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Life Insurance Quotes

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The Lowest Life Insurance Quotes

Getting life insurance quotes on the internet can be deceiving. What you see is not necessarily what you will get.

In order to attract business, quotes that appear online are typically for the classification that has the lowest rates. Many applicants who rely on that alone are disappointed to find that it's going to cost far more than they had expected because they don't qualify for the lowest rate.

The actual rate may be twice or three times what the original quote was. It all depends on how you are rated for your individual statistical life expectancy and perhaps best guesses made as to what may affect life expectancy in the future.

Irrespective of which quotes you may receive online or from a local agent/broker (insurance producer), when applications are processed only about ten percent or so of applicants are classified so as to get the low rates of the most preferred class. If the quoting system that you are looking at only produces one premium for any particular coverage, you can be sure that it is for the most preferred category for which most people will not qualify.

That is why in the quoting system on this website, you can choose between four risk classifications so as to be able to get a more realistic range of premiums that are charged. A particular insurance company may have even higher rates for applicants who are in an even less preferred category, but the four categories address what most applicants can realistically expect.

Types of Quotes

Some insurance types can be quoted online and others can not.

whole term

Level premium products like Term Life and Universal Life which has a guaranteed level premium are both induced in the online quoting. Universal Life which may have a flexible premium and flexible coverage amount and Whole Life are not suitable for onlinw quoting. A Quote Request must be sent to get those quotes.

The level premium periods in the quoting system go from one year to lifetime. With "Return of Premium" products, you can get all your money back if you pay until the end of the term. The lifetime level premium quoted is actually Universal Life structured so as to have a guaranteed level premium for life as if it were "permanent" term life insurance.

Variations within one Company

The life insurance company that has the lowest rates for the most preferred class often does not have the lowest rate for other classes. Therefore it will save time in the long run to be as realistic as possible when selecting which company to apply to. The company that is most likely to have the best rate for your likely classification is the ideal one to apply to first.

If you use this form, or call us, we can make an estimate (not guaranteed) as to what your classification will likely be with various life insurance companies who provide the type of insurance you want. The risk categories for these vary from insurer to inurer, but they follow the same general pattern.

The more accurate the information, the more realistic the estimate of classification is likely to be.

The most common source of surprise and disappointment is the result of the paramedic exam, especially if you have not had a wellness checkup exam in the last two years or so. For example, if blood pressure or cholesterol readings are not in the normal range, the premium offered at that time will be drastically higher.

If this type of case, the best solution to get a better rate is get the readings into the normal range with medication and reapply. You still won't get the most preferred rate, but it will likely be much better than what is offered when the readings indicate a condition that is uncontrolled.

Variations between Agents

There is NO variation between insurance producers (a.k.a agents or brokers) when it comes to what you pay. You pay the same no matter who helps you apply. It also makes no difference if you buy from an insurance company employee instead.

Life Insurance Quotes

All rates are set by the insurance company alone and all classification of applicants is decided by the insurance company alone. No agent/broker (producer) can influence the rating class or negotiate the consequent final rate that the applicant is offered.

Insurance is not bought wholesale and resold at a retail markup. You are always buying direct from the insurance company, no matter what. For a particular policy for a particular applicant from a particular company, the price is always identical.

There are no lower quotes or final rate offers for these particular 120+ companies. It is not cheaper to get an application from an employee of the insurance company or from any other life insurance agent or broker quoting this coverage. The quotes, online or not, are set by each insurance company and the actual premium rate is decided by the insurance company alone after reviewing (underwriting) the application.

Initial quotes are an indication of what may be issued, but cannot be guaranteed to be the final result.

How Agents are paid

Insurance producers are paid by the insurance company, of course. They are paid as independent contractors instead of as employees. They are paid only if they produce an application and the policy is issued, accepted, and paid for. That reduces payroll expenses for the company. Without independent producers, insurance companies would have to rely on media advertising alone and pay higher payroll expenses for extra employees to help get applications in the door.

The commission paid to producers is set by the insurance company alone. It is an ignorant assumption made by some that producers can control prices, can influence who gets accepted, and determine how much they get paid. The people who run the insurance company make the rules, not the producers. The producer helps you, but the transaction is always between you and the insurance company.

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