Before you run your life insurance quotes, you may consider reading our articles on how much life insurance do I need and types of life insurance. How much and what type are both vital components of getting an online life insurance quote. Here are our tips on getting the best life insurance rate:
- When you run your life insurance quotes online, assume a health class of regular if you are in good health. While you can get lower quotes, they are just that – quotes. Final rates are subject to underwriting by the insurance company. Regular rates are what most people in good health receive so it’s the most realistic quote. You can get lower quotes, but you are less likely to receive those lower rates (and your overall fitness level is not a good indicator that you will receive lower rates). Assuming regular health class does not mean you won’t get lower or preferred premiums should you qualify – it is however the most realistic quote for most of us. In other words, you can get lower quotes – but you are unlikely to receive these rates (and your agent does not have any impact on what rates you do receive).
- Take your medical exam first thing in the morning. If you’re able to, don’t have anything to eat or drink prior to the medical exam. This gives the insurance company clean bloodwork (no breakfast muddying up your blood test) as well as the lowest blood pressure reading for most of us.
- Answer all medical questions completely and exhaustively. Be verbose, detailed, and complete. Doing so is counter-intuitive to most of us, we want to hold things back that may bias our case. In practice however, the more you disclose the better your chance is of receiving the best rate you can get. For example, underwriters are naturally conservative in their jobs. If they are on the fence about giving you better rates, they will feel more confident about giving someone the better rates if they have a detailed application. If they are on the fence and have what they perceive as an application that’s light on details, they will naturally take the more conservative (and higher for you) rate class.
- Get quotes from more companies. Individual brokers don’t impact any specific company’s rates. You should see the same premiums from a company no matter what broker you work with. If you see lower quotes, it’s probably because brokers have assumed a preferred health class, see above. So the way a broker can get lower premiums is by shopping more companies. This ensures that you see the companies that have the lowest premiums for you. Our website uses the Compulife database for our online life insurance quotes. This is the same database that many insurance companies and brokers use in house. And we do not remove any companies or products from the quote – even if they are companies we don’t or cannot represent; we show you everything we can in our life insurance quotes.
That sums up our tips on getting the best life insurance rate. Once you have an idea about premiums and companies, feel welcome to call our office to speak to an agent and receive a more specific recommendation as to product and company from that quote.