So, how do you find low-cost life insurance?
Some people find the thought of buying life insurance overwhelming. We’ll admit that the many options available when shopping for a policy can be confusing, especially for people who aren’t familiar with the various types of insurance and the process it takes to actually get coverage.
That’s why we try to make it as easy as possible to get the right policy at the right price, even if you’re brand new to all of this. Our friendly agents are more than happy to help you understand anything that might seem confusing — and you’re under no obligation whatsoever. The way we see it, the more knowledge you have the better you’ll be able to make a decision you’ll be satisfied with.
Here are our recommendations:
Start with a free quote.
While a quote won’t guarantee the cost of a policy, it will give you a general idea of what you might expect to pay for coverage. We recommend looking for a term life policy, at least to start with. For most people, term life is the most affordable life insurance.
You can use our calculator to get a quick estimate.
Talk with an independent agent.
Getting a free quote might point you to a policy that fits your needs at a price you can live with. But to be sure you’re getting the best coverage and the best price, it’s always a good idea to talk with an independent, licensed agent at a company that represents multiple insurers.
Some people shy away from having this conversation because they don’t want to be hounded with sales calls or pressured into buying something they don’t want or need. A reputable agent shouldn’t pressure you at all.
A good agent will talk with you about your life insurance needs and explain the various types of products (e.g., term life, whole life, and final expense), as well as the underwriting process. If you decide you’re ready to look into getting coverage, he or she can work with you to find the best and most affordable policy for your circumstances and budget.
It doesn’t cost you anything to talk with an independent agent, so why not take advantage of this resource?
The reason we emphasize working with an independent agent is simple: Agents who work for a specific company (like the ones you see in TV commercials) can only offer the policies their company sells. An independent agent, on the other hand, works with a variety of insurers and can shop around to find the policy that works best for your needs and budget.
Working with an independent agent also saves you time, since you don’t have to go to the trouble of contacting individual insurance companies on your own to compare coverage and rates. Plus, you won’t wind up with multiple insurers sending you emails and calling to see if they can sell you a policy.
Check the online reviews.
Before you choose an insurance company, do a search online for company reviews and complaints. See if the company has a good reputation among customers that have already purchased a policy.
Sometimes cheap life insurance really is a bargain, as long as it offers the right amount of coverage. Other times, the old saying “you get what you pay for” holds true. It’s not hard to find out what other people have experienced when doing business with a particular insurer, and it can help you avoid making a costly mistake.
Checking with the Better Business Bureau and Google Business is a good start. Also, there are websites that are dedicated to conducting life insurance company reviews. They provide the positives and negatives you can expect to experience with a given insurance company.
You can also check to see if complaints have been filed against a particular insurance company with your state department of insurance. The National Association of Insurance Commissioners website offers a searchable database.