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If you are applying for life insurance through an insurance broker how will you know that you are getting a fair price and that you are not being charged too much?
Wiki User
∙ 15y ago
Despite the advertising on radio and the internet, there is really no such thing as getting quotes from all life insurance companies. Fact is, all companies do have different criteria and premium rates. When shopping for life insurance, the most important things are the company's financial strength. The ability for the company to stand behind the policy. If you have a life policy and the company goes bankrupt, the state typically step in and stand behind the cash value of the policy up to $300K(on average) or the death benefit if you pass away approximately the same time. However, if your health has changed, you run the risk not not being able to get another policy. For term rates, most companies charge about the same and you are not going to ever be sure you have the absolute lowest rate....unless you apply with each and every single company and get a policy.
Compare the quotes from your insurance broker with free online insurance quotes from leading insurance companies. There are many credible insurance sites that represent hundreds of reputed insurance companies. Getting free quotes from such sites will help you compare and evaluate your options. Your insurance broker may not have access to the hundreds of insurance companies that online agencies do. Since life insurance is a competitive business, the more you shop, the more likely you are to find the best policy at the most affordable price. Response to the 'Answer' This answer improvement is nothing but an advertisement from someone who works at one of these internet quote company. Just because a 16 year old gets his/her driver license, that doesn't make them an expert driver. This, unfortunately, is true with insurance license. These type of company typically hire people who have pass the state insurance exam and get their license. This exam is nothing more than a cram session and a multiple question exam. What you need is someone who have continually improve their knowledge and expertise in the insurance field. They are also up to date with changes in laws and rules regarding these coverage. Buying a large life policy may have estate tax implication that an order taker from such company isn't going to warn you about. Buyer beware.
Wiki User
∙ 15y ago
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