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Compare life insurance quotes online and find the right policy for you and your family.
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How to compare life insurance quotes
Getting life insurance quotes can be easy. Many insurers offer free quotes online so you can compare your options at the click of a button. Depending on the type of coverage you need, you may be able to compare quotes and buy a life insurance policy the same day. For more information on how coverage works, read our guide to life insurance.
|Term life||Whole life||Universal life|
|Key takeaway||Cheap, temporary coverage.||Simple, lifelong coverage.||Flexible, lifelong coverage.|
*Term sample rate is based on a $500,000, 20-year term life policy for a healthy 40-year-old. Whole life and universal life sample rates are based on a $500,000 policy for a healthy 40-year-old. Source: Quotacy.
When shopping for life insurance quotes, make sure to:
- Compare quotes from various insurers to get the best price possible.
- Select life insurance policies with the same level of coverage to get the most accurate comparison.
- Check the features of each life insurance policy you compare. Some policies may include free life insurance riders that provide additional features, while others may have to be added at a cost.
Types of life insurance policies – Compare life insurance quotes online
There are two main types of life insurance: term and permanent. Within these two categories, there are various types of life insurance policies. Understanding which one is right for you can help you build a robust life insurance plan.
Term life insurance
Permanent life insurance
|Term life insurance covers you for a set period of time, such as 10 or 20 years, and it’s sufficient for most families. Due to its simplicity, term life is often the cheapest type of coverage. Types of term life include:
||Permanent life insurance is designed to last your entire life. This type of coverage typically costs more than term life, but it offers additional features like cash value, which grows over time. Types of permanent life include:
When you’re assessing life insurance companies, look at these three factors:
- Financial strength ratings. These determine an insurer’s ability to pay out claims in the future. You can check out insurers’ financial strength through ratings agencies such as AM Best or Standard & Poor’s. NerdWallet recommends choosing insurers with an AM Best rating of B+ or higher, if possible.
- Complaint ratios. Ideally, you want to choose a company with a strong track record for customer service. NerdWallet’s life insurance rating methodology favors companies that have fewer complaints to state regulators.
- Policy options. Not all companies sell the same types of policies, and some focus on specific products, such as life insurance policies for children. Narrow your choices by reading life insurance reviews and knowing the type of coverage you want before you begin comparing life insurance quotes.
How to apply for a life insurance policy – Compare life insurance quotes online
your current and past health conditions, as well as your family’s health history. The insurer may need your consent to get medical records and ask you to take a life inWhen you’ve found the right life insurance policy, it’s time to apply. Collect the information you need before you start the life insurance application process. You’ll likely need to provide details aboutsurance medical exam. Insurers also check other sources, such as MIB Group, which collects data on medical conditions, your driving record and hazardous hobbies.
When you choose life insurance beneficiaries — the people who will receive the payout when you die — be sure you have their Social Security numbers and dates of birth. You may also have to answer questions about criminal convictions and driving violations, such as a suspended driver’s license or DUI, particularly if they happened within the past few years.
Compare life insurance quotes online – FAQ
Who needs life insurance?
In general, people need life insurance if their death would place a financial burden on others. Examples include breadwinners, parents, homeowners, business owners and people with co-signed debt.
Can you get a life insurance quote online?
Yes. Many life insurance companies offer free term quotes online. However, when shopping for permanent coverage, such as whole life or universal life, you may need to speak with an insurance agent to get a full quote.
How much life insurance do I need?
The amount of life insurance you need depends on how much money you want your beneficiaries to receive when you die. Ten times your annual income is a common estimate, but rules like this are not universal and may not reflect your specific situation. Take into account your current finances and future obligations — such as income, debts and daily expenses — when calculating your coverage needs.
How are life insurance rates calculated?
Life insurance premiums are calculated using a variety of factors, such as age, health, driving history, policy length and coverage amount. Insurers use this information to estimate your life expectancy, and then they set your premium based on the risk of insuring you.
How do I check the financial strength of a life insurance company?
You can gauge the financial strength of a life insurance company through ratings agencies like AM Best or Standard & Poor’s. An insurer’s financial strength can give you an idea of how reliable the company will be in paying out a future claim. This is particularly important for life insurance as these policies often have to last decades. NerdWallet recommends looking for an insurer with an AM Best rating of B+ or better.
What is the average monthly cost of life insurance?
Life insurance premiums are typically based on your age and health, and they can differ significantly among policies. For example, the average monthly cost of a $500,000, 20-year term life policy for a healthy 40-year-old is $26, according to Quotacy, a life insurance brokerage. To compare, the average monthly cost of a whole life policy with the same coverage amount is $547.
What is the most affordable type of life insurance?
Term life is the most affordable type of life insurance. It lasts for a set number of years and does not build cash value. Term life is typically sufficient for most people.