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Life insurance policies come in several different forms, but each type of policy is designed to provide your beneficiaries with benefits to replace your income or pay off debt in the event of your debt.

If you are shopping for level renewable term insurance or a more permanent whole life insurance plan, comparing life insurance rates is critical so that you can locate the insurer offering the most competitive premiums.

You must buy insurance from a company that is licensed by your state’s department of insurance to protect yourself from predatory practices that could put you at-risk. If you review a list of all of the life insurers licensed in your state, you will find that there are several options to choose from.

Navigating through the marketplace to find the best insurers and then the best pricing can be a time-consuming and daunting task if you take the traditional approach.

The fact that there are so many competitors offering life products is why it is important to understand how the life insurance marketplace works, how you can be resourceful, and how you can save time and money by using technology as your price shop and build your life insurance plan.

Read this consumer guide to comparing life insurance rates in an instant and implement your financial planning strategies from home. Be sure to also use the FREE comparison tool above!

How does the insurance industry work in the life insurance marketplace?

instantly compare life insurance

If you are familiar with the concept of life insurance, then you know that the insurance itself is a contract where you are promising to pay premiums in exchange for the insurance company’s promise to pay the benefits on your policy to your beneficiaries at the time of your death.

Entering into a life insurance contract is called joining a risk sharing group in the industry because the insurer is taking on some of your risk for a fee.

While a general understanding of how the product works is important, many consumers overlook how important it is to understand how insurers collect small premiums and promise to pay out hundreds of thousands or millions of dollars to claimants if you die.

To understand this, you need to know how the marketplace works and how premiums are calculated based on the level of risk that you present of filing a claim within the benefit period.

Investments and Assets

When a life insurance company develops their rates, they use formulas, mortality tables, and other information that can help with risk classification. The rates are set in an effort to ensure that the company is able to pay projected death benefit claims and still earn revenues and profits.

The premiums that you pay do not directly pay for the claims that are filed throughout that year.

Instead, the company will use the capital they get from policyholders to purchase invested assets like stocks and bonds that will earn interest. The assets, and the money set aside in reserves for a rainy day, will then be used to pay benefits as they are claimed.

Targeting Specific Markets

Different risk groups in the life insurance industry present different levels of risk to an insurer.

In an effort to stay competitive but still profit, the insurer will participate in something in the market that is called target marketing.

By doing this, the company sets their prices so that they can sell their life products to a specific demographic. This same company may have more expensive rates for consumers that are not in the target niche that they would like to sell to.

How to Find Out Which Market a Company is Targeting

As a consumer, you need to do your homework so that you know the target market that the insurance provider is after. If you, for example, are a new parent in the younger demographic, you want to do business with a company offering traditional products that are priced best for people in your age range.

If you are, however, are a senior and you need a final expense policy, you should stray from the traditional products and look for an insurer offering specialized burial policies that are competitively priced in that market.

Insurers do not advertise which market they are targeting. There are ways to figure this out if you pay attention. This is why it is important to pay attention to advertising and who it appeals to, and also to price the cost of insurance and compare rate quotes.

How can you compare rates instantly?

compare life insurance instantly

Comparing rates is the key to finding that right financially stable insurer that sells the products that you are looking for at a premium you can pay.

It can be a lengthy process and is not realistic to believe that you could contact each company directly to ask for rate quotes based on your personal information and the type of policy that you want to buy.

While contacting each company directly is an option, the most resourceful consumers can use technological tools to price the cost of insurance from the comforts of their own office or even in their own home.

Now, with individual policies being sold through traditional office settings and even through the world wide web, consumers have more power than ever to find the lowest priced policy from the most reputable life insurance company.

Online rate comparison tools will become the resource that you turn to to make all of this happen.

What is an online rate comparison tool?

An online rate comparison tool is a quoting website that partners with several different top-rated life insurance companies to give consumers access to multiple rates at once. To use this type of rating system, you will enter your zip code and then you will be directed to a quoting form where you will be asked to provide your personal information.

This is the same personal information that you will be asked to disclose if you were to fill out a paper application or an application over the phone direct with an agent or broker.

After you enter the information that is requested in the appropriate fields you will be matched to insurers that offer products that you qualify for. It will list the name of the insurer, the type of product, the death benefit amount, and also the monthly and annual premiums.

You will have a long list of insurers that service your zip code to choose from so that you can see in an instant which insurer is priced best for people in your age ground and risk class. All you need is a computer or mobile-ready device, access to the Internet and your personal information to get instant quotes.

What are the advantages of comparing life insurance this way?

It may seem like there is always a new, modern way to do things, and it is understandable to be resistant to change when it comes to shopping for a financial product like life insurance.

Instant Comparison of Life InsuranceWhat you need to do is understand the benefits of using an intelligent and technologically advanced system to get your quotes in an instant without the wait. Here are some of the advantages you may have never considered:
  • Get Dozens of Quotes and Provide Your Information Only Once

The most time-consuming part of shopping for any line of insurance is that you must provide your information more than once. If you are comparing the rates of 5 companies then that is five times that you will spend giving answers to the agent’s questions.

If you use an online rate comparison tool, you will type this information in a single time and gain access to more than just a few quotes.

  • Stay Home and Stay Off the Phone

You have three options when it comes to contacting an insurer for a phone; you can call the company, go into the office, or surf the web. When you surf the web and use an online rate tool, you can avoid leaving your home or picking up the phone to sit on hold. You can also avoid visiting a dozen websites to request quotes on the insurer’s official website.

  • The Most Effective Way to Compare Apples to Apples Pricing

If you want to find the lowest cost policy, you need to compare apples to apples. You cannot receive a quote with a higher benefit, added riders or longer term and then compare that quote to a bare bones policy if you want a real price comparison. By using an online quote tool, you will see real apples to apples comparisons.

Enter your information into the FREE search tool below to get started!

Choosing the right type of insurance and the right benefit amount is important, but choosing the right insurer is as well.

Be sure to qualify any insurer you are considering so that you choose a provider with financial solidity and market ethics. Log on to a quoting website, enter your information, and then consider price, service and reputation to make a choice.

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