Virtually any company that sells life insurance is willing to give a life insurance rate quote. These can often be very quickly obtained by contacting any company, that appears to have good deals or that is reputable, and asking for a quote. Insurers usually want some to a great deal of information prior to giving a quote, and information needed could include things like age, whether someone smokes, height/weight ratio, and if there is presence of any disease that puts people at risk for dying or sooner than expected.
One method for getting a life insurance rate quote or multiple ones is to check online. People may typically be able to get quotes for agencies that contract with a number of insurance firms, and that can search for best quotes in a few minutes on the Internet. Alternately, working with a local or Internet life insurance broker can help generate a list of quotes from varying life insurance companies and agencies.
People can also do their own shopping with some of the bigger known insurers to get a life insurance rate quote. They may have an agent that handles other forms of insurance for them that can give them a quote, which may be advantageous. Sometimes purchasing at least two types of insurance from the same agency (life and auto or life and home) is very useful because some companies offer discounts when a person owns more than one type of policy.
It may be necessary for some people to have things like medical exams prior to obtaining certain types of life insurance. When this is the case, it may take a little longer to generate quotes. A doctor may have to complete exam paperwork and then file a report with the insurance company.
While the business of getting quotes is fairly easy, many people don’t know what type of life insurance quote to get, or what it means when they’re quoted on different types. It’s a good idea to learn the differences between term and whole life insurance, for instance. Term life insurance has a fixed end point, when the coverage is no longer offered. People are only covered while they make payments and there is no life insurance payout after the policy expires. In contrast whole or permanent life insurance accumulates some cash value as the policy is paid, which then is paid out when the policy terminates or the owner of the policy dies.
It should be stated that these are only two main types for which people can get a life insurance rate quote, and there can be many variations on policy. When anyone gets a quote, they should find out exactly what they’re paying for. Moreover people should expect to see much higher quotes for most forms of whole life insurance. Term life insurance typically costs less.
One place people should definitely look for a life insurance rate quote is through employers. Many employers offer inexpensive life insurance options for workers and their spouses. These are usually term policies and tend not to require physical examination. It can be fairly easy to pick up about $50,000-$100,000 US Dollars (USD) or more in coverage this way. However most employers only enroll people in the various insurance plans they have once yearly, so it’s important to keep an eye out for the “open enrollment” period the company maintains, in order to sign up for company plans.