When you’re shopping for life insurance, there are more options than ever before, which is both good and bad.
The wide variety of choices helps keep the current price of life insurance very low, but it also means it can be overwhelming trying to figure out what coverage to get, and from whom.
Use this simple guide to compare policies to find the life insurance coverage that’s right for you.
If you’re comparing whole life insurance policies …
If you plan on getting whole life insurance, a type of permanent life insurance policy that provides coverage for your entire life and includes a cash accumulation component known as the policy’s cash value that can grow over time, your best bet may be to find a good agent to compare whole life insurance policies.
Whole life insurance can be complicated and it’s wise to purchase it with the aid of a professional.
If you’re comparing term life insurance policies …
If you’re researching term life insurance, which gives you coverage for a fixed period of time (until your children are grown, for example, or until the mortgage is paid off), then all you need is the internet.
As it happens, the Haven Life website is an excellent place to start your search, even if you decide to get insurance elsewhere (find out why below). Here’s how to make your search as efficient and painless as possible.
Determine your term length and coverage amount
The first step is to choose the term length and coverage amount you want to get quotes for, such as a 20-year, $500,000 policy.
As you start to look at prices, you may decide you want a different coverage amount, but you should keep it consistent as you compare companies so you get a true sense of the cost differences between them.
If you’re not sure how much insurance you need, use the Haven Life’s term life insurance needs calculator to work it out. The calculator will help you figure out what coverage you need regardless of who you end up buying it from.
As you compare quotes, be sure to keep your health information the same – don’t enter it as “good” on one website, and “average” on another one, since that will affect the price.
Review life insurance company ratings
Once you know what term length and coverage amount you’re using to compare quotes, you will have to decide which insurers to consider.
Choose companies which look like they’ll be around for many years to come: If your policy lasts 20 years, it’s important that your life insurance company will still exist in that time. For example,
MassMutual, a well-capitalized life insurance company first established in 1851, is the parent company of Haven Life and the issuer of Haven Term policy.
Multiple ratings agencies exist to perform an analysis and render their opinion of a life insurance company’s financial strength and claims-paying ability. Ratings represent the opinion of the rating agency of the financial strength and ability to meet the contractual obligations of the company being rated, based on the rating agency’s independent analysis. A rating is not a guarantee of financial strength, but it can be considered an indicator.
Consider how easy it is to get a quote
How much information do you need to provide in order to get a quote? You shouldn’t need to give out more than a few details – such as age, gender, health, the state you reside in – to get an accurate quote for term life insurance coverage.
With Haven Life, you can give you a personalized quote online in minutes without asking for a lot of personal information. Remember that quotes are only estimates. Fortunately, it’s simple to apply online with Haven Life and get your personalized-to-you rate.
The best place to compare is the one you feel comfortable with
Really, that’s all there is to it. Some questions are best left to the professionals (Dr. Google is no substitute for an actual doctor), but term life insurance is one of those things you can figure out online, when it’s convenient for you.
There are a lot of insurers out there, and with a little research, you’re sure to find a policy that can help protect your family for a price you can afford.
Michael Davis is a freelance writer and editor who has covered everything from fashion and music to parenting, work, and finance. He has been a chef, restaurateur and record label owner.