Term life insurance quotes are the best and easiest quotes to get. This is because this type of insurance is easy to understand by the common man, is affordable and the processing time is quick too. However, when requesting online term life insurance quotes, you must realize that there are many insurance companies competing with each other to make different offers. So, you must study these offers very carefully before settling on a particular company. While outwardly it could seem that all quotes are identical and offer similar coverage, it is only when you read the fine print that you will see the variations in each.
In order to get cheap life insurance, you must get one when you are young for the rates are cheaper for younger people. The best way to get cheap life insurance is by undergoing a thorough medical exam. A blood test will reveal if a person uses tobacco or drugs, has HIV or other diseases like diabetes or high cholesterol levels. Using these results, the underwriters at the insurance companies will arrive at your premium cost. If you had answered the questions on the quote honestly, the figure you first received and the final cost will be more or less the same.
Hence, if you have high cholesterol levels or you are a smoker, do not try to hide it for if this fact is found out later, you could end up losing your policy totally. Those who come under the ‘Preferred’ class will receive the lowest life insurance quote for they are considered to be in near perfect health. Those who come under this category must make sure they opt for level term life insurance for at least 20-30 years, for then the insurance rates for the entire period will not vary.
Make sure even if you opt for term life insurance that you do not put cost above all other considerations. Very cheap life insurance may not provide adequate coverage for the family. There is a particular insurance called burial insurance where for a few dollars, you can get coverage for about $10,000. This may seem very reasonable, but, you must realize that funerals are expensive and if you take such a policy, after burial costs, your family will not be left without too much to tide over immediate expenses and debts.
Looking online is the ideal way to start getting term life insurance quotes. With a few brief questions, you can get a quote without revealing too many personal details like social security number. Here is what a typical term life insurance quote will ask you:
• Date of birth
• Nicotine use
• Coverage type
• Payment mode
• Coverage amount
Providing this information will get you an instant quote and using this and the comparison chart provided, you can make an informed decision.
While undergoing a medical exam is the best way to get cheap life insurance, there are many people who do not wish to go through the hassle of one. These people can opt for no medical life insurance that is offered by most insurance providers including top ones like ‘Transamerica’, ‘MetLife’, ‘Fidelity Life’ etc. Now, when you see a comparison chart for a life insurance quote whether it is term life or no medical life insurance, there will be a few questions listed and the resultant answers will be shown under columns for different insurance companies.
For example, for the question – Is medical exam required? – You can see under each insurance provider as to who requires one. The application process for each company can vary. For some it could be as little as 24 hours and for others a week. This is only if you opt for no medical life insurance. For other types of insurance, it could take 4-6 weeks to process since you need to wait for medical results and only then can the underwriting process commence.
If you do opt for a no medical life insurance policy, some companies will not ask for previous medical records. Some companies will require a few medical clarifications after they receive your quote. The greatest advantage of a no medical life insurance is that the entire process takes place online with the applicant not needing to meet with any agent face-to-face. There are no high pressure sales to endure and no wasting time waiting in an insurance office. The paperwork is also limited since most of the information is gathered online. So, consider all options before making a final decision.