How to Get the Best Life Insurance

life insurance

You already understand the importance of life insurance, but with all the options available, you might not know which insurance provider to trust.

Every life insurance company promises to save you money, but which company really has the best rates?

The companies that constantly advertise must charge higher rates to cover their marketing costs, so ignore those commercials. Shop the market and compare options from multiple companies instead. Here’s how:

Read reviews

Reading reviews is one way to become more familiar with an insurer, but we urge you to use caution when reading reviews online. Unfortunately, a small percentage of these reviews are not genuine, and they do not reflect an actual experience. For this reason, we always recommend reading reviews from sites that feature “verified buyers.”

You can also use AM Best to research the company’s financial stability and financial outlook. AM Best is the most trusted global credit rating agency in the insurance industry, and they assign a letter grade of A++ to F for every major life insurance company in the United States.

Make inquiries

There are two ways to research your options: you can contact the insurer directly, or you can work with an independent agent that represents multiple companies. An experienced agent should be able to provide you with all the information you need, so if you feel like his or her knowledge is limited, move on.

Check the coverage

When you are evaluating your life insurance options, makes sure you understand what each policy offers. The least expensive policies might not include some of the added benefits that are “standard” with other insurance companies. These benefits, also known as riders, could be invaluable to you or your family in the future.

On the other hand, if you’re on a tight budget, buying your policy for business purposes, or don’t see the need for all the bells and whistles, these benefits are an unnecessary way to drive up the cost of your coverage. The most common riders are: ROP (return-of-premium), which refunds your premiums if you outlive your term, and long-term-care benefits.

Shop around

If you don’t have time to research multiple companies and obtain quotes, working with an experienced independent agent is your best option. A reputable agent will compare rates, services, and coverage before making a recommendation. Independent agencies usually represent at least 20 or 30 companies, which can save you hours of research.

Getting life insurance is a must, and buying it while you are young could save you quite a bit of money. In your 60’s, you will likely pay two or three times more for the same plan that you could have purchased ten years earlier. Nevertheless, if  you’re shopping for life insurance in your 60’s, don’t worry, you still have some affordable options!

Everybody wants to save money on their life insurance, but don’t lose out on valuable coverage just to get the lowest rate available. Your family may depend on you for financial support, and you’d undoubtedly want them to continue living the same lifestyle provided for them for now, even if you are no longer around.


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