How Do I Find the Best Deal on Life Insurance?
Have you ever experienced this at a department store? You're getting ready to check out. You've picked out an article of clothing that you just have to have, and when they scan it, you realize that the article of clothing is actually on sale even more — so now you're going to save an additional 30% off. Getting a deal like this is one of the best feelings ever.
When it comes to buying life insurance, how do you know if you're getting a good deal? How do you know that you're not paying too much, or that you've chosen the best carrier? Let's see if we can answer those questions.
When it comes to buying life insurance now in the modern age, it's easy to do some price shopping online. There are tons of quoters online, including the one at Wise Bread, that will give you quotes for over 60 different carriers. If you are healthy, you can rest assured that that you're going to get the best rate from the online quoter. Life insurance is so competitive nowadays that, for people that are in good health, it's easier for them to get cheap, affordable life insurance. But if you have some pre-existing conditions, trying to get the best deal can be rather difficult.
What I mean by that is that every single life insurance company treats every single person, every single health condition differently. I've seen places where somebody with slightly high blood pressure would pay 20% more with one life insurance company versus another. That's why it's important to have an independent life insurance agent that knows what they're doing and can also work with plenty of different carriers. I've seen situations where the "independent" life insurance agent can only work with five or six different carriers, so how is that really giving you the best deal? Wouldn't you want to have someone that can shop around and to over 50 or 60 different carriers? That way, you know that you're getting the best deal.
The easiest way to know that if you're getting the best deal in life insurance is to first make sure that you find a truly independent agent. Ask them how many different life insurance companies they can work with. Then, ask them how long they've been in the business, how many cases they've helped underwrite, and how many applications they've processed. The more cases they've worked with, the more conditions they're familiar with — so they know which companies to approach. And third, let them show you how the different companies are going to rate you, and how much it's going to cost you. If they could show you that the first carrier is going to charge you a $100 a month, and the second one is going to be $120 a month, so on and so forth, then you can truly see if you're getting the best deal.
One final piece of advice — be leery of the independent agent that only offers you one company. If they can only offer you one company, the chances of you getting the best deal are slim to none. If you have any more questions regarding buying life insurance, this is Jeff Rose, your life insurance expert here at Wise Bread. Just let us know; we'd be glad to answer any questions you have. Until next time, take care.