In the insurance industry, all too often we see companies advertise to provide consumers with a quote that is free from any obligation to make a purchase. This is true in many cases but, often times, although the consumer has no obligation to purchase they are bombarded by calls and emails from sales representatives that are looking to make the sale.
At TermLifeRater.com we provide a service first. The service of delivering accurate rates from many carriers to consumers. These rates are delivered based solely on the actual factors that are needed to be collected in order to determine genuine rate. There is no need for the consumer to provide any personal contact information in order to receive an accurate rate, so we simply DO NOT collect it.
In the end it is really simple. Give the consumer the price that you are able to offer them and if they like it, let them request to have an affiliate agent contact them.
Founder of TermLifeRater.com
We try to keep it simple. First you get your rates without putting any of your contact information online. Then if you would like to purchase insurance with one of the companies displayed, request to begin the application process. By doing so, your information will be forwarded to an affiliate agent that represents the carrier that you have chosen. The affiliate agent will contact you to complete the application. The agent will answer any questions you have and help to ensure that you understand your policy fully. The transparency in the site lets you see for yourself any rates for any changes that the agent may recommend.
Absolutely. You can get as many quotes as you would like. The system is very transparent and designed around the needs of the consumer. We recommend that you recalculate your quote until you find a plan that you would like to purchase. Also, if you are not able to make a purchase now, you can actual see the difference in today’s rates by modifying your birthday. Although, making yourself five years older only shows you what the difference in rate is today for somebody that is five years older, this gives you a good place to start to see the variance in rates between ages and how much more you would pay out of pocket by waiting.
In some cases you will be able to convert a term life insurance policy to a permanent plan with the same carrier within a designated time period. These options and the limitations on eligible programs vary between carriers.
Most policies are written with either a check that you mail to the carrier with your application or an ACH payment that you input into to the carriers secure online signature portal. We recommend that you start your policy with automatic payments from your checking account each month, as opposed to any reoccurring credit card options. As credit cards expire, the card on file affiliated with the policy will not process the payments needed to keep the policy active. Although this may seem trivial now, having to replace coverage five years from now due to payment lapse could be costly, not only because of inflation, but also because the carriers rate on the age of the insured at the time of purchase.
No. The agents act in an agent capacity. By definition they are representatives of the insurance carrier that you are applying to purchase the policy from. Under no circumstance would you pay a higher rate by purchasing a policy from an agent, as opposed to, buying direct from the carrier.
When shopping for life insurance there are many products to choose from. In fact, many customers get overwhelmed by hearing their options. Most don’t know that you can’t just buy a “life insurance policy”. There is pretty much no such thing as “regular” life insurance. But I the end, it all boils down to three basic most common types of policies; term life insurance, whole life insurance, and universal life insurance. Each of these has their own unique factors that distinguishes them from the other.
Overall, all life insurance policies are similar in a handful of ways. Life insurance is a contract between an insurance company and the policy holder that pays out to a designated beneficiary in the event of a death of the insured person. In most cases the insured person is the policy holder. In any event these policies are considered legal contracts, and just as all contracts have, there are stipulations to each policy. The most common are specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Term life Insurance is a policy that pays the face amount (limit of coverage) in the event that the insured dies within the policy period. If the insured outlives the policy nothing is paid out. This is the basic example of how term life insurance policies work and each insurance company offers slightly different plans. We explain more in our “Term Life Insurance Explained” articles. Generally speaking, these policies are more affordable than the alternatives.
Whole life insurance policies are different than term because they are guaranteed to have coverage remain in effect for the entire lifetime of the insured person. Obviously, this is granted that the premiums are paid according to the agreed upon payment schedule. These payment schedules can be set up on what is considered to be a limited pay provision. These provisions are determined at during the quoting process. It is common for policies to be scheduled for payment for a certain amount of years, 10, 20, 30, or age of the insured.
We hope this helps provide you with a very basic understanding of the differences between policy types. As you can see there are very drastic differences between the policies, but along with this, there are very drastic differences in the affiliated premiums as well.
When getting a life insurance quote there are many things that need to be considered. One of the most important is making sure that you are able to shop for your life insurance quote with many agents prior to making a purchase. This way you can ensure that you are getting the best price for your policy without jumping through any hoops in order to do so.
Whether you are looking for a term life insurance quote, whole life insurance quote, or universal life insurance, we are here to help. It is our goal to provide you a few simple tips on how to make your life insurance shopping experience pleasant and productive.
Technology has advanced over the years and with these changes the consumer expectations have changed with respect to their purchase habits and consumer privacy. These advances have impacted almost every industry but the insurance industry has been one the most heavily impacted
Historically, in order to get an insurance quote all the consumer data would need to be collected and sent off for rating by the carrier. Once the rates were established the carriers would return the insurance premiums back to the agents to be delivered to the consumer. The primary reason for collection of consumer data for quoting was to ensure that the carriers are not manually duplicating workload and quoting the same policies for multiple agents. This process only exist for quoting today in large commercial insurance risks that have carrier underwriter discretion built into the premium models.
Life insurance quotes no longer require personal information to be submitted in order to establish the premiums. In addition, virtually all insurance carriers integrate their premium rating into software that is available to life insurance agents. With this integration, all insurance agents that subscribe to the use of the software tools are able to provide instantaneous life insurance quotes to their customers for term life insurance, whole life insurance, or universal life insurance without collecting any consumer contact information.
With this being said, buyer beware, when you are working with any agent to get a life insurance quote you will be able to receive your premiums without providing your name, address, phone number, or email address. In some extremely complicated cases for whole life or universal life insurance the quoting process could take some time. It can be your personally decision on these situations whether you would like to have the agent call your back or remain on the line while the agent runs up the needed illustrations.
In all cases, for term life insurance quotes, the process in which you receive back your rates is virtually instantaneous. We welcome you to the use of our built in consumer quote tool for all of your term life insurance quotes.