Fact CheckedIf you are looking for Life Insurance Quotes Online, I bet you’ve gathered a lot of information.
The internet is flooded with quotes, reviews, and articles about your potential purchase.
So where should you start when there is such an overload of STUFF!?
In my articles, I consistently stress the importance of doing your homework BEFORE you contact an agent, BUT there is a caveat.
Don’t rely solely on the information you find online to purchase. There’s much to say about getting advice from an independent agent.
Find out why now.
What Are Life Insurance Quotes Anyway?
Purchasing life insurance is a process. Unless you’ve been through it or know someone who has -chances are you don’t know much about it.
To give a quick recap, there are two types of life insurance:
- Term Insurance: This temporary coverage replaces income if an unforeseen death occurs. You pick out a “face value” (amount of money your loved ones receive if you die. Typical values are $100K, $250K, $500K, etc.) and “term” (years you want to be protected: 10 years, 20 years, 30 years). An agent asks you several questions, schedules a medical exam, and applies along with the physical results to the company of your choice. The “underwriters” (people who evaluate your health to determine how much you pay) rate you and send an offer for coverage. The amount you pay monthly or yearly is your rate. * You can get no medical exam term coverage, but it costs more.
- Permanent Life Insurance: Permanent insurance follows the same model, except it provides coverage until the day you die, which typically involves a cash value accumulation feature. Cash value can be handled in several ways, which I won’t discuss here. Permanent coverage is complicated and costly. I would not recommend purchasing it unless you meet with an independent agent to discuss all your options.
Once you decide on the type of coverage you want, the face value, and the term, the next step is determining how much it will cost.
This is where life insurance quotes come in. People often research before speaking to an agent to see how much they will pay for coverage.
Online Life Insurance Quotes
These days, everything is unfolding online, including life insurance. In the past, you would visit your agent at their office or have them come to your home to discuss options.
Now, everything is available with the click of a button…
….or is it?
As with everything, there is a yin and yang for easy online quotes and life insurance purchases.
It’s great to access all the information you need from the comfort of your home. Computers have made this process much speedier and more efficient.
You can even get live quotes for the best life insurance companies in Canada in seconds. I love technology and am excited to see where our business goes.
…but there are some drawbacks.
Sadly, Some People Rely SOLELY on Online Life Insurance Quotes
Unfortunately, because this information is easily accessible, people assume it’s all they need to make a good decision about their life insurance purchase.
Some of the pitfalls include:
- Assuming you know your health rating, Underwriters are professionals. They have a lot of information you DON’T have at their fingertips. There is no way to know your rating until you get the final verdict from the insurer. While most people achieve standard rates, others get preferred/preferred plus, while others are deferred or declined. Online Life Insurance Quotes may give you a good starting point, but they aren’t guaranteed. Also, buyer beware. Some sites share rates for preferred clients – if those are the quotes you rely on, you’ll pay more.
- Choosing the wrong company for your needs: You see some great rates from BMO. Why the heck do you need to do more research? Apply now! Nope. Bad idea. While BMO is a GREAT company, it may not work for your health. Not all life insurance companies are created equal. Some are more lenient than others for specific conditions. Picking the WRONG company can cost you thousands.
- Choosing the WRONG product: Many clients have no idea what they need and require more information to make an educated choice. Remember, life insurance is a long-term purchase. You need to know what is out there to make the right decision.
- Underinsuring yourself: Choosing life insurance with low-ball vision is a bad idea. A good needs analysis often opens clients’ eyes to their real situation.
Why You Should Always Speak to an Independent Life Insurance Agent
As you can see, there are many variables when buying life insurance.
I firmly believe this is a personal process better served by someone who knows all the ins and outs of the products and underwriting policies of the companies you are considering.
At Policy Architects, you are a client for life, which means you will receive a call from us BEFORE your policy expires. We also help people who improve their health reapply for better rates and work with them to accommodate changes as their families grow.
Although life insurance is fairly priced for what you get, it’s still a large purchase.
Selecting the wrong insurer on a whim could cost you thousands more than if you had shopped around with Policy Architects.
We also work with High-Risk individuals to get them the best possible prices. This means we take your details and go to underwriting departments to see what they think BEFORE we apply.
This is a great way to avoid denials and to see which company offers the most competitive premiums.
Looking for this type of personalized service? Call us today!
Selection of Life Insurance Quotes for You to Peruse
Here are some live quotes as of January 11th, 2020, for men and women looking for 20-year terms throughout the decades. This gives you an idea of what you may pay for coverage.
I am using standard rates for nonsmoking people.
Buyer beware! If you smoke, these rates will be a LOT more expensive. I chose RBC because they have some pretty reasonable rates; they have a 10% sale on all their term insurance, and I like them as an insurer…
….but it may not be the right company for you. Check these out, and then give Policy Architects a call to see if we can do better 🙂
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $20.41 | $31.02 |
| 35 Year Old Female | $15.87 | $23.53 |
| 40 Year Old Male | $27.60 | $44.26 |
| 40 Year Old Female | $20.83 | $33.37 |
| 45 Year Old Male | $43.86 | $70.34 |
| 45 Year Old Female | $31.16 | $50.26 |
| 50 Year Old Male | $70.04 | $118.05 |
| 50 Year Old Female | $49.83 | $80.91 |
| 55 Year Old Male | $123.99 | $218.82 |
| 55 Year Old Female | $83.30 | $155.03 |
| 60 Year Old Male | $221.04 | $414.72 |
| 60 Year Old Female | $148.41 | $278.19 |
| 65 Year Old Male | $345.22 | $659.98 |
| 65 Year Old Female | $232.43 | $449.10 |
*Quotes above are for RBC Term-20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. January 2020.
Psst! Life Insurance Quotes for Smokers
To give you an idea of how much your life insurance quotes change when you smoke, I thought I would give you some cold, hard numbers. If this doesn’t inspire you to quit, I am unsure what will.
So, for a 40-year-old nonsmoking male in standard health, RBC offers $500K coverage for $44.26…
… that same smoking male pays $140.33 with RBC!
As an aside, there are better companies for smokers to look at.
So the difference over the 20-year term is:
$23,056.80….OUCH!
This is the Reason You Should Call Policy Architects TODAY
There is good and bad news if you are looking for life insurance quotes online. The good news is that the internet has made it possible for the life insurance industry to reach out to the public.
You have more access than ever to the vital information you need to save money, time, and hassle.
The bad news is that you risk information overload—thinking you have everything you need to make an informed decision.
The truth is that life insurance is very complicated, and it’s a full-time job to understand all the products, updates, and changes in underwriting policies.
That’s why it’s so important to speak to an actual human being before you decide which company to work with.
Simply relying on online life insurance quotes won’t get you the best possible premiums.
Call Us Today We Can Help!
Our advice is free, and chances are we can find you a better deal.
Having an independent agent in your corner who views you as a client for life is so important. It can mean savings in the thousands. Why not let us help?
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