Online Life Insurance Quotes – 5 Tips to Picking the Best Choice

Your stocks have tanked, your employer is cutting back on benefits, you’re worried about your kids if something happened to you. It’s time to check out life insurance.You go to a couple of web sites for prices and BAM, quotes are coming at your right and left. Which ones do you trust? How do you pick? What happens if you choose wrong?Actually, a lot can happen if you choose wrong.1) You may find your agent doesn’t know what he/she is doing2) You may be declined3) You may end up with a policy you cannot afford4) Your coverage may lapse and not pay out when neededSo how do you know which quote to choose? Here are FIVE TIPS to help you avoid needless frustration in the application process, and end up with a policy that will serve your purposes at the lowest possible price.TIP #1    Check out the legitimacy of the web site providing your quote a. Does the web site look professional?b. Is contact information – phone number, physical address and email address – provided?c. Is it part of a legal entity? Are any business affiliations noted?d. Are authentic sounding testimonials included?e. Does it introduce any agents or staff?f. Is any protection offered against spam or sharing of your personal information?If you can answer yes to each of the above, the web site you are consulting should be reliable and secure.TIP #2    Look to see if the web site specializes in cases like yours

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a. Do you have a health condition such as diabetes or recent heart attack?    Selected web sites specialize in life insurance for folks like you.b. Do you use tobacco?    Some companies pride themselves on their competitive rates for cigarette smokers. Some offer nonsmoker rates for cigar smokers. The web site will give you an idea as to whether they cater to smokers.c. Are you offered many choices and with reputable companies?    If you are looking for Whole Life and only Term is mentioned, you might want to try another web site. Likewise, if only one company is quoted you may not be getting a competitive quote.TIP #3     Try to evaluate if the person providing your quote is reliableAs online life insurance quotes becomes more popular, agencies providing those quotes are becoming larger and more organized. Thus, they can train telemarketers to go down a check list with you, then provide your quote. While this method works OK, discrepancies may arise that inexperienced, unlicensed quote providers do not know how to handle. This is especially true when a health condition is involved.E.g. A diabetic with an A1C of 8.0 and no side effects from diabetes will satisfy a check list to get a policy with a number of companies. However, if his normal A1C is 6.5, his last one was 7.5, and his insurance exam showed 8.0, he may be declined or postponed until that pattern on increasing A1C is resolved.Therefore, pay attention to what questions you are asked, and ask some of your own, to determine if the person providing your quote fully understands the subject matter and options available to you. This could make a huge difference in your experience and what price you end up with.TIP #4   Don’t automatically trust the lowest quote Licensed life insurance agents are required to take classes on ethics for their continuing education. Yet I cannot tell you how often my clients are treated unethically by being given low quotes from other web sites, for which they cannot possibly qualify.The price you are charged depends on how the company rates you after reviewing your exam and medical records (if a No Exam policy, the rate depends simply on how you answer a list of questions). If an agent quotes lower than you qualify for, your rate will turn out what you qualify for, no lower. In fact, the agent quoting you realistically is more likely to get you the lower rate because the underwriter can trust what he/she says!How can you tell if an agent is quoting realistically?a) They ask questions about tobacco, family history, health, and other things listed in companys’ underwriting guides. Sometimes your answer to one question may limit your choices, so the number of questions is less. But if you are not asked any qualifying questions you are never going to get the lowest price. Without those details your agent cannot possibly know the best rate you qualify for.

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b) If your case is more complicated, they may get a quick quote or informal offer for you from the underwriters of each company they contact. Then they translate that tentative offer into dollars and cents so you can make an educated choice.c) The most accurate quotes are from agents who’ve written enough similar cases to yours that they know which companies will actually APPROVE your case at the best rate.TIP #5   Make sure the product suits your need If your need for life insurance is temporary (e.g. to cover a mortgage, get your children through college, protect a loan) Term insurance offers the most coverage for least cost. If your need is lifelong (e.g. funeral expenses, estate settlement) you require Whole Life or Universal Life with no lapse guarantee. If you cannot afford permanent coverage for a lifelong need, at least be sure your insurance has a conversion option so that you will not risk being uninsured when the need arises.These five tips will help you weed out the lousy quotes and get the policy for which you are most likely to qualify, will get the best price, and will take care of your beneficiary when the need arises.