Comparing Term & Whole Life Insurance Quotes

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Sep 24, 2020

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Comparing life insurance quotes will help you get the most coverage for your premium dollar. When you start using life insurance quotes, you will quickly understand the truth in the saying that not all policies are created equal. Life insurance is a long term financial contract, and taking the time to compare quotes and policy details will save you money for years to come.

Comparing Life Insurance Quotes Online

Comparing the same policy between multiple companies is difficult to do without the use of online quotes. You would have to set up the details for the policy each time, fill in your personal information, and hope you got everything that was available. Online, you only have to fill out the form one time, and the comparison is made using the same information and requirements at a number of competitive insurance companies.

The Importance of Financial Stability

Checking the financial stability of potential insurers with a ratings company such as the A.M. Best Company could mean the difference between having a trouble-free policy and discovering that your policy is useless a few years down the road. Ratings companies provide a wealth of financial and performance information along with easy to understand grading scales to make comparisons easier. Compare life insurance company reviews.

Term and Whole Life Insurance Quotes

It is useless to compare apples to oranges, and equally futile to compare term life to whole life insurance products. Term life is based on a specific length of time, and whole life remains in effect until you are over 100 as long as the premiums are kept up to date. Obviously, a whole life policy that could last for 4 or 5 decades is going to be available at a lower rate than a policy that will only bear premiums for the duration of the policy. Know which kind of policy you want to buy, and make sure that you are comparing policies of the same type.

Saving Money with Discounts

There are discounts available for all sorts of reasons, including your occupation, where you live, and your marital status. By taking advantage of every discount available to you, it is possible to knock hundreds of dollars a year off your premiums. For example, a nonsmoker who lives in a neighborhood with a low crime rate and who has never filed an insurance claim will pay lower rates than someone who has filed a couple of insurance claims, where everything else is equal. Talk to an insurance agent about the discount you can get, and ask about ways to get discounts across multiple policies with customer loyalty and multi-policy discounts.

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