Getting a Quick Life Insurance Quote
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Getting a Quick Life Insurance Quote
It is only understandable to assume that getting life insurance quotes is a time-consuming process. This is perhaps one of the biggest reasons why people put off buying life insurance even when they understand that they need the coverage and they want the peace of mind that the product offers. In the past, comparison shopping and purchasing life insurance could be an all-day event. Today, with ...
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It is only understandable to assume that getting life insurance quotes is a time-consuming process. This is perhaps one of the biggest reasons why people put off buying life insurance even when they understand that they need the coverage and they want the peace of mind that the product offers.
In the past, comparison shopping and purchasing life insurance could be an all-day event. Today, with all of the modern day technology that consumers have to use to their advantage, getting life insurance quotes can be quick and easy.
Anyone who is limited on time but needs to price the cost of life insurance needs to be prepared for the process before they begin.
Insurance carriers, while they do offer many methods of contact, still need to know about your lifestyle, health and other personal factors before they can give you accurate price estimates.
If you know exactly what will be asked as you are given a quote, you can make the application process quicker and avoid errors that can lead to higher premiums once the policy is ready to be issued.
To get quotes in a matter of minutes, you should set aside a little bit of time for family financial planning.
The planning should include short-term financial goals and long-term goals you would like to achieve as you are nearing retirement.
This will give you the ability to pick and choose exactly what type of insurance you need, how much insurance is necessary, and what budge you will need to turn goals into a reality in the future.
After all, life insurance is a very valuable financial planning tool that should always be implemented to protect your net worth and your bottom line.
Preparation can help people save time doing virtually any task.
If you have never taken the time to prepare for a life insurance quote, knowing what you will need and what you can do ahead of time is difficult.
Here is your guide to preparing yourself to get quick life insurance quotes so that you do not spend your entire lunch hour in an agent’s office or your entire evening on the phone with a sales representative.
But first be sure to check out the FREE comparison tool located at the top of this page!
Steps to Take Before You Request Life Insurance Quotes
Requesting life insurance quotes can be a stressful and intimidating chore when you do not know your options and the difference between various types of policies.
It can also be frustrating when you are asked how much coverage you would like and you have not sat back and discussed coverage amounts with your partner.
Here are the steps you can take to ensure that you have all of the answers before you fill out a quoting form or speak with a high-pressure sales agent:
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Educate Yourself on Types of Coverage
The best way to walk into the process with confidence is to learn about the individual life insurance options beforehand. If you know the features, advantages and drawbacks of the types of insurance that you can buy, you will be an informed consumer who knows exactly what they want and who is confident about the product that they are choosing.
Here is a brief explanation of the types of insurance that you can buy:
Term Life Insurance
Term life insurance policies are most popular because they are the cheapest option and they serve a purpose for the average consumer.
While life insurance is not always one-size-fits-all, a majority of people who are buying plans today are doing so to cover financial obligations that will not always be a burden in their lives.
If you have a mortgage payment today, it does not mean that you will when you are nearing retirement. If you have dependent children, chances are you expect these children to leave the nest when they are self sufficient adults.
Term life insurance will fulfill these needs because it will provide a stated amount of protection for a specified term.
While there are many different provisions that can be written into a term policy, the most common options are one-year renewable terms and level terms that last up to 30 years and have level premiums and death benefits.
The best option for people who can medically qualify for coverage would be to purchase a longer term that secures the premiums for the entire term.
Permanent Life Insurance
The next option is permanent insurance. This option is for people who have longer term financial obligations or goals that will not go away during their lifetime. Permanent insurance is unique and complex because it is not just life insurance, it is also a savings vehicle that has an investment component that will earn interest.
Because there is a cash account that sits and earns interest, permanent insurance policies like whole life and universal life have living benefits as well as death benefits.
Permanent insurance can be as much as 10 times more per month than term insurance because of the investment component.
A majority of people will buy smaller permanent insurance plans because their permanent financial needs are smaller than the temporary obligations. Some of these needs may be:
- Final expenses
- Paying for spouses daily expenses after retirement
- Giving to charity
- Leaving an inheritance
- Continuing a family business
- Paying for estate tax
If you would like a cash value plan, you will need to decide which is best for you. Whole life is the traditional permanent insurance plan where the premiums stay level for your entire lifetime. While the premiums do stay level, there is not much room for flexibility if your income changes and you need to change your payments.
The more flexible but more complex option is Universal Life. With this format, you can choose how much you can afford to pay to fund the policy. The premium may be lower to start, and you will eventually need to increase funding to keep the plan active.
This tends to be the more popular option for people who want permanent insurance now but who cannot afford the initial higher payments of a whole life plan. If you do choose Universal Life, you will need to follow your illustrations and ask for updated ones when you change the amount that you pay so that you do not get into a situation where the policy lapses.
Choose an Amount
The next step would be to choose how much insurance would be appropriate to support your family, pay off the bills, cover estate taxes, serve as an inheritance, and pay for immediate expenses.
Choosing how much life insurance is enough life insurance can be very difficult, especially because the limit that you choose needs to be sufficient for now and also for the future when there is a chance that your needs could change dramatically.
There are plenty of calculators and financial planning tools that you can use to your advantage to determine what benefit is good for you now and also later in life. It is important to consider your income, your current savings, your debt, financial obligations, and also group life insurance that may reduce your burden.
Be sure to have a round about idea of how much term insurance you will need, and then how much permanent insurance you will need as well. Many people will buy larger term life plans and then smaller permanent plans so that they always have a limited amount of protection.
Budgeting
No one likes to think about creating a budget, but budgeting is part of financial planning. You need to know not only how much you would like to pay for insurance, but also how much you can afford to pay.
Be sure to review your earnings and expenses so that you can set a realistic budget.
You should also take some time to review the average premiums for various types of insurance to be sure your expectations are in line with what people really pay for the coverage type and amount that you want.
Providing Your Information for a Quote
Now that the preparation is out of the way, it is time to get your quick quotes.
When you ask for a quote anywhere, you will need to provide basic personal information and then choose the policy type and death benefit you want to purchase.
Some of the personal information that you are asked will be to assign you to a rating class before underwriting any applications. You may need to provide:
- Height and weight
- Smoking status
- Health conditions
- Age and gender
If you want the quickest quotes, you can use an online rate comparison tool that will give you instant quotes as soon as you enter your information.
The best thing about these tools is that you can see what you will pay with the top-rated insurers in the marketplace but will only need to provide information once. Prepare, enter your information, and comparison shop today.
Use the FREE comparison tool below to get started!
Enter your zip code below to view companies that have cheap auto insurance rates.
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Getting a Quick Life Insurance Quote
It is only understandable to assume that getting life insurance quotes is a time-consuming process. This is perhaps one of the biggest reasons why people put off buying life insurance even when they understand that they need the coverage and they want the peace of mind that the product offers. In the past, comparison shopping and purchasing life insurance could be an all-day event. Today, with ...