The Anatomy of Free Life Insurance Quotes

By Brad Cummins on Friday, 09 October 2015. Posted in Rates and Risk

With so many companies offering such a big variety of policies, buying life insurance can be a difficult endeavor. To make it easier, many agencies provide online quote generators that take your personal information, search a database of life insurance companies, and bring you free life insurance quotes that are perfect for your needs. Here at TermLife-Insurance.com, we pride ourselves on having the best quote engine on the internet, getting you great quotes quickly and easily. To help you get the most out of it, here’s a breakdown of the information you’ll need to fill out, and the quotes you’ll get back. We’ve also included explanations on why each bit of info is important, so you’ll be able to get a better understanding of what goes into getting you your quote.

Are You Risky? 

Most of the information you’ll be filling in on a quote generator will be gauging how “risky” you are to insure. Basically, insurance companies will be wary of insuring you if you have a higher likelihood of dying sooner, so they’ll assess the risk of that happening. The riskier they deem you, the higher your rates will be.

Your Birth Date 

Your birth date will be one of the first things a quote generator asks you for. Age plays a big factor in your risk because as you get older, you get closer to a natural death.

Your Sex 

Statistically speaking, men tend to work jobs that are more dangerous than women’s jobs. They also have hobbies and lifestyles that tend to be more dangerous or potentially destructive, and they also have a significantly higher chance of dying by an unnatural cause (such as homicide or suicide.) In addition to all of this, men also have naturally shorter life spans than women. Because of these facts, any life insurance company will consider men to be riskier to insure than women.

Your Medical History 

Naturally, a troublesome medical history means you’re at a higher risk of death. At the most, a quote generator will ask you about your current conditions, or if you have a history if any conditions in your family. At the least, it’ll ask you if you’re currently taking any medications. 

Your Recent Smoking History 

Insurance companies would prefer you to be in good health, as it greatly reduces your risk of dying in the near future. Smoking can greatly increase your risk factor by putting you in danger of lung cancer, coronary heart disease, and heart attacks. If you have asthma, the risks skyrocket, as cigarette smoke triggers your attacks. Essentially, smoking is a single action that adds multiple risks to your life. Quote generators want to know if you smoke, but because of the addictive quality of the nicotine within cigarettes, you’ll be asked if you have smoked within the past few years.

The State You Live In 

There’s no official government agency that sets a national price or suggested standard for life insurance. Because of this, the rates you’re offered will vary depending on the state you live in.

The Level Term Period You Would Like 

“Level Term insurance” is a kind of term life insurance. With a level term policy you’ll pay a fixed premium for the entire duration of the term, so you won’t have to worry about surprise premium increases. The premiums will only raise when you renew the term. Here, you’ll be able to choose how long you’d like the term to be. Keep in mind that a shorter term will be cheaper initially, but since they increase every time you renew, a longer term is better for the long run.

The Coverage Amount You Need 

The main feature of a life insurance policy is the “death benefit,” or the amount of money your insurance company will give your beneficiaries when you die. Here, you’l be able to set exactly how much that amount is. This may be the most important part of the process, so you’ll want to consider who you’ll want as a beneficiary, and decide just how much coverage you’ll need to make sure their needs are taken care of after you die.

Once you’ve put your information into the generator, you’ll get multiple quotes. Here’s what to look for as you browse them.

Company And Policy Information

Here you’ll see the name of the company offering you the quote. You’ll also see the specific name of the plan they’re offering you, giving you the chance to further research it if you so choose.

Rate Class

Based on how risky you are to insure, you’ll be placed in one of four rate classes. If you’re placed in a lower rate class, your rates will be significantly lower. In order from highest to lowest, the rate classes are Standard, Standard Plus, Preferred, and Preferred Plus.

Recalculations

Here, you’ll be able to change the coverage amount and term length on the fly. This is useful if the quotes you’re getting are too high, if you think you can afford better coverage, or simply want to make any other adjustment to your plan.

Billing Options

How often would you like to pay your premium? Here, you can adjust the interval to your liking.

Every quote generator is different, but these basics should be present in every one you’ll find. Use these generators wisely, and you’ll be able to get a great price on the insurance you need. For the best possible price, you’ll want to check out our quote engine, which searches 40 top insurance companies to give you the lowest rates you’ll find anywhere. Try it today for fast, free life insurance quotes!

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