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Should a Person Compare Life Insurance Quotes?

by | Jan 16, 2015 | Blog, Insurance | 0 comments

Should a Person Compare Life Insurance Quotes?


Most people don’t like to think about getting life insurance even though they know they should. This often leads them to buy the first policy they look at instead of shopping carefully and getting the cover they need for the best premium rate.



It is best to first find out what type of life insurance policy fits your needs. Young people on tight budgets and the elderly may be best served getting term insurance. Others need to consider whether they should include an investment vehicle in their life insurance policy. Whole life does not have cash value attached but Universal Life insurance does. Speaking with a qualified insurance agent will help determine which type of policy is needed.



The agent will ask a number of questions regarding what a person expects the policy to do in the event of the death of the covered person. Among those questions will be whether the cover is just to pay final expenses or to ensure the family is not financially devastated by the loss of income. Could there be a time when borrowing against a policies cash value will be necessary? If a person is able to pay for permanent life insurance, are annuities something that may be needed?

Once the type of life insurance policy has been determined, it is best to get a number of quotes on rates to compare. Just as different policies will vary in the cover, different companies will offer varying rates for the same types of policies. To avoid overpaying for life cover or paying a low price for inadequate cover, a person needs to compare quotes from several companies for the same cover. It is also necessary to exam each policy carefully to be sure all inclusions and exclusions are understood. Not doing so could lead to much regret later on.

Once several quotes on similar policies have been obtained, they should be gone over with an independent insurance agent to compare the policies and premiums before a final decision is made. Doing so helps make certain the best life cover at the best rate is purchased.

Just as a person shops and compares nearly anything else they buy, so too should life insurance be as carefully compared.

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