Term Life Insurance Quote Process

Computer Monitor

It’s easy to find term life insurance quotes online. Just dial up your favorite search engine, type in ‘term life insurance quotes’ and scroll through the many thousands of results you’ll see. Sounds like fun, right?

Or, you can try a better way.

Go to our term life insurance quote system. The first page you will see is our Quote Questionnaire. This page collects only the ‘essential’ information we need to give you a quote. By essential, I mean no personal contact information such as your name or email address. Those things have no impact on your quote. None. So we don’t ask for them.

Let’s take a closer look at the Quote Questionnaire, one section at a time.

1. State of Residence – This is simple. Where do you live? We provide quotes to residents of all states (and DC) except NY. Sorry, but NY regulations make it tough for us to do business there. Side note: Your state of residence does not impact your cost for term life insurance, with a few minor exceptions. It’s mostly the same in all states.

2. Gender at Birth – This seems like it would be simple as well, but that’s not always the case. The best way to explain it is life insurance companies base your rates on your gender ‘at birth,’ regardless of which gender you currently identify with.

However, if you’ve surgically transitioned from one gender to the other, or begun hormone therapy treatment, you’ll want to contact us for a quote. The reason is that life insurance companies vary in how they rate such cases. Some will use the gender at birth, while others will use the transitioned gender. And still, others may require you to wait 1-3 years before applying.

3. Date of Birth –  Please be careful to enter your correct date of birth. It may seem like a day or two off is no big deal, but it can be. This is because many life insurance companies use an age nearest birthday method of calculating your age. In short, this means your age for insurance purposes could change six months before your actual birthday.

4. Height/Weight –  Life insurance companies use your build (height and weight) when determining your rating class, and ultimately how much you’ll pay for your policy. Please give accurate numbers; otherwise, your quote may be wrong and you’ll be disappointed in the end when the company approves your application at a higher rate.

5. Tobacco/Nicotine Products – This includes all types such as cigarettes, cigars, pipes, electronic cigarettes, vaping devices, chewing tobacco, snuff, nicotine patches, nicotine gum, etc. It also includes marijuana, whether for medicinal or recreational use.

Choosing the appropriate time frame is important, because the longer it’s been since your last use, the better the rate will be. In some instances, you may be able to get a non-tobacco rate even if you are a current user. Examples are occasional cigar use (less than one per month) and medically-prescribed marijuana use.

6. Your Health – This is subjective, we know. We’ve included a guide to help you get a general idea of your overall health. It’s a good start and we can help you fine tune it if you decide to apply.

7. Coverage Amount – You can select from $25,000 to $25,000,000. Just remember, you’ll have to qualify for the amount you request. And if you’re not sure how much that should be, our calculator can help.

8. Coverage Length – Options here are 10 – 35 years. This is the length of time that the policy rate is guaranteed for. As an example, a 10-yr term policy has rates that will not change for ten years. When the term ends, the rate often goes up significantly, so be sure to choose the policy term length wisely.

9. Payment Mode – You can pay your policy premium monthly, quarterly, semi-annually, or annually. You’ll save the most paying annually, while monthly will cost you the most. If you’re not sure, this guide may help. Also, you can easily change the mode so don’t get too caught up in that now.

The Quote Display

Here’s where all the magic happens. We present you with your free term life quotes.

Section 1: Quote Summary and Modification Tools

You have the ability to modify your quote right here. No back button required.
 

Update Quote: This area allows you to change the payment mode, coverage amount, and length of coverage (the term). You can then display your new quotes without having to go back to the Quote Questionnaire.

Quote Details: Here we show detailed information about your quote including the quote date, coverage amount, term length and other information you provided on the Quote Questionnaire.

This area also lists the quote number assigned to your quote. If you have questions regarding your term life insurance quote, you may call with your quote number, and we can load it into our system and view it with you.

Additional Tools: Here you will find several helpful tools such as Email Quote, Print Quote, Life Insurance FAQ and several life insurance calculators.

Section 2: Term Life Insurance Quote Display

The second section of the Quote Display page is the quote table. This is what you came here for! You’ll find the list of life insurance companies, quoted premiums, rating classes, company ratings and more.

The quote display table. Find your favorite.
 

Company: This column displays the insurance company logo and the name of the policy.

Premium: This column displays the actual cost. At the top, you’ll see the payment mode you selected. Below each quote, you’ll see options for other coverage amounts. All term life insurance quotes displayed are ordered by premium, from least expensive to most expensive.

Options: If you click the quote you’ll see options for all four payment modes available; annual, semi-annual, quarterly and monthly. It’s a quick way to compare the different payment mode costs without retrieving a new quote.

Rating Class: This shows the rating class associated with the quote. Since companies have different criteria for rating classes, the values in this column may vary. The rating class you see is driven in part by the information you provided on the Quote Questionnaire.

Company Ratings: We provide company ratings from two of the industry’s most recognized rating agencies, AM Best and Standard & Poor’s. These ratings represent a company’s financial strength, claims-paying ability, and other factors. Click the company rating, and you’ll see more rating information for that life insurance company.

Actions: The last column contains two buttons: one to begin the application process and another to view more company details.

  • Details. Here is where you can find specific details about the life insurance company and the product they offer. You’ll also find a company brochure on this page.
  • Apply. Click here when you’re ready to start the application process.

Section 3: Quote Disclaimers

The last section of the term life insurance Quote Display page lists all required legal information, general disclaimers and company-specific disclaimers — the fun stuff.