Compare Life Insurance Quotes and Find the Best Rates
Shopping for life insurance? The key to getting the best coverage at the best price is comparing quotes from multiple insurance companies. Here’s everything you need to know about getting and comparing life insurance quotes.
Why Comparing Quotes Matters
Life insurance rates can vary dramatically between companies – sometimes by 30% to 50% or more for the exact same coverage. Why?
- Each company uses different underwriting criteria
- Different companies specialize in different risk profiles
- Some companies are more competitive for certain ages or health conditions
- Pricing strategies vary by company
Real example: A 40-year-old seeking $500,000 in 20-year term coverage might get quotes ranging from $45/month to $75/month – that’s $7,200 in savings over 20 years just by comparing!
What Information You’ll Need for Accurate Quotes
To get reliable quotes, have this information ready:
Personal Information:
- Date of birth
- Gender
- State of residence
- Occupation
Coverage Details:
- Desired coverage amount ($250k, $500k, $1M, etc.)
- Type of insurance (term, whole life, etc.)
- Term length (10, 20, 30 years)
Health Information:
- Height and weight
- Tobacco use (none in 12+ months = non-smoker)
- Current medications
- Medical conditions
- Family medical history
Lifestyle Information:
- Risky hobbies (skydiving, scuba diving, racing, etc.)
- Foreign travel to high-risk areas
- Driving record (DUIs or major violations)
Types of Life Insurance to Compare
Term Life Insurance
What it is: Coverage for a specific period (10, 20, or 30 years)
Best for: Most working families – provides maximum coverage at lowest cost
Sample quote: $500,000 for 20 years = $30-50/month (age 35, healthy)
Whole Life Insurance
What it is: Permanent coverage that lasts your entire life, includes cash value
Best for: Estate planning, guaranteed lifelong coverage
Sample quote: $500,000 permanent = $400-600/month (age 35, healthy)
Universal Life Insurance
What it is: Permanent coverage with flexible premiums and death benefits
Best for: Those wanting permanent coverage with investment flexibility
Sample quote: $500,000 permanent = $350-550/month (age 35, healthy)
Mortgage Protection Insurance
For more detailed information on mortgage protection insurance and how it compares to traditional life insurance, visit MortgageShieldCenter.com – your complete educational resource on protecting your mortgage.
What it is: Specialized term insurance designed to pay off your mortgage
Best for: Homeowners wanting guaranteed home protection, often with no medical exam
Sample quote: $300,000 decreasing coverage = $40-80/month (age 40)
For quick comparisons and free quotes on mortgage protection insurance, visit HomeSecureQuote.com, which specializes in home and mortgage protection quote comparisons.
How to Get Quotes
Option 1: Online Quote Tools (Fast, But Limited)
Pros:
- Instant estimates
- Compare multiple companies at once
- Anonymous – no sales calls
Cons:
- Estimates only – not final rates
- Can’t account for all health factors
- May not include all available companies
- Can’t help with complex situations
Option 2: Independent Insurance Agent (Best for Most People)
Pros:
- Access to 20+ companies
- Expert guidance on which companies fit your situation
- Help with applications and underwriting
- Can navigate health conditions
- No extra cost (companies pay their commission)
Cons:
- Requires phone call or meeting
- May take a day or two for detailed quotes
Option 3: Direct from Insurance Companies (Limited Comparison)
Pros:
- Direct relationship with insurer
- Company-specific promotions
Cons:
- Only see one company’s rates
- Have to repeat the process for each company
- Time-consuming
- May miss better rates elsewhere
Understanding Your Quote
When you receive a quote, make sure you understand:
Coverage Amount
The death benefit your beneficiaries will receive. Make sure it matches what you requested.
Premium Amount and Frequency
- Monthly premium (most common)
- Annual premium (may offer discount)
- Quarterly or semi-annual options
Rating Class
Your health category affects your rate:
- Preferred Plus: Best health – lowest rates
- Preferred: Very good health
- Standard Plus: Good health
- Standard: Average health
- Rated: Health issues – higher premiums
Policy Type and Term
Verify you’re comparing apples to apples:
- Is it term or permanent?
- If term, what’s the length?
- Is the premium guaranteed for the full term?
Guaranteed vs. Estimated
- Guaranteed premium: Will never increase during the term
- Estimated premium: May change (common with universal life)
Comparing Quotes Side-by-Side
When comparing quotes, create a simple comparison chart:
| Company | Coverage | Term | Monthly Premium | Total Cost | Rating |
|---|---|---|---|---|---|
| Company A | $500k | 20 years | $42 | $10,080 | A+ |
| Company B | $500k | 20 years | $48 | $11,520 | A++ |
| Company C | $500k | 20 years | $38 | $9,120 | A |
Beyond Price: Other Factors to Compare
Don’t choose solely based on price. Also evaluate:
Company Financial Strength
Only buy from highly-rated companies. Check:
- A.M. Best: A or higher
- Moody’s: Aa or higher
- Standard & Poor’s: AA or higher
Conversion Options
Can you convert your term policy to permanent insurance later without a medical exam? When does this option expire?
Renewal Provisions
What happens when your term ends?
- Can you renew?
- To what age?
- What will it cost?
Riders Available
What add-ons are offered?
- Waiver of premium (if you become disabled)
- Accelerated death benefit (if terminally ill)
- Guaranteed insurability (buy more coverage later)
- Child rider
Customer Service
Research:
- Claims payment history
- Customer satisfaction ratings
- Complaint ratios (check state insurance department)
- Online reviews
Red Flags When Comparing Quotes
Be cautious if you see:
- Quotes significantly lower than competitors: May be teaser rates that increase
- Pressure to buy immediately: Legitimate offers don’t expire in hours
- Vague or incomplete information: Should clearly state all terms
- Poor company ratings: Save a few dollars now, risk claims issues later
- “Special limited-time offers”: Life insurance pricing is regulated – no true “sales”
- Unclear about type of policy: Make sure you know if it’s term or permanent
How Health Conditions Affect Your Quotes
If you have health conditions, quotes will vary even more between companies because each insurer specializes differently:
- Diabetes: Some companies specialize in diabetic applicants
- Heart disease: Different companies better for different cardiac conditions
- Cancer history: Type and time since remission matter
- Mental health: Some companies more lenient than others
- Obesity: BMI cutoffs vary by company
This is where working with an independent agent really pays off – they know which companies to approach for your situation.
Learn more in our health conditions guide.
Special Quote Considerations
If You’re Over 50
Term life gets more expensive with age, but you still have options:
- Shorter terms (10 years) to reduce cost
- Guaranteed issue policies for final expenses
- Mortgage protection if you still have a home loan
If You’re a Homeowner
Consider getting quotes for both:
- Traditional term life (more flexibility)
- Mortgage protection insurance (may offer guaranteed acceptance)
Compare both to see which provides better value for protecting your home.
If You’re Self-Employed
You likely need more coverage since you don’t have group life insurance through an employer. Get quotes for higher coverage amounts.
If You Smoke
Smoker rates are 2-3x higher than non-smoker rates. But if you quit for 12 months, you can reapply for non-smoker rates.
When to Get New Quotes
Consider getting fresh quotes when:
- Your term is ending: Compare renewal rates to new policies
- Your health has improved: Lost weight, quit smoking, condition resolved
- You need more coverage: Life changes, income increases
- It’s been 5+ years: Rates change over time, especially if you’re still young
- You’re paying for an old policy: Newer policies often offer better rates
Sample Quote Scenarios
Scenario 1: Young Family
Situation: 32-year-old, healthy, non-smoker, two young children, $280,000 mortgage
Recommendation: $750,000 – $1,000,000 in 20-30 year term life
Expected cost: $40-60/month
Scenario 2: Mid-Career Professional
Situation: 45-year-old, good health, $100,000 income, teenagers approaching college
Recommendation: $500,000 – $750,000 in 20-year term life
Expected cost: $80-120/month
Scenario 3: New Homeowner with Health Issues
Situation: 38-year-old, Type 2 diabetes, just bought first home, $350,000 mortgage
Recommendation: Mortgage protection insurance with guaranteed acceptance
Expected cost: $60-100/month
Scenario 4: Pre-Retiree
Situation: 58-year-old, healthy, still has $150,000 mortgage, wants to protect spouse
Recommendation: $250,000 in 10-15 year term OR mortgage protection
Expected cost: $120-200/month
Common Quote Questions
“How many quotes should I get?”
Get quotes from at least 3-5 companies. An independent agent can get you multiple quotes in one conversation.
“Are online quotes accurate?”
They’re estimates based on the information you provide. Your final rate after underwriting may differ based on medical exam results and full application review.
“Will getting multiple quotes hurt my credit?”
No. Life insurance quotes don’t require hard credit pulls and don’t affect your credit score.
“How long are quotes valid?”
Most quotes are valid for 30-60 days, but your rate isn’t locked until you’re approved and the policy is issued.
“Can I negotiate life insurance rates?”
Not directly, but you can:
- Shop multiple companies for best rates
- Improve your health before applying
- Provide additional medical documentation if rated
- Apply with a different company if not satisfied
Next Steps: From Quote to Coverage
Once you’ve compared quotes and selected a company:
- Complete the full application: More detailed than initial quote
- Schedule medical exam: If required (free, done at your location)
- Wait for underwriting: 2-8 weeks typically
- Review final offer: Rate may differ from quote based on exam results
- Accept and pay first premium: Coverage begins
Read our complete life insurance buyers guide for step-by-step instructions.
Get Expert Help Comparing Quotes
While you can request quotes yourself, working with an independent insurance professional makes the process much easier. They can:
- Access rates from 20+ top-rated companies instantly
- Know which companies offer the best rates for your situation
- Explain the differences between quotes
- Help you choose the right coverage amount
- Navigate health conditions or complex situations
- Handle all the paperwork
Best part: It costs you nothing – insurance companies pay agent commissions, and the rates are the same whether you go direct or through an agent.
Ready to Compare Quotes?
MoProInsure.com offers free quote comparisons from multiple top-rated insurance companies. Their licensed professionals can help you compare:
- Traditional term life insurance
- Whole life insurance
- Universal life insurance
- Mortgage protection insurance with guaranteed acceptance options
Get your free, no-obligation quotes today and see how much you can save while protecting your family’s future.
Remember: The best life insurance quote is one that provides adequate coverage at a price you can afford from a company strong enough to be around when your family needs them. Don’t sacrifice coverage or company quality just to save a few dollars.