Where to Get Life Insurance Quotes

Posted by User Contributed

July 18, 2008

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When buying life insurance, it is a good idea to buy it when you are young because premiums for term insurance are relatively inexpensive, about a few hundred dollars per year for a $250,000 policy. As can be expected, as you grow older, premiums increase. Term insurance has a higher premium, but it is a fixed amount.

Remember that the life insurance industry is highly competitive with the sales force’s income generated through commissions. Life insurance companies pay high commissions to agents who sell whole life insurance with high premiums. Those high premiums help pay the salesmen his commission—about 80 percent–. The typical term insurance salesmen are paid about 10 percent out of the premiums you pay. Studies have shown that a vast majority of people looking for life insurance usually should buy term.

Things to Know About Life Insurance

1. All policies fall into only two categories—term policies or pure insurance coverage and there are numerous variations of these policy types.

2. Buy when you are young and healthy to keep premiums down

3. Premiums get higher when you leave your 50’s.

4. Buy enough term insurance to fulfill your needs.

The secret to a good term policy is trying to figure out how long you will need it. A good place to start is to look at your children and figure out how long it will be when they will be able to go out on their own. For example, if you children are five and eight now, you should buy a policy that will cover you until the oldest is about 22 years-of-age, about a 20 year term. This also depends on what your age is as well. If you are 30 now and want to cover your spouse until 65, you probably would want a 35-year term life insurance. You may want coverage until you’re in your 70’s as insurance may be unobtainable by that age if you wanted to buy it then.

The best way to find out what life insurance policies cost is to talk to a life insurance salesmen. Probably the best way to get an idea on life insurance quotes is to go to the World Wide Web. There are scores of Web sites that will give you a quote based on answers to simple questions. Generally when buying life insurance, there will be a questionnaire to be filled out with questions concerning your health, diseases you may have had or have the potential of getting a particular disease due to heredity, life styles behaviors such as smoking or if you are involved in high risk behavior such as bungee jumping or driving race cars. The life insurance company may also give you a quick medical exam looking at your blood pressure, heart rate and may take blood tests.

When you have done the research and have a good idea what type of insurance you need, talk to a life insurance salesman face to face and be upfront with him/her.

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