It is crucial to compare life insurance and choose the right life insurance that fits your needs and wants. To protect your family in the best way possible. The prices of insurance policies can vary widely. That’s why we offer a Life Insurance quoting tool, where you can compare 50+ life insurance companies within 5 minutes and get the best price.

There are many misconceptions about life insurance. Some people think; that it is seven times more expensive than it truly is, are not sure whether they need life insurance, or think it is too difficult to get. 

This blog will try to make getting Life Insurance easier for you. We will tell you all you need to know when comparing life insurance.

If you want to learn more about What life insurance is, click here to read our blog ‘What on earth is Life-Insurance’

 Key Takeaways

• The younger you are, the lower your monthly premium will be. Waiting on life insurance could make you end up paying more.
• Compare life insurance companies to prevent you from overpaying
• Meet with a licensed Policy Engineer to determine which type is best for you
• Get enough coverage; so your loved ones have enough money to survive if something happens to you.
  Your lifestyle affects your premium.

Step 1 How much life insurance do you need?

Getting enough life insurance to be fully covered and protect your family best is crucial. That’s why picking a random number or guessing is not the smartest thing.  As a result, your loved ones could end up without sufficient money to pay their bills.

We created a quoting tool to make this process easier. With this tool, you can calculate the exact number of coverage you need. All you need to have to calculate your coverage amount are; the financial obligations you would like to cover if you died and the financial resources you already have. 

Examples of financial obligations 

• Mortgage
• Funeral/Burial expenses
• College tuition for your children
• Debts you owe
• Income that a family needs to survive or pay their bills

Financial resources:

• Savings
• Retirement savings
• Prepaid funeral costs
• Existing life insurance policy (through work)

Step 2 Which type of life insurance fits you best?

Term Life and Permanent Life insurance are the two primary types of life insurance.

 Term Life Insurance

• Suppose you need a policy that will give you financial protection for a certain period (e.g., while your children are young). In this case, a term life policy can give you the coverage you need at an affordable rate. 
• This type of insurance offers coverage for a certain amount of time. Often between 5-30 years.
• After this period, you will need to extend your policy or covert it. If you don’t do anything, you won’t be covered anymore.
• Cheaper option.

Permanent Life Insurance

If you are looking for coverage that lasts a lifetime and provides cash value with living benefits, whole life or universal life policy might be a better fit.

• Lifelong coverage.
• Build cash value that grows tax-deferred.
• You can use it while you are still alive.
• More expensive. 

This type of insurance has many policy types: Whole life, Universal life ( Guaranteed universal life, indexed universal life, and variable universal life).  

Step 3 Underwriting: What can influence your quote?

 Various factors can influence your life insurance quote or determine your eligibility for life insurance—for instance, your health, gender, and age. For example, the younger you are, the lower your premium will be. Women often also get a lower premium because they tend to live longer than men. This means that having a healthy lifestyle could lower your monthly premium. Insurance policies also reward a healthy lifestyle (Click here to learn more). 

What happens during the underwriting process?


Underwriting gives insurers a better look at your health history and background and determines your premiums. 

The following could happen during this process:

• Firstly, they will evaluate your application details, health information, and lifestyle. They do this to determine whether to insure you and at what rate;
• Secondly, they will ask about your smoking or drinking habits, family medical history, occupation, hobbies, and recent or planned travel overseas. Anything that could affect your life expectancy has to be evaluated;
• Thirdly, most insurance companies also want to check your medical history, prescription history, credit history, and driving record;
• Sometimes you need to take a medical exam, and sometimes changing your lifestyle could lower your premium.

 There are three different types of underwriting: 

1. Full underwriting: Traditional, fill out a survey, take a medical exam and give the insurer authorization to gather information about you from multiple third-party sources.
2. Accelerated underwriting: This process is similar to traditional underwriting but doesn’t require a medical exam.
3. Simplified issue: This process for buying simplified issue life insurance is quick and straightforward. During this process, applicants only have to answer a few questions about their health and lifestyle. The insurers will use third-party sources to gather supplemental information about the policyholder. A medical exam is not required.

Step 4 How can you find the best policy?

Comparing life insurance prevents you from overpaying for the same policy. 
We developed a tool to compare life insurance policies in less than 5 minutes. We also offer an in-depth needs analysis with a licensed Policy Engineer. They will engineer a personalized plan for you that fits your needs and wants. Getting insurance shouldn’t be difficult. Therefore, we allow you to work with an agent or self-enroll. It is an easy and fast process; you can apply within 5 minutes.

Step 5 When you are ready to get Life Insurance: