| By :
Marilyn Katz
Why compare term life policies online. First, we should look at the reasons to compare policy quotes and information at all. Then we can see how easy it is to do this with online insurance quote forms! Why compare term policies before you buy? Think about how you shop for purchases. If you are buying a new computer or vehicle, you probably shop around to make an informed decision. You probably only keep a computer or auto for five or ten years, if that much. But you will probably have a life insurnce policy for decades! Doesn't it make sense to shop around? As you know, some things that will affect your premium are your age, health, where you live, and what type and amount of coverage you want to buy. Insurance companies, even the large ones, all have their own way of setting premiums and rating applicants. Sometimes this can mean you will pay a lot more, or a lot less, with a different insurer even though they are both highly rated and well known. For an example, we quoted rates for one 40 year old man. He wanted a twenty year term policy for one hundred thousand dollars. This is a pretty modest amount, and we were surprised to see that the top 10 insurers varied by as much as three hundred bucks a year. Most people get monthly quotes, so the price difference may not seem like much. Some insurers, that cover people at work, even give weekly quotes. But consider this. A $10 a month difference adds up to $120 a year. That is $1,200 in 10 years! That is a signifigant difference, and it is also not even as large as the difference we found. Over the course of the twenty year term policy that we were getting quotes for, the difference between the cheapest and most epensive would have been six thousand dollars. It seems well worth spending a little time, to me, to save that much money! Your policy choices can also be different. We assume our premiums will be guaranteed over the whole term of the policy, but that assumption may be in error. Make sure you understand how the rates were established, and that the amount you pay in year one will be the same amount as the rate you will pay in Year 6, Year 16, or Year 20! Now, let us look at online term life insurance quotes and information. It was possible, in the past, to shop for rates and policies. But it was a big job where you had to look up several different companies and then set appointments to speak with brokers or company representatives. This could take days. Online quote systems make this job a lot easier! You simply have to answer the basic questions that will allow the form to match you with competitive life insurance companies in your area. You will get 3 - 5 matches. You can find online information about the policies. You will also get local contact information for brokers in your area who are eager to do business with you. So you have the luxury of considering your choices at home. Of course, you are perfectly free to discuss your choice with a live agent. We think it is a very good idea to do this before you make your final selection too. In my opinion, this is the perfect blend of computer technology and good customer service. In conclusion, we urge you to compare insurance before you buy. After all, you comparison shop for autos and laptops, and you will probably have your policy much longer. And we urge you to give free online comparison quotes a try!
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