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If you have decided that whole life insurance is the best product for you and your loved ones, you will need to start comparison shopping so that you can find the best rates.
Whole life insurance is the perfect product for any individual who wants permanent coverage with level premiums, but choosing the right death benefit and then sifting through all of the providers can be a daunting task.
The key to being a resourceful modern day consumer is learning how to make the intimidating process of shopping for whole life quick and easy without compromising your protection.
Not only must you learn what you should value most when you are getting a quote, you also must know what information you will need to provide to get the most accurate quotes the first time around.
With this guide, you will be able to learn about all of the factors that you should consider before choosing a quote and how to answer quoting questions to prevent a misquote.
Be sure to use the FREE quote comparison tool above to start searching for whole life insurance!
What to Consider Before Price When Buying Whole Life Insurance
With whole life insurance being one of the more expensive life insurance products on the market to purchase, finding a company that is competitively priced is important.
Unlike consumer goods, where you can compare the pricing with several different retailers for the same exact product, whole life insurance products are only as good as the carrier providing the coverage.
This is why you have to look past price and consider the carrier first when you are getting permanent life quotes. Here are some of the questions you need to ask to avoid the sub par companies and to stick with the reputable ones:
What products and lines of insurance does the company offer?
If you want strictly life insurance, you may only be concerned with the types of life products that the company offers.
If you want discounts off of your other lines of insurance like auto or home, it can be beneficial to choose a company with a full product offering that is complete with auto, home, life and even disability.
Companies with broader ranges of insurance will have more options for you if you are in need of flexibility in the future.
What is the financial status of the company?
Many people assume that a life insurance plan is insured and guaranteed much like your account balances with the bank are insured by the Federal Deposit Insurance Corporation. Unfortunately, this is not the case.
That is why, when you are buying a permanent life product that you will be paying on for a lifetime, you need to be sure that the insurer will be financially sound for as long as you are around.
You can check the financial standing of the company by visiting rating agencies websites and seeing their assigned letter grades.
A.M. Best is a very reliable and unbiased consumer protection agency that has accurate rankings and that will help you decide which companies should not make your list of possibilities.
Is the company licensed and part of a guarantee association?
You should only buy coverage that is licensed in the state where you reside. By buying your whole life insurance from a licensed entity that is recognized by your state’s Department of Insurance, you have peace of mind in knowing that you have consumer protection.
The department will review any complaints filed by consumers and will ensure that the carriers are adhering to a certain standard of conduct so that you know that they cannot back out on their promises.
Are customers satisfied and are there several complaints?
Current customer satisfaction ratings are important.
There are many customer service satisfaction sources that you can check on the Internet to read unbiased reviews and to learn about real life experiences.
In addition to these third-party sources, you can also check the complaint records of the carrier because these records are public record.
You can check the database through the state department or through the National Association that all state departments are managed by. Be aware that all companies will have complaints, but only companies who do not provide quality service or represent themselves properly will have a lot of founded complaints.
What riders and features does the providers offer?
All whole life plans are in force for as long as you live, but some have added features that provide your family with even more protection. Riders are added types of protection that can be built into the policy, most of the time for an added rate.
Sometimes, riders can be included in the plan at no extra charge.
If you want premiums to be waived if you are disabled or an income from the policy, look for waiver of premium and disability income riders. If you would prefer to raise your death benefit without medically qualifying, look for guaranteed renewability riders.
Many companies will also insure your children and spouses with their own limits if you add the child or spouse rider. If you would like any special riders and they are not offered, you will not have the peace of mind and added protection the riders offer.
What Will You Need to Get an Accurate Whole Life Quote
Now that you know what questions you should ask when you are comparing the carriers, you should have a short list of companies that have a reputation in the marketplace and offer products you are interested in buying.
You will then need to request life insurance quotes through each of these providers so that you know which ones have the best rates for applicants in your age range and your health classification.
Here are some tips to ensure that are prepared to provide all of the right information as you request quotes and fill out applications:
Age and Gender
Insurance rates are based on your age and gender at the time of application.
When you are requesting quotes and then you submit your application, your rate you will pay will be the age at application even if the policy is not issued until after your birthday.
This is why it is important to quote and apply for insurance as soon as possible.
Because women pay lower rates than men in the same age group, men should apply for whole life as early as possible.
Vitals and Body Type
Agents or applications will ask for your height, weight and other information to determine your Body Mass Index. This is because it plays a role in your life expectancy when you are overweight or underweight.
You will also be asked to get a medical check-up with a paramedical service so that your vitals, urine, saliva, and blood can be checked.
Be as honest as possible when you provide this information because anything you state will be verified electronically through your medical records. If the picture that you paint does not match the picture that the records paint then you may have to pay a higher premium or you can face denial which will is something all life insurers can see.
If you have a less than perfect driving record then this is something you will want to tell the quoting agent. Some insurance companies take driving histories very seriously because the number of individuals who drive in car crashes each year is very high.
With at-fault accidents and moving violations, you may be a higher risk and be asked to pay a table-rated premium per thousand dollars in coverage.
Lifestyle and Habits
Do you fly for recreation or travel to international sites to donate and volunteer? Do you like extreme sports or have a hazardous occupation? These are things that should be disclosed when you want to price insurance.
Generic quotes will not include added charges for hazardous occupations and hobbies. They also will not assume that you have a bad habit like using tobacco or drinking more than socially. All of these factors can play a role in how long you are projected to live, and when this number goes down your premiums will go up no matter what.
Make sure that you are prepared to pay a surcharge if you are a thrill seeker or your occupation puts you at-risk. If you are honest, you can find out if you are eligible for coverage before you assume a generic price quote applies to you.
Life insurance quotes are all about rating your insurability based on the information that you provide.
If you do not provide the right information, the company may make mistakes when they rate you and assign you to a specific rating class. If you want to quickly price insurance without calling every carrier directly, use an online rate comparison tool.
This will direct you to price quotes with several carriers you can trust and then you can immediately start the application process.
Utilize our FREE search tool at the bottom of this page to start comparison shopping instantly!