How To Find The Most Low Cost Term Quotes Online
You've made the first step, you're shopping for life insurance quotes
. And because you understand the value of comparing quotes before you buy, you're doing it online. But, did you know that there is even more you can do to find the best rate?The key to finding the cheapest rates is to simply understand how life insurance rates are calculated. There are seven key factors that determine a persons rate, these are:
The product type
The amount of the policy
Health class
Height/weight ratio
Age
Sex
State of residence
Most of these aspects are not within your control, however understanding the first three could greatly improve your shopping ability and essentially your premium rate.
--First, it is a good idea to familiarize yourself with the different types of life insurance products out there and thus figuring out exactly what type will best suit your needs. Most often however, what people want and need is term life insurance. It is the most basic type of life product and is the most affordable.
However, if you have ever been declined coverage, you want the policy to last your entire life, or you need a quick application process, term may not be for you and you would benefit from consulting with an expert advisor.
A term life policy lasts for a pre-determined length of time, typically lasting 5-30 years. The next decision you will have to make is how long your policy should last? General rule of thumb is the shorter the policy, the cheaper the rate. It is a common practice for someone to purchase a short policy and buying a new one after the existing coverage expires. Because rates are always fluctuating, this is an added benefit because you will be required to review your policy and compare new rates on a recurring basis. The risk, however, is that as time goes on your insurability may change. First, you will age, and as you age, your rates may increase. Secondly, becoming sick will have a huge impact on your rates, and in some cases your overall insurability.
If you would prefer a policy with less risk, longer terms will also be very affordable and provide you with coverage during the most crucial years of your life and then some. Once your insurance coverage needs have changed (such as paid off a mortgage or children are out of school) it is worth reexamining your policy.
--Once you have determined the type of policy that best fits your needs, you will have to figure out the dollar amount. The higher the coverage amount, the higher the rates; however, there is no benefit to overestimate your needs. The most common amount for a death benefit is 8-15 times the wage-earners salary. You will want to consider the future living expenses of survivors, current debts, and your current assets.
--Lastly, when comparing term life insurance quotes you will be asked about your health class (or rate). Insurance carriers base their rates on the overall health of the people they cover. To do so, they have specific health classes that correspond with a set of offered rates.
The health classes are: Best, Preferred, Plus, and Standard. "Best" means that you are in excellent health and will get reflective rates, and so forth.
When comparing quotes you will be asked to evaluate yourself and select a health class that best represents you. Most sites will offer some guidelines and definitions of their health classes (not all carriers are the same). Once you submit your application, the carrier will verify your health class by scheduling a medical examination, reviewing medical records, and even examine your family history. Make sure you get a lot rest, eat well and stay away from coffee or alcohol days prior to your exam.
Lying during the quote process will not benefit you or your rates, because ultimately the insurance carrier will verify your class and it could change. However, you are not locked into this rate. If you are not satisfied with the offered rate, continue your search. Working with an advisor or agent will help you get the best rates when health classes are concerned, because they know which carriers provide the best rates for different health related issues.
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