Term Life Insurance Quotes - How Do You Choose The Right One?

Going online is a great way to shop for term life insurance or whole life. However, not all quotes are the same. Here are some tips to help you when getting quotes.

Life insurance rates for term and whole life (or permanent life) can vary quite a bit from one company to the next. Furthermore, you'll most likely fit into a rate class, such as "smoker" or "non-smoker, "preferred tobacco" or "standard tobacco" etc. Of course your age and general health also affects your rate.

Thus you want to get several quotes for comparison. You should get at least three or more from different companies. The length of term you choose -- say 10 years or 20 years -- plus the amount of coverage you get will also affect your costs, thus you want to request the same length of term and coverage from each company to get accurate quotes.

It's easy to do this online nowadays, just by requesting quotes from individual life insurance companies. It's also become popular to shop at an insurance comparison site because of their added convenience. These types of sites don't represent a single insurance company, and they usually allow you to enter your information once and then provide several quotes back.

Once you get your quotes, think about some other factors besides costs when deciding which one to buy. Remember, life insurance is insurance that you could have for a long term so it's important that the company is going to be financially stable. You can check the financial rating through several independent rating agencies such as A.M. Best, Weiss, Standard & Poor's, Moody's and Fitch. Either check their Web sites or contact them directly.

Also, check with your state department of insurance to see if there have been any complaints against the company, and if the company is licensed to do business in your state. You can also ask about their claims record. And watch out for any red flags when you talk to the company representative or agent. Did they provide you quick service and answer all your questions? Is the agent licensed to sell life insurance in your state, and does he or she carry any life insurance designations?

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