How to Compare Multiple Term Life Insurance Quotes

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Multiple term life insurance proposals should always be compared in a very specific way. Compare multiple term life insurance proposals with help from a member of the California Department of Insurance Curriculum Board and insurance professional in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, I'm Tony Steuer, the Life Insurance Sage, and this is my tip on how to compare multiple term life insurance proposals. When you take a look, and you're comparing multiple term life insurance proposals, the basic thought is always to go with a proposal that has the lowest premium. Well, that sounds great in theory. Of course, who wouldn't want to pay the least amount of money for the same amount of coverage. It's not always that simple, since most companies will offer a whole variety of what are called rate classes or rate tiers. So, they may have super-preferred, a preferred, standard, non-standard - gets a little confusing when you have all those different tiers, and, that's where the basis of your comparison really comes into play, and, to understand how the company issues those preferred rates. For example, with most companies, for their best available rates, which are the ones that are always advertised, generally somewhere between five percent and nine percent of applicants, people who apply for that policy will actually obtain that rate. So, it's very important when you're comparing multiple term life insurance proposals that you find out the parameters to actually qualify for those best available rates, and to find out when you're comparing those rates if the premiums are guaranteed, and for how long. That's my basic tip on comparing multiple term life insurance proposals. I'm Tony Steuer, the Life Insurance Sage. That was my tip on comparing multiple term life insurance proposals. Thank you for watching.

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