Learn How a Life Insurance Quote Works
What is a Life Insurance Quote?
If you’re shopping for life insurance coverage you may have heard about "term life insurance quotes".
But, what is a "quote" for life insurance?
It’s an estimate of your cost for insurance. However, it’s only an estimate based on the specific information you provided on the quote request form when requesting your price quote.
Usually, the request form for a quote asks a few basic questions which may include your gender, age, tobacco use, height and weight, amount of coverage, term length which is duration of coverage, and your name, state of residence, email address, zip code and phone number.
Once you answer the questions on the quote form, you will receive a price comparison of the most competitive term life insurance products for the type of term insurance that you select.
Term life coverage is available for a duration (term) of up to 30 years.
Questions Asked for Life Insurance Quotes
Term Length: 10, 15, 20, 25 or 30 years of life insurance
Amount of Coverage: Use a needs calculator
Birth Date: Coverage may be available for people ages 14 days to 85 years of age
Tobacco Use: Have you used any form of tobacco or other nicotine products in any form in the last 1 to 5 years and how often?
Health Category: Average, Good, Very Good or Excellent
Life Insurance Company Rating: The financial strength rating issued by independent rating agencies that review and analyze the financial statements of insurance companies an issue an independent rating for life insurance carriers.
Example of Financial Ratings:
The information you provide is anonymous, once you’ve viewed your quotes, you’ll be able to save your quote or submit an online application for life insurance.
The price quotes offered are not a contract, binder or agreement to extend life insurance coverage.
The premium for your life quotes are based on a number of factors including the chosen health category, the amount of insurance, height and weight, and your tobacco use.
Benefits of Comparing Life Insurance Quotes
Keep in mind, the longer your "term" or "duration" for coverage, the higher your annual cost of insurance, because your probability of passing away during the longer term of coverage increases.
Whereas, your odds are better outliving the duration of a short term for life insurance, which means your annual cost for life insurance will be lower.
Term insurance offers pricing that is much lower than many people expect.
Some studies indicate that people under age 35 estimate the cost of their life insurance to be 2-3 times higher than the actual cost of coverage.
Life Insurance Quotes
Top Pick – JRC Insurance Group
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