Terms and policy. How to Compare Life Insurance Quotes to Get the Best Policy, MoneyGeek

How to Compare Life Insurance Quotes to Get the Best Policy | MoneyGeek Compare life insurance policies.

No one wants to think about the worst-case scenario, but it's important to have a plan in place so that your family and loved ones are cared for should anything happen to you. Getting the right life insurance is an important step in that process. But life insurance policies are complex, and wading through the information can be hard without guidance. We'll show you how to compare life insurance companies and rates, and provide you with the information you need to find a plan that's right for your family.

Compare Life Insurance Quotes

How to Compare Life Insurance Quotes

When it comes to making a life insurance comparison, you need to know what information to gather and evaluate. Here are some things to keep in mind:

What You Should Compare

Checklist: What You Need to Get a Life Insurance Quote

Life insurance companies want a lot of information from you before they'll generate a quote. Your quote is specific to you, your situation, your health and what you want from a policy. Companies use this information to determine how risky it will be to insure you.

You can make the process of getting a life insurance quote faster by having the necessary information on hand. You'll need to provide some or all of the following information when getting your quotes:

When You May Need to Change Your Life Insurance Coverage

The life insurance you need to protect you today may not look like the policy you need in the future. Over time, as the circumstances of your life change, the policy you and your loved ones need will also change. Any time you hit a big milestone or go through a major transition, it's important to review your coverage and make sure it's still appropriate for you and your family. The Insurance Information Institute provides useful information on insurance considerations during different life stages.

Family life insurance policy

When you review your life insurance policy, you'll want to make sure the coverage, term, benefits, riders and premiums still make sense for you and what you want. You will likely always have a need for some sort of insurance, but how much coverage you need is likely to change as you progress through your life.

Here are some common life events that usually trigger a need to reassess your life insurance coverage:

How to Save Money on Life Insurance

A good policy is necessary if you want to protect and provide for your loved ones even after you're gone. But life insurance rates can be expensive. Don't pay too much! Here are some tips to make sure you get the best rates for your life insurance policy.

Don't buy a term life policy that spans 20 years with $500,000 worth of coverage if you only need your insurance to cover $125,000 and 10 years.

Knowing your needs is the biggest step you can take to save money on life insurance. Work with a fee-only financial planner if you need help. Look for an advisor who will sign a fiduciary oath on your behalf, meaning they uphold a legal and ethical standard to put your interests first. This means they need to recommend the best product for you — not just one that's suitable.

Mortgage protection insurance

Many employers offer some form of life insurance. Going with a group policy like this may be cheaper than buying insurance on your own, according to the Insurance Information Institute.

Always gather and compare life insurance quotes from a variety of companies. This will allow you to choose the policy that provides you with the most value for your dollar.

Some companies provide discounts on specific amounts of coverage. A $200,000 policy might actually be cheaper for you than a $150,000 policy.

The healthier you are, the cheaper your life insurance rates will be.

How to Find the Best Life Insurance Company

Getting good life insurance quotes starts with choosing good life insurance companies. We talked with a line-up of veteran financial experts to give you their insider tips and tricks on how to find and what to look for in a top life insurance company.

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Last Updated: January 08, 2019

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