Life Insurance Quotes

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Compare Life Insurance Quotes Online

Ensure financial security for your family with an affordable life insurance policy. With our FREE quoting tool, we get the best life insurance rates from over 20 of the best life insurance companies, including Prudential, Pacific Life, Lincoln Financial, Securian Financial, Midland National, Nationwide, and Transamerica. We aim to help you find the best coverage at the lowest prices.

We’re A Life Insurance Agency

The Annuity Expert is an independent insurance agency that helps with personalized insurance solutions. Our life insurance team offers unbiased advice and many options to meet client needs. Because we are not tied to any specific insurance companies, we can focus on what’s best for our clients. We offer many types of life insurance for different life stages and financial goals. We offer a free unique service that is flexible and focused on clients. If you want personalized help and products, it’s great for buying life insurance.

How Does Buying Life Insurance Work

  1. Assessment of Needs: Consider income, debts, dependents, and lifestyle to determine the coverage you need.
  2. Choose a Policy Type: You can choose between term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period. Permanent life insurance covers an entire lifetime.
  3. Comparison Shop: Compare quotes from multiple insurers to find the best rates and coverage.
  4. Application Process: Complete an application, which may include health questions and a medical exam.
  5. Policy Review and Approval: The insurer reviews your application and decides on approval and final premiums.

How To Get Life Insurance

Life insurance can be obtained by following a few simple steps.

  1. Research: Understand different policy types and what suits your needs.
  2. Get Quotes: Contact insurance agents or use online tools to get quotes.
  3. Application: Fill out an application, providing detailed personal and health information.
  4. Medical Exam: Some policies require a medical exam to assess risk.
  5. Policy Issuance: Once approved, review and sign the policy.

Following these steps will help individuals acquire life insurance.

What Are The Different Types Of Life Insurance?

  • Term life insurance plans provide coverage for a specific period. It pays a death benefit if the insured person dies during this time. It’s a popular choice for those seeking cost-effective, temporary coverage.
  • Whole Life Insurance provides coverage for your whole life. It guarantees a death benefit and grows in cash value. It’s apt for those seeking lifelong coverage and a savings component.
  • Universal life insurance coverage is a kind of permanent life insurance. You can choose how much to pay for premiums, death benefits, and growing savings.
  • Final Expense Insurance assists with funeral costs and other final expenses. It provides support to the family during a challenging period.
Life Insurance Policy

How To Choose Life Insurance

  1. Determine Coverage Needs: Assess financial responsibilities and the needs of dependents.
  2. Policy Type Selection: Choose life insurance that best fits your needs and financial situation. Options include term, whole, universal, or variable policies.
  3. Affordability: Consider your budget for premium payments.
  4. Company Reputation: Research the insurer’s financial stability and customer service record.

How to Compare Life Insurance

  1. Policy Comparison: Look at policy features, benefits, exclusions, and riders.
  2. Premium Comparison: Compare costs for similar coverage levels. This is essential to getting cheap life insurance.
  3. Financial Strength of Insurer: Check the insurer’s financial stability ratings.
  4. Customer Reviews: Read customer feedback and complaint records.

Life Insurance Comparison

Policy TypeCoverage DurationCash ValuePremium TypeIdeal For
Term LifeFixed (e.g., 20 years)NoFixedThose needing affordable, temporary coverage
Whole LifeLifetimeYesFixedLong-term financial planning, cash value growth
Universal LifeFlexibleYesAdjustableThose seeking flexibility in premiums and coverage

How Much Does Life Insurance Cost?

  • Factors Affecting Cost: Age, health, lifestyle, policy type, coverage amount, and term length.
  • Average Costs: Can range from a few hundred to several thousand dollars per year, depending on these factors.
Age GroupGender20-Year Term Insurance for $500,000 (Preferred Non-Smoker)
30 yearsMale$24 – $35
40 yearsMale$35 – $50
50 yearsMale$85 – $105
60 yearsMale$250 – $300
30 yearsFemale$20 – $30
40 yearsFemale$30 – $35
50 yearsFemale$65 – $80
60 yearsFemale$185 – $275
Life Insurance Quotes

Actionable Tips From Life Insurance Specialists

We have gained unique knowledge and experience over many years, and we want to share it.

  • Life insurance companies vary in how they underwrite medical conditions. Some companies focus on diabetes, while others prefer heart disease. An insurance broker can help you find the best life insurance policy for your health conditions. Each company has its own rules.
  • Captive agents work for one insurance company and can only offer rates from that company. They cannot compare rates from different companies to find you the best quote.
  • If you need to take an insurance exam, scheduling it for the morning is best. Make sure to fast before the exam and drink plenty of water.
  • If a company has declined your application, it doesn’t mean all companies will. Choosing The Annuity Expert as your broker is helpful because we can search 50 companies for you.
  • If declined, there are alternative options available to pivot to. Burial Insurance, which is guaranteed, can assist in covering funeral expenses. If you want to leave money for your family, annuities with enhanced death benefits are a good option.

Conclusion:

Understanding how life insurance works involves knowing how to buy, choose, and compare different policies and the costs involved. Comparing life insurance quotes is crucial when shopping for life insurance. To find the right life insurance, compare rates, medical guidelines, and policy types. Having the right life insurance provides peace of mind, ensuring your family’s well-being. The Annuity Expert can help streamline this process at no charge to you.

Contact us today on how to buy life insurance and for a free quote.

Need Help Buying Life Insurance?

Since 2009, The Annuity Expert has been an independent insurance agency. Our national producer number is 15524738. We specialize in helping people who have health conditions find life insurance. Our experts will provide free life insurance advice to help increase your chances of getting coverage. They will guide you through the process.

Just a heads up—applying for life insurance without a medical exam is risky. If you’re declined, you might have to wait two years before you can apply again.

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Life Insurance Frequently Asked Questions

What is life insurance?

Life insurance is a policy that provides financial protection to the insured’s beneficiaries upon their death. Depending on the type of policy, it pays out a lump sum or regular payments. Life insurance can help cover funeral expenses and outstanding debt and provide for loved ones’ future financial needs.

How does life insurance work?

Life insurance provides a financial payout to the beneficiary upon the policyholder’s death. The policyholder pays regular premiums to the insurance company, who then guarantees the payout in the event of death. There are various types of life insurance, such as term and whole life, each with different benefits and coverage options.

How does life insurance work when you die?

After the insured passes away, the beneficiaries file a claim with the insurance company, providing necessary documentation such as a death certificate and policy details. The company then assesses the claim and pays out the death benefit accordingly.

What are the benefits of life insurance?

Life insurance provides financial protection to the insured’s loved ones in the event of their death. It offers several benefits, including providing a source of income replacement, paying off debts, covering funeral expenses, and leaving a legacy for beneficiaries. Additionally, some policies can accumulate cash value over time, which can be borrowed against or used for other financial needs.

Do I need life insurance?

If you have people depending on you financially, it’s smart to buy life insurance. This will safeguard your loved ones’ financial future.

How much life insurance do I need?

Determining how much life insurance one needs depends on various factors such as income, family size, debts, and future obligations. Experts suggest coverage worth 10-15 times an individual’s annual income.

How long do I need life insurance?

Most financial experts recommend having life insurance coverage for as long as you have financial dependents or outstanding debts. The duration of needing life insurance varies depending on individual circumstances.

At what age should you get life insurance?

It’s a good idea to buy life insurance when you’re young. This way, you can get lower premiums and plan for the future.

What do I need to consider before buying life insurance?

Before you decide, think about what your dependents need and your budget.

Why should I buy my own life insurance policy?

When you buy your own policy, you have control over your financial security. You can customize the coverage to match your needs and circumstances.

Are there any medical exams required to purchase a life insurance policy?

Certain policies may require a medical exam to check your health and set your premium. Other policies don’t need an exam but might have higher premiums.

I want to cancel my life insurance policy. What should I do?

Before canceling your life insurance policy, explore the possibility of selling it through a life settlement, which might allow you to recoup some money. If you have a term life insurance policy, canceling it typically means you won’t receive any money back. However, with whole or universal life insurance, there might be a cash value component, but be aware of potential surrender charges. It’s worth considering a penalty-free withdrawal from this cash value, if available, before making the decision to cancel. This approach allows you to maximize the financial benefit from the policy while still ending your coverage.

I’m trying to find a life insurance policy for my husband, who has a health problem and probably won’t live for 2 years, which is what I’m hearing from most companies. Are there any options for him?

For your husband, who has a health problem and may have a limited life expectancy, two potential options are guaranteed issue life insurance and an annuity with an enhanced death benefit. Guaranteed issue life insurance policies don’t require medical underwriting, meaning they often accept individuals with health issues, but they usually have lower coverage limits and higher premiums. Another option is an annuity with an enhanced death benefit, which can provide a payout to beneficiaries in the event of the annuitant’s passing. These annuities may offer benefits that are more favorable for individuals with a shortened life expectancy.

If I cancel my life insurance policy, why are they charging me $1,800?

The $1,800 charge you’re facing is likely a surrender charge, common in many life insurance policies, especially whole or universal life policies. These fees are imposed for canceling the policy before a certain period, often detailed in the policy’s terms. The amount and duration of surrender charges vary by policy. This charge is meant to recover the insurer’s initial costs and discourage early policy termination. Also, check for any penalty-free withdrawal provisions.

Can I get life insurance if I’m prescribed Suboxone, Naltrexone, or Antabuse?

Most insurers automatically decline coverage due to the medication’s association with opioid addiction or alcoholism treatment. You might be able to get a Guaranteed Issue life insurance policy.

Why do I have to be terminally ill to sell my life insurance policy?

Life settlement companies usually purchase policies from individuals who have a shorter life expectancy, as this allows them to reap the benefits of the policy sooner.

Can you get life insurance being a kidney patient?

Yes, individuals with kidney disease can often obtain life insurance through guaranteed issue life insurance or annuities with an enhanced death benefit.

What’s the maximum age limit for life insurance?

The maximum age limit for obtaining life insurance is often around 85 years old.

Why does my life insurance premium increase so much when it automatically converts to a whole life insurance policy?

When your life insurance policy automatically converts to a whole life insurance policy, the premium typically increases because whole life insurance offers additional features compared to term life insurance. These features include lifetime coverage and a cash value component that accumulates over time. The cost of providing these extended benefits is higher, which is reflected in the increased premium. Additionally, as you age, the risk to the insurer increases, also contributing to higher premiums.

Can I get the money I contributed if the company canceled my life insurance policy?

If a company cancels your life insurance policy, whether you can get back the money you contributed depends on the type of policy you had. With term life insurance, there are typically no refunds of premiums paid if the policy is canceled, as these policies don’t accumulate cash value. However, if you had a whole life or universal life policy, you might be entitled to receive the cash surrender value, which is the cash value accumulated minus any surrender charges.

Can you get life insurance if you’re on dialysis?

Yes, while it’s challenging, there are options available. Your best bet is to opt for policies with minimal or no medical underwriting. A guaranteed issue whole life insurance policy, for instance, doesn’t require a medical exam or health questions, making it a viable option for those undergoing dialysis. Another alternative is a second-to-die or survivorship life insurance policy. In this setup, if you have a spouse who is in relatively good health, the policy primarily insures them, with the benefit paid out after the second insured person passes away. This can be more attainable since the policy’s underwriting is less focused on the individual with health issues.

Can you get life insurance if you’re a juvenile diabetic?

Yes, it is possible to obtain life insurance as a juvenile diabetic. Insurance companies typically look for evidence of well-managed diabetes. This means they might consider factors like your A1C levels — preferably at or under 8 — the absence of diabetic complications, adherence to recommended testing schedules, and consistent use of prescribed medications, including insulin. Demonstrating good control over your diabetes can improve your chances of qualifying for a life insurance policy.

I’m wondering if there is any way to get a life insurance policy reinstated after finding out it was canceled.

Reinstating a life insurance policy after discovering it was canceled is possible, but it largely depends on the policies of the specific life insurance company. Typically, there is a grace period during which you can reinstate the policy before it’s permanently terminated. This period varies between companies but usually ranges from a few months to a year. To reinstate, you may need to provide evidence of insurability, pay back all missed premiums with interest, and fulfill any other conditions set by the insurer. It’s important to contact the insurance company promptly to understand your options and any specific requirements for reinstatement.

Can I exchange one life insurance policy for another?

Yes, you can exchange one life insurance policy for another using a provision known as a 1035 exchange.

How do I make changes to my life insurance policy?

To modify your life insurance policy, contact your insurance provider directly. They will guide you through the process, which may include filling out specific forms or providing additional documentation.

I’m 40, married, with no kids. We live in a two-income household. My husband and I want a policy that would cover us if something were to happen to one of us. Is term life recommended, or should we opt for whole life? 

This is an ideal situation for whole life.  You can use the funds to purchase a policy that will accumulate a cash value and growth over time, and by the time you reach retirement, should have sufficient funds to help pay for things you may want to do while in retirement, such as travel or leisure activities, and if needed use the cash value that is built up for medical expenses (such as Long Term Care) if necessary.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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