you have your quote, how do go about
comparing term life insurance plans?
Are certain characteristics more or less
important than others? What if one
plan is priced better but has a slightly
lower carrier rating? These are
all important questions and we'll help
you not get distracted by too many
variable and concentrate on what's
actually important when you compare your
life insurance options.
you run your instant
insurance quote, usually 5-7
plans will appear in a few seconds
according to your age, health class,
amount of insurance, and length of term.
We quote more than these carriers but
according to your vital information
above, these plans offered the best
rates blended with the
strongest carrier ratings. You'll
find that if you change term length or
amount or any of the other information
for that matter, then different plans,
rates, and carriers will appear.
Again, the system automatically
recalculates to find the best rates.
That's the first part to successfully
comparing life insurance plans so you
have a head start.
the online quote is there on your
screen, we really get down to the
business of comparing options. The
variables that we should take into
account are all right there.
life insurance rate
course the first one that most people
focus on immediately is the monthly rate
and for good reason. Can we afford
the coverage after all. Most
people brace themselves for bad news
only to find that term life can be quite
affordable. There's usually a sigh
of relief. The rate or premium
amount really is probably the most
important criteria upon which to compare
the plans. The carriers quoted are
financially strong and there are
protections by the State to protect you
up to a certain amount anyway. The
rate quote probably makes up 75% of the
decision. Not only does the
rate need to reflect your current
budgeted amount, it has to work during
the various financial up's and down's
that a person usually encounters during
a long period of time. Keep in
term life lengths
can run 10, 15, or even up to 30 years.
This is a long period of time and we
want be able to handle the premium.
ability to focus so narrowly on the rate
is unique to term life. We
wouldn't recommend doing this with
health insurance for example.
There is a huge difference between
medical plans options and medical plan
carriers. The cheapest plans make
us nervous to say the least. Term
life is more of a commodity these days
which means it's very similar from
carrier to carrier and plan to plan.
It reminds us of dental in that respect.
Yes, there are differences but not so
extreme as with medical. It
usually makes sense to look towards the
middle to low-middle of the range in
terms of price.
Within that range, it then comes down to
carrier strength and ease of use.
You'll find the carrier strength right
there on the page according to all three
major life carrier
rating agencies and their
relative score (#1 rating). This
is a great bonus and usually we
recommend that this is a litmus test
once you've found the right rate for
your budget. If the carrier
ratings are not significantly lower than
the others, it passes the test.
of use is a little tougher. It
really makes sense to use our experience
agents on this one. The
carriers are all making their way to
becoming easier to deal with since the
advent of the online life insurance
transformation. Once you have
decided on your plan and requested the
application kit, we would be happy to
provide guidance on ease of use when
comparing term life insurance plans for