Sifting Through Life Insurance Quotes Online?
Always Speak to an Independent Agent
If you are looking for Life Insurance Quotes Online I bet you’ve come up with a LOT of information.
The internet is flooded with quotes, reviews, and articles about your potential purchase.
So where should you start when there is such an overload of STUFF!?
In my articles, I consistently stress the importance of doing your homework BEFORE you contact an agent BUT there is a caveat.
Don’t rely solely on the information you find online to make a purchase. There’s a lot to be said for getting some advice from an independent agent.
Find out why now.
Who Am I?
My name is James Heidebrecht and I am the founder of Policy Architects. A boutique Canadian Life Insurance agency.
I am a Dad and Husband so I know just how much pressure families feel to take care of their loved ones should a tragedy unfold.
My wife just turned 50 – which is a huge milestone. We celebrated this day with gusto because we both know many people who didn’t make it to the half-century mark.
Life is truly a gift but it’s unpredictable.
I don’t want to fear monger to sell life insurance, but I definitely think it’s important for people with debt and dependents to think about the reality of their humanity. Which means there are beginnings and ends.
If you want to make sure your family is financially comfortable if an unforeseen death happens the best way to do this is to buy life insurance.
For very little money you can cover the years that are most vulnerable and protect those you love from falling through the cracks.
What Are Life Insurance Quotes Anyway?
Purchasing life insurance is a process. Unless you’ve been through it or know someone who has -chances are you don’t know a lot about it.
To give a quick recap there are two types of life insurance:
- Term Insurance: This is temporary coverage to replace income in case an unforeseen death occurs. You pick out a “face value” (amount of money your loved ones receive if you die. Typical values are: $100K, $250K, $500K, etc.) and “term” (years you want to be protected: 10 years, 20 years, 30 years). An agent asks you a number of questions, schedules a medical exam and submits the application along with the results of your physical to the company of your choice. The “underwriters” (people who evaluate your health to determine how much you pay) rate you and send an offer for coverage. The amount you pay monthly or yearly is your rate. * You can get no medical exam term coverage but it costs more.
- Permanent Life Insurance: Permanent insurance follows the same model EXCEPT it provides coverage until the day you die and typically involves a cash value accumulation feature. Cash value can be handled in a number of different ways which I won’t discuss here. Permanent coverage is complicated and costly. I would not recommend purchasing it unless you meet with an independent agent to discuss all your options.
Once you decide which type of coverage you want, the face value and term the next step is to see how much it’s going to cost you.
This is where life insurance quotes come in. Often people do research before they speak to an agent to see how much they will pay for coverage.
Online Life Insurance Quotes
Everything is unfolding online these days – including life insurance. In the past, you would either visit your agent at their office or they would come to your home to discuss options.
Now everything is available with the click of a button…
….or is it?
As with everything, there is a yin and yang when it comes to the ease of online quotes and life insurance purchases.
Sure it’s great to be able to get all the information you need from the comfort of your home. Also, computers have made it a much speedier and efficient process.
Hey you can even dig up live quotes for the best life insurance companies in Canada in seconds. Honestly, I love technology and am excited to see where our business goes in the future…
…but there are some drawbacks.
Sadly Some People Rely SOLELY on Online Life Insurance Quotes
Unfortunately, because this information is easily accessible people assume it’s all they need to make a good decision about thier life insurance purchase.
Some of the pitfalls include:
- Assuming you know your health rating: Underwriters are professionals. They have a lot of information at their fingertips that you DON’T have. There is no way to know your rating until you get the final verdict from the insurer. While most people achieve standard rates others get preferred/preferred plus, while still others are deferred or even declined. Online Life Insurance Quotes may give you a good starting point but they aren’t guaranteed. Also, buyer beware. Some sites share rates for preferred clients – if those are the quotes you are relying on chances are you’ll end up paying more.
- Choosing the wrong company for your needs: Wow you see some REALLY great rates from BMO. Why the heck do you need to do more research? Apply now! Nope. Bad idea. While BMO is a GREAT company, it may not work for your particular health situation. Not all life insurance companies are created equal. Some are more lenient than others for specific conditions. Picking the WRONG company can cost you thousands.
- Choosing the WRONG product: A lot of clients have no idea what they need and require more information to make an educated choice. Remember life insurance is a long term purchase. You really need to know what is out there to make the right decision.
- Underinsuring yourself: Choosing life insurance with low ball vision is a bad idea. Doing a good needs analysis often opens clients eyes when it comes to their REAL situation.
Why You Should Always Speak to an Independent Life Insurance Agent
As you can see there are a lot of variables when you buy life insurance.
I firmly believe this is a very personal process that is better served with someone who knows all the ins and outs of the products and underwriting policies of the companies you are considering.
At Policy Architects you are a client for life, which means you get a call from us BEFORE your policy expires. We also help people who improve their health to reapply for better rates and work with them to accommodate changes as their families grow.
Although life insurance is VERY fairly priced for what you get, it’s still a large purchase.
If you select the wrong insurer on a whim it could cost you thousands more than if you had shopped around with Policy Architects.
We also work with High-Risk individuals to get them the best possible prices. Often this means that we take your details and go to underwriting departments to see what they think BEFORE we apply.
This is a great way to avoid denials and to see which company ma give you the most competitive premiums.
Looking for this type of personalized service? Call us today!
Selection of Life Insurance Quotes for You to Peruse
Here are some live quotes as of January 11th, 2020 for men and women looking for 20 year term throughout the decades. This gives you an idea of what you may pay for coverage.
I am using standard rates for nonsmoking people.
Buyer beware! If you smoke these rates will be a LOT more expensive. I chose RBC because they have some pretty good rates, in fact, right now they’re having a 10% sale on all their term insurance and I like them as an insurer…
….but it may not be the right company for you. Check these out and then give Policy Architects a call to see if we can do better 🙂
|35 Year Old Male||$20.41||$31.02|
|35 Year Old Female||$15.87||$23.53|
|40 Year Old Male||$27.60||$44.26|
|40 Year Old Female||$20.83||$33.37|
|45 Year Old Male||$43.86||$70.34|
|45 Year Old Female||$31.16||$50.26|
|50 Year Old Male||$70.04||$118.05|
|50 Year Old Female||$49.83||$80.91|
|55 Year Old Male||$123.99||$218.82|
|55 Year Old Female||$83.30||$155.03|
|60 Year Old Male||$221.04||$414.72|
|60 Year Old Female||$148.41||$278.19|
|65 Year Old Male||$345.22||$659.98|
|65 Year Old Female||$232.43||$449.10|
*Quotes above are for RBC Term-20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. January 2020.
Psst! Life Insurance Quotes for Smokers
To give you an idea of how much your life insurance quotes change when you smoke I thought I would give you some cold hard numbers. If this doesn’t inspire you to quit, I am not sure what will.
So for a 40 year old nonsmoking male in standard health, RBC offers $500K of coverage for $44.26…
… that same smoking male pays $140.33 with RBC!
As an aside, there are better companies for smokers to look at.
So the difference over the 20 year term is:
Planning pays off in the end:
My dad’s careful planning not only made a tragic event a tad more manageable, but it set me up to have a sense of security in my life that I never imagined I would have.
At the time of my dad’s death, I could afford the plane ticket there, but not a whole lot else. If he hadn’t had life insurance, and if he hadn’t spoken directly to me about how to claim it, I don’t know what I would have done. His ashes would probably be in a coffee can on my desk, and not entombed in a beautiful mausoleum next to my mother.
This is Exactly the Reason You Should Call Policy Architects TODAY
If you are looking for life insurance quotes online there’s so good news and some bad news. The good news is the internet has made it possible for the life insurance industry to reach out to the public.
You have more access than ever to the vital information you need to save money, time and hassle.
The bad news is you run the risk of information overload – or thinking you have everything you need to make an informed decision.
The truth is life insurance is very complicated and it’s a full-time job to figure out all the products, updates and changes in underwriting policies.
That’s why it’s so very important for you to speak to a real human being before you decide which company you want to go with.
Simply relying on online life insurance quotes won’t get you the best possible premiums.
Call Us Today We Can Help!
Our advice is free and chances are we can find you a better deal.
Having an independent agent in your corner that views you as a client for life is so important. It can mean savings in the thousands. Why not let us help?