Life insurance premiums have been crashing for years. Now is the best time to buy insurance, and it is easier than ever to get the best deal. That’s because a number of services operating on the internet or through toll-free telephone numbers will survey premiums at a number of insurance companies and give you the best quotes, usually free and occasionally for a small fee.
To check out the price variations and the effectiveness of the services, I went to some internet insurance service sites to get quotes. I searched for the cost of a $100,000 15-year fixed-rate term life insurance policy for a 65-year-old male nonsmoker. Below the post is a sample of the quotes I received.
That’s quite a range of prices, and each service quotes the best prices it found. Another piece of good news is that when the services quoted the same policy from the same insurer, which happened several times, they also quoted the same price.
There are several things to keep in mind about these services. Almost all the services offer only term life insurance. If you want permanent insurance such as whole life or universal life you’ll have to shop the old-fashioned way by calling different agents, brokers, and insurers. Also, none of the services can give you a quote from each insurer. That’s why I recommend getting quotes from more than one service. You don’t know which service will be the only one dealing with the insurer who can give you the best deal. Some of the services will give you the quotes right away. Others will take your personal information and send you the quotes by mail, e-mail, or fax.
These services are not quoting discount rates. Most of the services are run by or affiliated with insurance brokers. The brokers get the usual agent commission, and that keeps the insurers from cutting premiums. You might be able to save more money by checking with insurers that sell directly to the public. Two of the biggest no-load and low-load insurers are Ameritas (800-552-3553) and USAA (800-531-2913). Some others, including John alden and Great-West, are available through the Wholesale Insurance Network (800-808-5810).
Life insurance shopping is more convenient than ever, and locking in the lowest insurance rates is well worth the modest effort it takes. The savings you earn will be yours every year for as long as the policy is in effect. It really pays to search the national insurance services for the best price.
|North American Co. For Life And Health $ 761|
|Old Republic Life $ 768|
|Transamerica Occidental Life $ 887|
|Security Connecticut Life $ 922|
|Zurich Direct $1,050|
|Lincoln Benefit Life $1,107|
|INTERNET AND TELEPHONE INSURANCE SERVICES|
|Direct Quote 800-845-3853|
|Insurance Information 800-472-5800|
|QuickQuote 800-867-2404SelectQuote 800-343-1985
Ins. Quote Services 800-972-1104
Life Rates of America 800-457-2837
Ann. & Life Ins. Shopper 800-872-6684
|Wholesale Ins. Network 800-808-5810|