When you're looking for life insurance, there are more options than in the past, which is both good and bad.
The wide variety of choices assists in keeping the present price of life insurance very low, but it also means it may be overwhelming trying to figure out what coverage to obtain, and from whom.
Use this straightforward guide to compare policies to find the life insurance coverage that's right for you.
If you're comparing whole life insurance policies …
If you intend on getting whole life insurance, a type of permanent life insurance coverage that provides coverage for your entire life and features a cash accumulation component known as the policy's cash value that may grow with time, the best choice may be to find the best agent to compare whole life insurance policies.
Whole life insurance could be complicated and it is a good idea to purchase it using a professional.
If you're comparing term life insurance policies …
If you're researching term life, which provides you coverage for a fixed period of time (until your kids are grown, for instance, or until the mortgage pays off), then all you need is the internet.
As it takes place, the Haven Life website is a great starting point your search, even though you decide to get insurance elsewhere (discover why below). Here's how to make your research as efficient and painless as possible.
Determine your term length and coverage amount
The initial step would be to pick the term length and coverage amount you need to get quotes for, such as a 20-year, $500,000 policy.
As you begin to look at prices, you might decide you'll need a different coverage amount, but you should keep it consistent as you compare companies which means you obtain a true sense of the cost differences between them.
If you aren't sure how much insurance you'll need, use the Haven Life's term life insurance needs calculator to work it out. The calculator will help you figure out what coverage you need regardless of who you wind up buying it from.
As you compare quotes, be sure to keep your health information exactly the same – don't come in as “good” on a single website, and “average” on another one, since that will modify the price.
Review life insurance company ratings
Once guess what happens term length and coverage amount you use to compare quotes, you will have to decide which insurers to consider.
Choose companies which look like they'll be around for several years to come: If your policy lasts 20 years, it is important that your life insurance company will remain in that time. For example,
MassMutual, a well-capitalized life insurance company first established in 1851, is the parent company of Haven Life and also the issuer of Haven Term policy.
Multiple ratings agencies exist to do an analysis and render their opinion of a life insurance company's financial strength and claims-paying ability. Ratings represent the opinion from the rating agency of the financial strength and ability to satisfy the contractual obligations of the company being rated, in line with the rating agency's independent analysis. A rating isn't a guarantee of financial strength, but it can be viewed as an indication.
Consider how easy it is to obtain a quote
How many details do you need to provide in order to get a quote? You shouldn't have to give out lots of details – such as age, gender, health, the state your home is in – to get a precise quote for term life coverage.
With Haven Life, you are able to provide you with a personalized quote online within a few minutes without requesting lots of private information. Remember that quotes are only estimates. Fortunately, it’s simple to apply online with Haven Life and obtain your personalized-to-you rate.
The best spot to check is the one you are feeling comfortable with
Really, that's all there is into it. Some questions are best left to the professionals (Dr. Google is no substitute for an actual doctor), but term life insurance is one of those things you are able to figure out online, when it's convenient for you.
There are a lot of insurers available, and with a little research, there's no doubt you'll find a policy that will help protect your family for any price you can afford.