The Internet has changed the way business is conducted and how companies seek new clients. The same can be said about the insurance broker too. From being a person who sits in his office, entertaining clients and selling insurance policies to them, he has evolved into an independent broker with a website. Using this website, the independent broker offers multiple instant term life insurance quotes to multiple clients at the same time. Each website can offer information on over one hundred insurance providers and their services.
Using sophisticated quoting software, potential clients can compare prices, rates, terms and conditions of the different insurance policies offered by these many insurance providers. All that the customer needs to do is fill in basic information to obtain one of these instant term life insurance quotes. This information includes:
• Smoker or non-smoker
• Amount of coverage required
• Term of the coverage
Once the applicant has filled in these details and submitted the quotation, the quoting software gathers different rates from different insurance companies, compares them and offers the lowest price to the customer in a return quote. An Internet search will provide you with the names of which websites offer this type of multiple quotes and comparisons. The quoting process and required information is generally the same although some quotes could require some additional information.
As we see, obtaining instant term life insurance quotes online is an extremely simple process that takes just a few minutes. What is more is that you can accomplish the goal of getting the lowest term life insurance rates in a fraction of the time it took your parents. For before the Internet, people had to trudge from one insurance company to another, get quotations, go home, sit down, take out a calculator, write down figures and then compare rates. For those who could not understand all about how insurance works, this was an extremely time consuming and confusing task.
The best way to get low term life insurance rates is to be entirely truthful when answering a quote. Your lifestyle, age and hobbies will have a direct impact on the rate of your life insurance. A heavy smoker, with a dangerous hobby like car racing and who is over 40 years old will end up paying more than a non-smoking 30 year old who enjoys tennis. Of course, some people will not want to change their lifestyle just to get low cost insurance.
Another important factor that could affect term life insurance rates is the gender. Women are more likely to live longer and generally have healthier lifestyles than men. Hence, women insurance seekers could get lower rates and have to pay lower monthly premiums than men. In some families, both husband and wife should take different insurance policies if they can afford it. This will provide more savings and greater benefits to their families once one spouse dies.
Selecting the right plan goes a long way to getting good life insurance rates. Young people in excellent health and with no bad habits could opt for the preferred or preferred plus rate plans. All those with minor health problems can go in for standard rate plans. Whatever the plan you choose, remember that if there is a savings component involved, the premiums will automatically be higher than if the policy is a ‘pure’ death benefit. This is why term life insurance rates are much lower than any other form of insurance. These policies avoid all extra investment options and therefore are automatically low cost.
The main drawback with term life insurance is that the policyholder will lose out on the entire insurance if he or she outlives the term. With this in mind, insurance providers are offering renewable term life insurance policies that allow the policyholder to continue with the policy if they outlive the term. Of course, the chief drawback with this is that the rates could increase on renewal since the policyholder is older and could have developed a medical problem in the preceding years. In order to retain their clients, insurance companies are evolving new and better policies wherein the rates do not increase drastically on renewal. The best and lowest cost term life insurance is one that is taken when young for a long period of over 25 years.