Rule # 1 when considering any purchase – it pays to shop around. The end result hopefully leads to a wider variety of choices and cheaper prices. Compare term life insurance quotes.
This must be true when it comes to shopping for life insurance, right?
There are a number of websites to choose from on Google’s page 1 search results when you type in the keywords term life insurance quotes. Every website says they can save you $$$. For example, AIG Direct says “get up to 70% more life insurance for the same cost as other carriers”. Is this really true?
See for yourself. Below are the companies that appear on page 1 of Google for the keywords term life insurance quotes. A comparison quote was run on each website using the same information – MALE | DATE OF BIRTH 4/11/1969 | $500,000 | 20 YEAR TERM | BEST HEALTH CLASS. Here are the results…
How does this website compare?
Why are the prices the same?
The cost of life insurance is fixed based on 3 Variables.
The amount of life insurance – For example, $100,000 | $250,000 | $500,000
When does the policy expire?- 10 | 15 | 20 | 25 | 30 years | or | Age 95 | 100 | 121
The approved health class
IMPORTANT!!! The health class is the unknown when shopping for life insurance. All life insurance companies have about 10 health classes. #1 health class is the best and has the least expensive price BUT you have to be extremely health to get it. Things like height & weight, blood pressure, cholesterol, as well as other factors, will determine your exact health class.
Here is an example of how a change in health class will effect the price of life insurance. Let’s use the Prudential quote above.
1 year term life insurance
If the prices are fixed, and the companies are the same, then does it matter what website you buy your life insurance from?
Yes!! The difference is in the APPROACH & SERVICE. Let’s start with a few of the big ones.
SelectQuote – The most recognizable name in the business. Does this make them the best? Not exactly! Despite the fact SelectQuote represents the most competitive life insurance companies, their approach can be aggressive and their service can sometimes be sub par.
You will first notice that you can not get instant life insurance quotes from their website. You must fill out a questionnaire then a licensed call center employee will call you back and speak with you over the telephone. They will then send a follow up email with the quotes.
The licensed call center employee has a 5 application/day quota. Meaning there is pressure on you to get it done!
SelectQuote has licensed call center employees instead of independent agents to handle their enormous website traffic. Call center employees generally have a high turn over rate. The end result is you might not speak to the same person who sold you the policy if you need help in the future.
Despite the fact the call center employee is licensed to speak to you about life insurance, the are NOT the ones who will sign the application as your agent. This is done by a manager or the owner. Regardless, it is someone you have never spoken to.
“SelectQuote – We shop, you save”. You have heard this in their advertising. In actuality, this is far from the truth. Once you apply to the first life insurance company, that’s it. Whatever offer comes back will be presented as the best offer possible even if another option exists that will save you money. It is not cost effective for them to redo the application with another company to get a better offer when they have so many new prospects to sell.
AIG Direct – Can you really get up to 70% more life insurance for the same cost as other carriers? The answer is NO. Just look at the sample quotes above. AIG Direct is American General Life and they are not unique. If fact, almost every website sells American General. What about AIG Direct’s approach & service?
You can get instant quotes from AIG Direct’s website but only for American General Life.
Be prepared for your phone to ring! Your contact information is loaded into AIG Direct’s auto dialer which will call you over and over again.
Your email inbox overflows with “trying to contact you emails”.
AIG Direct also uses licensed call center employees. High sales quotas leading to sub par service and employee turn over. Again, you might not speak same person in the future if you need help.
The licensed call center employee you speak to is NOT the agent who signs your application.
Each of these websites look different but quote the same top rated life insurance companies at the same fixed prices.
All use an auto dialer to repeatedly call you back over and over again.
Non stop “trying to contact you” emails
Licensed call center employees = sub par service. Again, they are not the actual agent signing your application.
MetLife | Prudential | Savings Bank | State Farm | AAA Members Only Group Term Life Insurance.
Low auto insurance
Each one of these company direct websites provide only that single company’s quote. However, MetLife, Prudential, and Savings Bank all have very competitive prices and are some of the leading companies in the market. The downside with theses websites though is a lack of comparisons to other companies. In the end it is better to use a website which represents them all. This makes it easy to do side by side comparisons.
State Farm – Although they have name recognition, they are expensive! Quit frankly, State Farm is not where you should be buying your life insurance. There are lot of better options which will save you money.
How does this website compare?
Save money – Get the lowest cost possible for your life insurance from the best top rated companies in the market.
No pressure sales tactics – You can decide to buy life insurance or not with out getting hassled. No auto dialer will call!
Save time-Instant online life insurance quotes from ALL the top rated life insurance companies.
Superior Service– The attention to detail your application deserves when it comes to shopping life insurance companies for the best possible price. This is especially true if you have health conditions or if you have certain hobbies or habits.
Licensed since 1992 – State license number provided upon request. All applications signed by Christopher J. Lalor.