How important is it to get the best rates Term Life Insurance company?

Question

I am looking at these options:

http://www.zanderins.com/term/instantquote.aspx

Is there really a huge difference from top to bottom? Can I go with the more affordable option?

Answer 1

I briefly looked over the website, and it looks to be a decent source for life insurance quotes. I would recommend calling the toll-free number to make sure there is a person to speak to in case of questions or service issues. Being a Broker, I personally prefer the face-to-face interaction with a client so I can make sure they are getting the best product for their need. For a brief time (2 years) I worked with a company that Dave Ramsey (endorsing Zander Ins) once recommended, but I have a different take on the "term only" insurance since I have become an Independent Broker (I represent about 25 different companies).

The caution of shopping on price alone is, you often don't get the full picture of the benefits and services being offered. For example, I have one life company that offers a cash benefit in the event of a critical illness that is above and beyond the death benefit and they also offer college assistance to the insureds children (also above the death benefit). If someone was shopping price alone, they wouldn't understand why this company is $50 more per year. It pays to sit down with a Broker and look over options so you have a clear picture of what you are buying. Plus you get the peace of mind of an actual person to talk to in case any questions arise.

Answer 2

Price is a major factor in absence of value.  I will not speak of online quote sites because they are only good for comparing similar policies on price alone, not features.

Insurance Pickle is right about one thing on Primerica policies, they do not have a Convertible clause.  They instead of Exchange provisions.  Primerica policies, although not the cheapest, is still pretty cheap comparably.

The Exchange provision is a good one, instead of converting to a cash value policy that is probably 2-10 times more than current policy premiums, it automatically exchanges to another level term product based on age alone.  If you get seriously ill, it's not an issue.

Don't go with a company or agent that will openly criticize a competitor with out fully knowing the competition.

Point of note, Dave Ramsey recommends Zander Insurance because they pay a good portion of his radio show.  He also used to be a Primerica agent.  One of the most well respected names in the financial industry was a former Primerica agent.  Go figure.

Answer 3

My suggestion is trying to get as much resource as you can before making final decision,here is a good one.http://insurance.online-frees.info/insur...

Answer 4

I TOTALLY agree with the first answer. It's not a good idea to shop for insurance primarily on price. Small differences in price can mean huge differences in benefits, service and also the stability of the company.

Secondly, most people are generally better off dealing with a live, local agent or broker face-to-face as opposed to buying insurance over the phone or internet. A live agent can explain details about the policy, limitations, exclusions extra benefits etc, that you may not otherwise realize or understand when you purchase the policy. Most people don't read or understand the 'fine print,' in my experience.

A live agent who knows you and your situation may best be able to offered coverage specifically suited to your and your family's needs and will readily be able to give you information about the companies' financial ratings, and answer other questions you may not know to ask.  

Answer 5

try http://about-insurance.weebly.com you can learn more about insurance and you can get fre quotes that you can compare for others. after you get your fre quote someone from customer service might call you to explain and clarify all your question.

Answer 6

That's a decent quote engine, but check out the tool on my site because it quotes many more companies....about 150 in all.

http://insurancepickle.com/life-insuranc...

And YES, it's very important to get the best rates.  Except for a couple major points (one is convertibility and your broker can explain that) term insurance is term insurance.  Would you rather pay $500/year for something or $1000/year for something if the net result is the same?

Primerica, for example, is consistently twice the price of the lower cost plans.  Is it any better?  No, in fact it's worse because it doesn't have convertibility (which is the ability to continue coverage beyond the term you selected if you become ill).  It's more because it's a multi-level marketing structure so there's more cost built in.

The one thing about that site is he talks down return of premium policies.  It's very much worth a look.  I think people who formed an opinion about it haven't looked at it recently.  If they knew you could get a 5-7% tax free rate of return on your money I don' t think they'd call it a waste.