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Tips for Getting the Best Life Insurance Quote for You

When scoping out life insurance options online, you’ll likely find no shortage of options. It’s important to understand the process so you come away with the best, most accurate, quote for your situation.

Selecting a Credible Life Insurance Resource

Finding an agent that can shop multiple life insurance companies remains key to the buying process. This agent can find the best prices and policies to fit your needs.
As with many purchases, this process often begins online. Look for a provider that puts you in contact with an agent for an interactive conversation before providing a quote.
While it may be tempting to simply fill out an online form for a digitally generated quote, the chances of inaccuracies are high. It’s important to talk to someone who knows the right questions to ask. Since the accuracy of your quote depends on a variety of health and lifestyle factors with many variables, this interactive conversation is invaluable. The old saying, “you get out of it what you put into it,” holds true for life insurance quotes. The more time you spend upfront, the better quote you’ll receive back.
Once you’re put into contact with an agent, be wary of anyone who leads with a recommended policy. Your agent should get to know you, your insurance needs and your goals before suggesting a policy. You can tell a lot about the credibility of your resource by the process they follow.

The Process for Getting A Life Insurance Quote

The process for obtaining a life insurance quote will likely vary depending on the resource you engage. At SelectQuote, once you submit a request for a free quote, you’ll receive two options.

  1. If you’d like to obtain a quote immediately, you’ll receive a phone number to speak with an agent immediately.
  2. For those with more leeway on time, your request will go to a licensed agent in your state and they will give you a call to complete an interactive questionnaire.

Plan to spend around 20-30 minutes of time on the phone with your SelectQuote agent. In the end you’ll have an accurate quote to consider.
Your SelectQuote agent will begin by verifying your personal identification, including name, state of residence and date of birth. He or she will also work with you to determine the amount of coverage you need and your life insurance goals.
You’ll then answer a series of 30 health and lifestyle questions that cover your personal health history, vocation, hobbies and some financial information to determine your rate. This is where talking to an experienced agent plays a key role in obtaining the best, most accurate quote. When you answer yes to a health question, your agent can ask follow up questions to further hone your quote. For example, if you take blood pressure medication, your agent will ask what type of medication you take and your most recent blood pressure reading. Insurance companies use this information to determine the seriousness of the health issue.
Once your agent obtains the needed information, he or she will run the information and provide you with an accurate quote from the best carrier for you. You’ll then have the opportunity to apply immediately, ask for other options or think it over.
If the insurance carrier requires a mini-physical, your SelectQuote agent will help you set it up. They’ll also help you complete needed paperwork before your application goes to underwriting at the insurance company.
This process can take anywhere from two to four weeks for a policy that does not require an exam, to eight to ten weeks for a policy with a mini-medical exam. In the end, you’ll have an active policy and the peace of mind that comes with it.

Things to Consider When Talking to Your Life Insurance Agent

John Schmidt, a SelectQuote agent, shares several pro tips to help you get the most of your life insurance conversation.

  • If you are younger, consider a policy that will grow with you as you get older. It is better to buy a bigger policy when you are young and lock in better rates for your anticipated future.
  • Ask your agent about how much life insurance you can get at your age without an exam. There are many policies that can be obtained without a medical exam. These policies are often more convenient to obtain and the coverage is in place sooner.
  • If you’re married, ask about spousal coverage. Even if your spouse does not work outside the home, they have an economic value. Consider life insurance for your spouse to further protect your family.
  • Another topic to bring up is what savings can be found by comparison shopping for your home and auto coverage. Finding the best rates on your auto and home policies can free up money that can help cover your life insurance premiums.

When shopping for life insurance online, keep these tips in mind. By engaging a credible resource, with an agent that asks the right questions and shops a range of companies, you’ll find a policy that meets your needs, goals and budget.
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