Term Life Insurance Quotes
Life insurance companies use different underwriting criteria to arrive at each individual's underwriting risk and life insurance rate. This criteria can be drastically different from company to company. All of the companies we quote require a brief physical examination which will be provided to each applicant free of charge.
How does our quoting system give you the best quotes?
Every life insurance company uses it’s own specific set of underwriting guidelines to measure your mortality risk and the rate they should charge for your coverage. Using their various risk guidelines, a life insurance company determines what rate class (such as Non Smoker Super Preferred, Non Smoker Preferred, Non Smoker Standard, Preferred Smoker, Standard Smoker, etc.) that you belong to. Using these classes along with the insured’s age, gender and coverage amount, the company calculates your premium.
Since the guidelines are drastically different from one life insurance company to another, you may be quoted one class for one company but another class for another company. The following are three simplified examples of this phenomenon.
Example 1: Male 6’0” 206 lbs. Banner Life quotes him as Super Preferred NS Class (Best Class), while First Penn-Pacific and Protective Life quote him Preferred NS Class (Second to Best)
Example 2: Female stopped smoking 4 years ago. West Coast Life quotes her as Super Preferred Non-Smoker Class (Best), while Transamerica Occidental quotes her in the Preferred Non-Smoker Class (Third best for Transamerica)
Example 3: Male 50 years old with blood pressure of 136/84. First Colony Life quotes him as Super Preferred Class (Best Class), while Protective Life quotes him in the Preferred Class (Second Best)
Most online life insurance quoting systems ask you to select the class yourself, but this can easily cause you to receive an inaccurate quote. Since you probably do not have access to each life insurance company’s underwriting guidelines why should you be expected to know what health class you should belong to?
You can see the potential problem that exists as explained by the examples illustrated above. Once you select your own class you would probably select a life insurance company having the lowest rates for that class. However, once you submit your application and the company completes the underwriting you may find out that you do not qualify for the health class you originally selected because of findings in your physical examination or medical records.
The final result of this situation is that you could be charged a significantly higher premium than you were originally quoted. At that point, you have only the option either accepting the higher premium, or going through the application process with a different life insurance company.
Our Term Life Insurance Quote System gathers the most important risk factors and uses a sophisticated algorithm to determine the correct health class for you. Therefore, your online life insurance quote generated by our system is much more accurate than most other online quoting systems.