insurance companies offer multiple non-exam life insurance options.
  • Life insurance is affordable - According to the Insurance Barometer 2020 study, the average cost of term insurance for a 30-year-old is about $160 annually, with a death benefit of $250,000. We can loosely translate this as $13 monthly.
  • Get quotes from several insurers - Different insurers offer different prices. So, get as many companies and make your comparisons. You can check various quotes from insurers on the CompareTheMarket platform.
  • The application process can be fast and seamless - You can apply your life insurance policy online and get instant approval without a medical exam.

Benefits of Online Life Insurance Quote Comparisons

Today, you can compare insurance quotes online, which is pretty fast. There are also apps, like GEICO, that allow you to make comparisons anywhere, all the time. Online quote comparisons are:

Convenient

Traveling from one agent or broker to another to obtain an insurance quote is tedious and time-consuming. Instead, save time and get a quote while at the comfort of your office desk or home. You need a stable network and a tablet, smartphone, or laptop.

Cost-Effective

When you drive from one agent to another, you tend to use fuel. And since you might not travel to all potential insurer offices in a day, you will spend days or weeks making comparisons. But with online comparison, you compare several quotes in a few minutes or hours.

Furthermore, online quotes are free, whether you're comparing from brokers or underwriters.

Hassle-Free and Easy to Obtain

Anyone can obtain a life insurance quote, even those not tech-savvy. You will input your personal data and health history to get several quotes. Importantly, ensure you provide accurate data.

Highly Personalized

With online quotes, you can modify or add data. With a single click, you'll be back from where you started and put the correct data. You can also experiment with different scenarios to get a plan that suits your needs.

And as you compare the quotes online, you can consider the input of a financial advisor. This is to help you pick an ideal policy to benefit your loved ones while being fair to your finances.

How to Get Life Insurance Quotes

1. Evaluate Your Needs

First, evaluate your financial resources and obligations. You need to calculate your needs and determine if the policy makes sense. You need to consider the pre-paid funeral costs, emergency savings, child care, the debts you own, college tuition for your children, to mention a few.

2. Gauge Various Life Insurance Companies

There are tons of insurance companies on the market. However, not all will deliver the results as they promise. More so, they offer different prices for different life insurance plans.

For example, term life insurance policies are cheaper, but some insurers have different terms and conditions. Some insurers will also allow you to convert your cover to a permanent life insurance policy.

3. Give Accurate Data

We all want accurate quotes, but you must also give accurate information. For example, you are required to provide accurate health data. If the insurer discovers some discrepancies, your policy will be declared null and void.

Provide information, such as;

  • Your current health status
  • The medications you're taking
  • Information like height, weight, hobbies, and lifestyle
  • Inherited illnesses

4. Compare Various Quotes

Choose highly-rated life insurance companies and narrow it down to a manageable number like 10. Get free quotes based on your needs. The information you give will determine the quote you get. Your age, health condition, and other factors impact your policy's cost.

You can get free quotes in-person or by phone, or online. You will get free quotes from insurance companies' websites. Alternatively, you can use a platform that provides life insurance guides and quotes from several companies.

Besides, you can visit or call local insurance agents and brokers to help you get quotes.

As you compare quotes, remember you only get them from reliable companies. An insurance company that offers low-ball prices might be a scam. Get to know the average rates in your state so, when you get a quote, you'll see if it's exaggerated.

Life Insurance FAQs

Is comparing quotes necessary?

Life insurance quote comparisons is not a must, but it's necessary. Comparing quotes helps you understand how various insurance plans work. Utilize the frees tools that help individuals get quotes online.

How do I get cheap quotes?

Shopping around is the best way to help you get affordable quotes. Avoid unnecessary riders and buy a policy early in life. Additionally, opt for term life insurance instead of a permanent policy.

How much is a life insurance policy?

More than 50% of the American population believe that life insurance is exorbitantly high. Although a permanent policy is expensive, a term insurance cover is 10-15 times cheaper than a permanent policy.

About Us

LifePlans.com is a marketplace connecting people with insurance companies and the agents/brokers of insurance companies. LifePlans.com does not provide quotes or sell insurance directly to consumers, is not affiliated with any exchange, and is not a licensed insurance agent or broker. Accordingly, you should not send us (via mail or email) any sensitive information, including personal health information or applications. Any such communications will not be treated as confidential and will be discarded.

The information presented on LifePlans.com is intended for general consumer knowledge. We do not provide advice on individual situations or legal issues.

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*Disclaimer: All quotes and rates are for illustration purposes. Actual premiums and coverage will be based on age, gender, health history, certain underwriting criteria, state of residence, and tobacco usage. Certain policies may require a medical exam. Not all policies or companies are available in all states. Advertised products are for US residents only.
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