Will my term life insurance rates be exactly the same as my online quote?
Don’t be discouraged if your term life insurance rates aren’t exactly the same as your online quote. Other factors, including COVID-19 and additional options provided by the insurance company, will influence your final life insurance rates. If you want your term life insurance rates to match your online quote, try to be as accurate as possible when shopping for life insurance online.
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UPDATED: Oct 22, 2020
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If you’re like me, you’re probably a little skeptical about getting estimated rates on anything that you research online. And with something as important to the future financial security of your family as life insurance is, I can understand why you’d be extra cautious when getting a term life insurance rate quote online.
According to a study by Life Happens and LIMRA, only twenty-two percent of people prefer to buy life insurance online, so we’re not alone.
Although reputable companies like QuickQuote make every effort to ensure their quotes are accurate and up to date, quoted rates cannot be guaranteed.
Why Aren’t Online Term Life Premium Rate Quotes Always Accurate?
Rest assured; it’s not because insurance companies are trying to do the old “bait and switch.” There are several very valid reasons why your actual premium rate may differ from the original quote you received.
If the rate provided at the time of the original quote and final approval by the insurance company is different, it’s likely because of one of the following reasons:
- The final rating class you’re assigned to may differ from the quoted rating class after the underwriting process is completed (see guidelines here: life insurance underwriting guidelines).
- Factors outside of your control, like the coronavirus or another pandemic, have come into play and online quotes don’t reflect this. And as we know, not all states are equally prepared for a pandemic. These are the States Best & Least Prepared for the Coronavirus Pandemic.
- The insurance company implemented either a rate increase or decrease during the time between when you requested the original quote and when you had sent the application back to your agent or broker.
- You provided inaccurate information on your online application.
- The insurance policy terms changed or you decided to add additional options after receiving the initial quote.
There could be other reasons why your rate is different, but those above are the most common.
How to Get the Most Accurate Online Term Life Insurance Quote Possible
You can better your chances of getting an accurate online quote by doing these things when completing the online questionnaire:
- Input the correct term length and insurance amount for the policy.
- Be honest about your age, weight, and health status.
- Don’t lie about your tobacco and nicotine usage.
You should also discuss any past or current medical conditions or family history with the agent when completing your telephone application interview. A good agent will give you a more accurate quote based on this additional information before you decide to proceed with the application. This will help prevent any surprises when your approval comes back from the life insurance company.
If you’re unsure about how much coverage you’ll need and for how long, you can use the Life Happens Life Insurance Needs Calculator to help you figure that out. You can also get guidance from a trusted insurance professional who can answer your questions and help you determine what your family would need to avoid financial hardship if ever the unthinkable happens to you.
Ready to see how affordable peace of mind for your loved ones can be? Get a preliminary term life insurance quote now—and remember to follow the tips for getting the most accurate quote possible.