Looking for DIY life insurance quotes?
Well, great news, you came to the right place.
In this step-by-step tutorial, we will show you how to get DIY instant term life insurance quotes & instant permanent life insurance quotes online without speaking to an agent.
- Why DIY Life Insurance Quotes Is Better
- DIY Instant Term Life Insurance Quotes
- DIY Instant Permanent Life Insurance Quotes
- How To Choose The Correct Type Of Life Insurance Policy
- How To Choose The Correct Amount Of Life Insurance Coverage DIY
- Not Sure How Much Life Insurance You Need?
- DIY- Choosing The Correct Life Insurance Health Class
- Don’t Know Your Life Insurance Health Class?
- How To Choose The Right Life Insurance Company?
- Final Thoughts
Why DIY Life Insurance Quotes Is Better
The majority of people today want to do their own research in the early stages of shopping for a product and life insurance is no different. They want to see a list of the top companies and their prices ever before speaking with a salesperson. This is why websites such as Zillow are so popular. Zillow allows shoppers to quickly and easily see all the homes available including their prices 24 hours a day/7 days a week without having to speak to an agent. People use price comparison websites when shopping for cars, travel and pretty much ever other product or service on the market today.
Great news! Now you can do the same DIY for life insurance quotes. Just by entering your state, birthday, gender, tobacco use, and type and amount of insurance you can instantly compare all the top companies, their products and rates side-by-side before speaking to an agent!
DIY Instant Term Life Insurance Quotes
For those looking for instant DIY term life insurance quotes here are the answers to several important FAQ:
- Most of the major name life insurance companies start at $100k face amount for term insurance, and also that is also the best pricing.
- Most companies allow you to select a term between 10-30 years.
- There are even two insurers that allow up to 35 year level term, depending on your age (not over age 50).
- The longer the term, the higher the price.
- The price breaks for the majority of companies are: $100k, $250k, $500k and $1million, $1.25m, etc.
DIY Instant Permanent Life Insurance Quotes
For those looking for instant DIY permanent life insurance quotes here are the answers to several important FAQ:
- The lowest for rates for instant permanent life insurance is $25k, this is the guaranteed universal life (GUL) product.
- Most carriers allow you to choose: To Age 90 Level, To Age 95 Level, To Age 100 Level, To Age 105 Level, To Age 110 Level or To Age 121 Level (No/Lapse U/L).
- The longer the ‘To Age’ the higher the price. Most people choose To Age 100 Level or over depending on their family history of longevity and their health.
- The rates and death benefit are fixed for the To AGE Level you select.
How To Choose The Correct Type Of Life Insurance Policy
Term life insurance is the preferred type of life insurance for many and is recommend by financial experts such as Suze Orman and Dave Ramsey. This is because term life:
- Term life insurance is about 5 to 15 times less expensive than whole life insurance for the same amount of coverage.
- Majority of people will choose term life so they have coverage in place to protect their beneficiary(s) and then invest the difference they would have been paying for whole life themselves. Pay off the mortgage faster, invest in the stock market, 401k, 529 plan, etc.
- At a certain time in the future, the children are grown, the house is paid down or paid off, ideally you have accumulated significant assets so the need for life insurance is reduced or even eliminated.
- At that time may just need a small burial policy or will have enough money saved to cover the cost of a funeral.
How To Choose The Correct Amount Of Life Insurance Coverage When You Do-It-Yourself
Many financial advisors recommend about 7-20x your annual income for life insurance protection, depending on your age. If you are younger, a good rule of thumb is to have a minimum of 10x your annual income in life insurance as this would replace your income for the next ten years if you were to die tomorrow. If the children are grown and you’re looking to protect a spouse and or a mortgage you may only need 5x to 7x annual income in life insurance.
Not Sure How Much Life Insurance You Need?
Take advantage of our DIY life insurance needs calculator to help you determine how much coverage you need to carry.
DIY- Choosing The Correct Life Insurance Health Class
There are 16 different health classes in life insurance. Preferred Plus is reserved for those in excellent health and are the lowest risk to the insurance company.
Each life insurance does have their own underwriting guidelines based on height/weight, blood pressure reading, cholesterol readings, medications, health history, family history and many other variables. This is why if you have any health issues it’s best to speak to an independent agent that has the underwriting guidelines for the top companies and can place you with the best company for your specific profile.
Don’t Know Your Life Insurance Health Class?
Use our life insurance Health Analyzer to determine your health rating class. It is located on the top of the screen the displays the quotes after you hit Compare Now. You can enter your height/weight, blood pressure, cholesterol reading, number of tickets for driving in the last 5 years, family history and tobacco use.
How To Choose The Right Life Insurance Company?
Life insurance is one of the most regulated industries in America. As long as you pay your premiums on time and are honest on your application, the policy will payout. This is why most people typically select the company with the lowest rate unless they have a preference or feel more comfortable with a specific company they know. Typically there is only a few dollars difference between many of the top companies like AIG, Pacific Life, Principal, Lincoln, Banner, Protective, etc.
Also, a great rule of thumb when it comes to choosing a life insurance company is to only select a company that has an A- (Excellent) rating or better (A, A+, A++) from A.M. Best. By selecting an insurer with Excellent rating or better from A.M. Best you are choosing a company that was graded highly by the preeminent life insurance rating agency. You can learn more about life insurance ratings here.
The good news is that now you can DIY life insurance quotes and do your own research by having access to the top life insurance companies and their rates instantly without speaking to an agent.
The consumer always wins when they have more knowledge and data before making a purchase. Whether shopping for a car, house, or any other product or service, by knowing the prices and what is available in the market without having to speak to a salesperson shifts the power back to the consumer to make the best buying decision.
A quick caveat to when you DIY for life insurance quotes is the choosing the correct health class. If you are healthy then it is pretty straight forward. If you have or had some health issues then it will be more complicated to choose the correct health class. Each life insurance company has their own underwriting guidelines, one company may offer a much better health class versus another for the same health issue or medication. In these instances, speaking to an agent that has extensive knowledge and access to the underwriting guidelines can help you navigate the life insurance shopping process to enable you to get the lowest rate with the best insurer for specific situation.