How to get a free online life insurance quote

The internet has changed the way we do just about everything. These days, shopping, communicating with friends, banking, and everything in between is done online.

Shopping for life insurance coverage online isn’t like shopping for a new phone, a hotel room, or anything else, really. There’s no one website that can give you a list of life insurance rates from all providers while laying out the benefits of each plan for an apples-to-apples comparison.

So, where do you start?

The best place to start is to seek and compare life insurance quotes, but how exactly do you do that? Continue reading to learn what a life insurance quote is, what goes into calculating yours, and what to do once you have one.

What is a life insurance quote?

A life insurance quote is a preliminary estimate of the price you would pay for a life insurance policy. This estimate is based on the unverified information you provide when filling out an online form to get your quote, including your age, level of health, and the amount of coverage you’d like.

Keep in mind that a life insurance quote may be inaccurate because of:

• Human error: Errors happen from time to time, and if you make a mistake when answering questions for your quote, your quoted price may not be an accurate depiction of what you’ll actually pay.
• Not enough information: Life insurance quotes are based on limited information that you can quickly type into a form. This isn’t always enough information to give you an accurate quote.

At Haven Life, we offer something called a Real Rate. The rate you’re quoted from other insurers might not match the one you’re ultimately offered, but at Haven Life, we’ve got it down to a science, so what you’ll see on our quote tool should be closely, maybe even exactly, aligned with what you’re offered when you apply.

What goes into determining your life insurance quote?

Several factors can influence your life insurance quote. These include:

• Gender: Men have shorter life expectancies than women. As a result, men typically pay higher life insurance premiums than women.
• Age: As you age, you become a larger risk to your life insurance company. This means you can expect to pay lower prices if you lock in your rates at a younger age.
• Health status: The healthier you are, the less you can expect to pay in life insurance premiums. You’ll provide an estimate to get your quote, and most policies require a medical exam as part of your application.
• Tobacco use: Do you use tobacco? If so, you may pay a significantly higher premium for life insurance than someone who doesn’t smoke.
• Alcohol use: Excessive alcohol use can potentially raise your insurance quote as well.
• Coverage amount: As with anything else, though, the monetary value of your policy (also known as the death benefit) is among the biggest drivers of its cost.
• The type of life insurance: Because it covers you until you die (and can build cash value), permanent life insurance typically costs more than term life insurance, which typically only covers the years when you’re (relatively) younger and healthier.
• Term length: If you’re purchasing a term life policy, the length of the term will also be a factor in your premium. The same person buying the same coverage amount will pay a higher premium for a 30-year policy than for a 10-year policy. Why? Because the longer the term, the likelier it is you might die during coverage.

What is a life insurance premium?

A life insurance premium is the amount of money you pay monthly or annually for your life insurance. You’ll receive your final life insurance premium amount once you’ve completed any verification requested by the insurance company. This may include a medical exam.

Most policies include something called level term premiums, which simply means that your premium will remain the same throughout the life of your policy. In other words, the monthly rate you are quoted applies to the entire life of the policy, not just the first few months or years.

This is one reason why it’s a good idea to get a life insurance policy in place when you’re young and healthy — you’ll pay a lower premium than you would otherwise, for years to come. (The other reason is that having a policy in place is better than not having a policy in place, in case something happens to you in the near future.)

At Haven Life, you can get a free online life insurance quote in a matter of minutes, use our life insurance calculator to see how much coverage you need, and even fill out the online portion of your application over your lunch break. Buying life insurance should be simple, not hard — get started today.