How to Compare Term Life Insurance Quotes

When comparing life insurance quotes, it's important to consider the amount of coverage, cost of monthly premiums, health requirements and the maximum age for coverage. Depending on your needs, your life insurance policy should be at least five times your annual salary. This would cover cost of living expenses, additional costs associated with your death and cover debts you owe. Before purchasing life insurance, carefully review the policy to make sure that it fully covers your family and their financial needs.

Difficulty: Moderately Easy

Instructions

How to Compare Term Life Insurance Quotes

1. Determine how much life insurance you'll need before looking for a policy. Consider the following:
   Annual income
   Amount of debt
   Cost of living expenses
   Amount in savings
   Purchasing insurance equivalent to five times your annual salary is commonplace. If you owe additional debt, consider purchasing more.

2. Conduct research online before contacting life insurance companies directly. When visiting websites, consider the following:
   Life insurance coverage options
   Monthly premiums
   Amount you have to spend on life insurance each month

3. Obtain an online quote. Many websites offer a variety of plans that you can customize to suit your needs. Compare quotes and plan amenities with at least three life insurance agencies before making a decision.

4. Contact life insurance agencies that suit your needs and budget. Ask specific questions concerning health screenings, potential premium increases, stability of the insurance underwriter and penalties or additional costs for making changes to your policy.

5. Ask the customer service agent or broker for a list of documentation you will need in order to purchase a life insurance policy. Documents that may be necessary include:
   Health records
   Proof of employment
   Financial statements
   Birth certificate/Social Security card

Tips & Warnings

• Compare as many life insurance policies as possible until you find the one that best suits your needs. Contact your health insurance, auto insurance or home insurance provider to see if they also provide life insurance. They may be able to create a package that could lower your insurance costs.
• Before purchasing life insurance, check your health insurance policy to see if life insurance is already included. Determine if the life insurance provided is enough to cover your family in the event of your death.

References

• Additional information
• Life insurance beneficiary rights