What is a Life Insurance Quote?

In the past, obtaining a life insurance quote was very time consuming, with having to decide between the various types of policies, as well as the features within them. But now, getting your quote for life insurance is very simple. Let’s look more closely at what this process entails.

Finding the Type of Coverage You Want

Before you can reasonably obtain a quote for life insurance, it’s important that you first understand the type of coverage you want. Some of this decision may have something to do with the price, but if you don’t understand the basics of these types of life insurance policies first, the prices won’t mean much to you.

There are two overarching types of life insurance: term and permanent. Term insurance stands on its own while permanent houses whole, universal, and variable. If you’re looking at a term policy, it’s good to know that it only lasts as long as you’re making your premium payments, and only pays the face value of the policy when you die. However, permanent goes a little deeper to not only offer a death benefit, but also a savings/investment component that allows you to save money in a separate account. Because there is more to the permanent policies, they cost more than term. This is good to keep in mind when finding a quote for life insurance.

Locating a Life Insurance Quote

So now that you know the basics of life insurance, let’s look at what a quote is exactly. Basically, it’s no different than receiving a quote for any other type of insurance, except that it incorporates what you could anticipate for a life insurance policy, state/zip code, personal information (DOB, gender), insurance amount and term, and maybe a few medical questions such as whether you smoke. The good news is that you can easily get multiple life insurance quotes from leading insurers online – best of all, it’s a secure and free process.

Purchasing life insurance is not a task you want to take lightly because it so heavily affects the ones you love. So before you even obtain a quote for life insurance, it’s good to research about the different types of policies available to you.