How to Compare Pricing for Life Insurance
How to Compare Pricing for Life Insurance
Are you interested in buying life insurance?
If so, you may want to find the most affordable plan to fit your budget.
Comparing prices on life insurance is the quickest and easiest way to find the most affordable plan. Why pay more than you have to for life insurance? And, why not get the most protection for your money?
That’s what comparing rates online can help you do – get the most coverage on life insurance protection for your family at the lowest price.
What factors affect my price for a life insurance policy?
The type and amount of life insurance coverage will affect how much you pay for a life insurance policy.
There are several other factors insurers consider when determining your premium (price) for your insurance policy. These are called your "Risk Factors", or the risk you present to the insurer of dying during the term of your life insurance coverage.
Rates Factors for Life Insurance Include:
Factor 1 – Age
A policy purchased when you are young will cost you much less than if you bought your life insurance when you're middle-aged or older.
Factor 2 – Gender
Women have a longer life expectancy than men and that’s why they pay less for the same amount of life insurance.
Factor 3 – Weight
People who are overweight pay more for life insurance than people of average weight for their height. Being overweight can lead to early death due to heart disease and other health related issues resulting from obesity.
Factor 4 – Smoking / Tobacco Use
People who smoke pay up to 2-3 times more for life insurance than non-smokers because smoking can lead to emphysema, lung cancer, heart disease and shorten your lifespan.
Factor 5 – Health
People with health problems including diabetes, high cholesterol, or other chronic health conditions pay a higher rate for life insurance due to a shorter life expectancy.
Factor 6 – Family Health History
If you have a direct relative who has cancer your rate for life insurance may be higher than for a person with no relatives that have cancer.
Factor 7 – Lifestyle / Travel
People who travel frequently to high-risk 3rd world countries may pay a higher premium than those who do not travel much or visit countries with political unrest.
Factor 8 – Occupation
Those who have high risk jobs, including blasting contractors, high rise window washers, and firemen will have higher risk of death and pay a higher premium for life insurance.
Factor 9 – Hobbies
High risk hobbies including skydiving, BASE jumping, bungee jumping or mountain climbing will increase your risk of death and cause you to be charged a higher rate for your life insurance.
Factor 10 – Driving Record
People with DUI’s in the last five years will pay a higher rate for life insurance than people with a good driving record.
How much will my life insurance cost?
It will probably be a lot less than you expect. Actually, most people over estimate the cost of life insurance by around 300%.
How can I compare life insurance prices?
It’s actually very easy. You just visit a life insurance website that offers quote comparisons for life insurance.
Then, you request a free quote by filling out a short "Quote Request" form that asks you some basic questions like how much life insurance do you need, and how old are you?
The insurers base your rate for life insurance on your longevity – how long you are expected to live.
Your answers to the health questions asked will help the insurer develop your rate. The rate is how much you pay per $1,000 of life insurance coverage.
What are life insurance price comparisons?
They are an indication of how much your life insurance policy will cost.
In order to compare rates on life insurance you request a life insurance quote comparisons by filling out a short request form which provides the insurance company with specifics about you and your life insurance needs. The insurance companies review this information and give you instant life insurance quotes.
By filling out just one form, one time, you can compare the lowest rates for life insurance from over 40 of the best insurance companies in less than 2 minutes.
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Globe Life Insurance
$1* Buys $100,000 Globe Life Insurance for Adults or Children