How to Find Affordable Life Insurance

Shopping around for affordable life insurance can be a daunting task. It is one of the most important decisions a person will make as it could have a significant impact on the financial well-being of the beneficiaries. Obviously, it’s not a decision to be made lightly because of its implications, but dwelling too long on the magnitude of buying life insurance can derail you from the work that needs to be done.

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Picking the Policy

The first piece of business you need to address is the type of life insurance you want: term, whole, universal, or variable. Like any product, each has its strengths and you need to find out which will most likely help you meet your goals.

To that end, it is a good idea to think of life insurance as a product you will buy. Having this mindset also helps take the gravity out of the decision. As with any product, there is a wealth of information available about it on the Internet. You will have no difficulty finding life insurance policies and quotes once you start searching online.

But before you begin your search, you should investigate your options offline as well. Your bank or credit union may have life insurance policies available that will prove to be competitive. They have the added benefit of being provided by a person or organization with whom you are already familiar.

Likewise, you should also talk to the agent or agency with whom you insure your car or your residence, if you are a homeowner. Many companies offer a discount in services if you already have a relationship with them. After you have done that it is time to sit down in front of your computer.

Searching for Life Insurance

If you type “affordable life insurance” into a search engine you will be inundated with information. So, you need to put some boundaries or rules in places. Otherwise, you can spend the next month fielding life insurance quotes, if not longer. So, decide how long you want to search. Once you have determined whether you will be buying whole, universal or term life, give yourself an afternoon at your computer to do your research. You should also put a ceiling on the number of quotes you want to receive. You can spend your afternoon just filling out forms with the idea of generating quotes and in very little time your inbox will be filled with the information you requested—as well as lots of information about life insurance you did not request. Limit your number of quotes to about ten or twelve. Choosing among less is fine, choosing among more could prove to be overwhelming.

You will discover quite early that shopping for affordable life insurance is like shopping for other products in another regard. No matter what your best quote is, you will always feel like if you do a little more research or wait a little longer you can get a better price. This is probably true, since so much of insurance is tied to market factors. When the same nagging feeling that you get when you buy a car or a television comes along just remind yourself of how this purchase is actually different from those other two.

Looking for Security

Once you have sat down and begun looking at companies, be sure not to limit your choices to just the major players in the affordable life insurance market. You may end up choosing someone like Mass Mutual, but you can very easily get value for your dollar with a regional or local insurance company.

When trying to decide on an insurer, read reviews of companies online. What are the customers saying about them? What seems to be a company’s strengths? What have customers been critical of? These sorts of reviews can be very helpful because customers often go into great detail about their level of satisfaction (or dissatisfaction) and they are based on actual products and actual experiences. Think about it, would you buy a bicycle helmet after you read about several people online complaining about how uncomfortable it was? Of course not. You should adopt the same approach when buying life insurance.

After you have selected the companies you are interested in getting a quote from, you should look up their insurance company ratings – supplied by objective rating agencies like S&P, AM Best, or Moodies. You want to make sure your insurer is on solid financial footing.

Filling It Out

The next part of the process is filling out the quote forms from the companies you are interested in. Filling out quote sheets as you come across them will, as mentioned above, only end up with you having a crowded inbox, so simply focus on trying to finding the right company.

When you are applying for affordable life insurance it is important to be honest. This may seem like obvious advice but it also has practical considerations. The quote you end up receiving may not be binding as you may have to receive a medical examination before you are approved for coverage. If you did not indicate in your online application that, for example, you had surgery six years ago, then the quote you received will be inaccurate. This will end up making your comparisons between companies flawed as each company adjusts their quotes to different degrees based on the answers provided. Furthermore, the quote you received from the information you provided online will bear little resemblance to what you actually pay in the long run.

Also, when comparing quotes between companies you must be consistent. If you indicated that had an operation six years ago on five of them, but failed to indicate the operation on five others, then you will not have a valid comparison.

Your health information is not the only place where consistency matters. You want quotes for the same amount of coverage over the same time period. When you do side-by-side analyses of one quote to another you want to be sure you are comparing “apple to apples”, as the saying goes.

From that point, you can then make your choice based on the numbers. Buying affordable life insurance can be an emotional decision, but that does not mean you should not try to get value for your dollar.

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