Are you looking for life insurance? You’ve come to the right place. In this buying guide, we will compare rates from some of the top providers in the industry. We will also show you how to shop life insurance quotes and how to buy a policy online instantly. So whether you are just starting out your search or you are ready to buy a new policy, we have everything you need right here!
Compare Quotes And Apply For A Life Insurance Policy Instantly
What is Life Insurance?
When you purchase life insurance, you are agreeing to pay regular premiums in exchange for a lump-sum payment to beneficiaries if you die. This payment will help your loved ones cover financial obligations and lost income. Having life insurance can give you peace of mind, knowing that you and your family are taken care of financially if something happens to you.
What Is Needed For A Life Insurance Quote?
- The amount of money you still owe on things like your mortgage or loans.
- Specific medical records regarding pre-existing medical conditions
- Income level and field of work
- General medical information you may be asked on the application about include including height, weight, blood pressure, and cholesterol levels
Different Types Of Life Insurance
There are different kinds of life insurance products and services. The three types are term life and permanent policies (whole life policies, and universal life insurance policies). Each policy type meets different needs, but all provide financial security.
Term Life Insurance:
- For a specific coverage length (10 to 40-year term)
- Could help replace income for family members within a specific period of time
- May cover outstanding loans and debt
- Applicants in excellent health may be eligible for a No-Med Exam policy
Permanent Life Insurance:
- Choose between whole and universal life insurance.
- Coverage for your entire life, as long as policy terms are met
- Help with income replacement
- May cover outstanding debt
- Cash values provide supplemental income in retirement through policy loans
- Assisting with estate planning
- May offer a savings component that allows the cash value to grow over time
- Help to pay a child’s college tuition
Finding The Best Policy At The Cheapest Cost
Our goal is to help you find the best life insurance policy at the cheapest cost to you. Shop rates without sitting down with an insurance agent or receiving phone calls, and buy a policy in under 10 minutes.
With that said, if you need assistance, feel free to contact us for help, free of charge.
Our Quote and Apply tool allows you to:
- Get a quote from over 20 carriers
- Complete an online application
- Sign the agreement with DocuSign
- Securely attain the policy from respective insurance carriers
- Select term life or permanent coverage options, with or without a medical exam including:
How To Shop And Apply For A Policy Online
When shopping rates, understand that life insurance policies aren’t only for leaving an inheritance for your loved ones. You can supplement a retirement income with cash value in the future, pay for long-term care (accelerated death benefit rider), protect a mortgage, and pay for funeral expenses.
Below is a step-by-step guide on how to compare plans and apply for a life insurance policy on your own.
Steps To Applying
- Calculate how much life insurance you need.
- Enter your personal information.
- Select what you’d like to accomplish such as help provide financial security, provide death benefit protection, supplement a retirement income with cash value, pay for long-term care, plan for final expenses, and more. You can select a term life insurance policy and permanent life insurance (universal life insurance and whole life insurance).
- Compare life insurance cost and select from the best insurance companies with the highest financial strength such as AIG, Gerber Life, Prudential, Colonial Penn, Transamerica, Banner Life, Ethos, and more.
- Decide on your coverage length. Choose a set period that you want to be covered.
- Once a life insurance policy is selected, the application process will begin via DocuSign.
- After the application is completed and submitted, a medical exam will be ordered (if applicable) by the life insurance company, and a technician will coordinate with your schedule and location of choice.
- Once the underwriting approval come back from the exam (if applicable), a policy will be mailed to you, and you start funding the policy.
- That’s it! Now you have a life insurance policy!
Skip The Exam
If you are healthy and want to reduce the underwriting process time, consider skipping the exam and get a policy today.
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help make sure that you get coverage so that you don’t get declined.
Warning: Applying for life insurance without an exam can be risky. If you get declined coverage, it could be at least two years before you are able to get any life insurance policy.
Frequently Asked Questions
How quickly can you get life insurance?
The life insurance application process usually takes a long time. The longest part of the process is waiting for the medical examination. If everything goes smoothly, you should receive the medical examination within 3-5 days. After that, it could take 2-3-4 weeks for the entire process to be completed.
With that said, the time to receive a policy can be reduced dramatically and achieved as early as the same day if you apply for a policy with no examination required.
Understand life insurance without a medical examination may be more expensive than those with an examination, and it isn’t intended for unhealthy applicants but rather a convenience for healthy applicants.
Unhealthy applicants can apply for a simplified issue policy with minimal underwriting requirements such as a phone interview and a health questionnaire.
How much does life insurance cost?
Because there are different types of life insurance, the cost can vary greatly depending on your specific situation. Factors include things like your age, medical history, height, weight, term length, hobbies, zip code, and how much life insurance is needed.
The monthly cost is determined by life expectancy, health status, and sometimes your zip code. Term life insurance is the cheapest coverage with level premiums because the coverage length is temporary. Universal life insurance policies are more expensive but build cash value growth that can be used as an annual income in the future.
A final expense policy is a cheap permanent life insurance policy designed to help provide financial assistance for your loved ones to pay funeral costs.
Compare quotes online, and select the policy with the lowest premiums and highest life insurance payout.
Where is the best place to get quotes?
To apply for life insurance protection, either contact an insurance agent or compare quotes online. The Annuity Expert is one of the best places to get life insurance policy quotes. Why? Because the rates are the cheapest in the United States.
To save on these financial products, compare the quotes from different companies. You might think you’re getting the best deal, but there may be an even better one out there. If you’re not sure what to look for in a plan, talk to an expert.
We offer only “A” rated or better life insurance companies with the strongest financial strength. Life policies are backed by the claims-paying ability of the issuing insurance company. (NAIC)
Also, comparing quotes does not affect credit scores. Applying for coverage should not affect credit scores.
In most scenarios, our face amounts costs are cheaper than:
- State Farm
- Globe Life
- American Family
- New York Life
Who provides quotes for life insurance online for applicants over age 50?
Applicants over age 50 can compare quotes on both permanent life and up to a 25-year term from AIG, Banner, Protective, Pacific Life, Lincoln Financial, Transamerica, John Hancock, Nationwide, and Prudential.
Can I get a life insurance quote online without personal information?
Yes, you compare quotes here without a single phone call from an insurance agent. If you need assistance determining how much coverage you need, you can always contact us. You can get a quote without a User ID, email, zip code, and other info.
There are four easy steps you need to take when comparing quotes on annuityexpertadvice.com:
- Enter basic information (anonymously)
- Choose your coverage and price
- Answer a few simple health questions
- Compare quotes
What is the number 1 life insurance company?
The 20 largest life insurance companies are Northwestern Mutual, New York Life, MassMutual, Prudential, Lincoln Financial, State Farm, John Hancock, Guardian, Transamerica, Metlife, Pacific Life, American General (AIG), Equitable, Primerica, Sammons (Midland National and North American), Nationwide, Protective Life, Penn Mutual, Brighthouse Financial, and Globe Life.
All of these companies have strong ratings with various rating companies.
Which type provides the greatest amount?
Premiums on whole life insurance policies stay the same for your entire life. Term life insurance cost starts out cheaper than other types of policies that offer the same amount of financial protection. So the insurance provides you more immediate coverage per dollar than a permanent policy.
What is the best age?
Now is a good time to lock in rates. Your age is one of the main factors that insurance companies use to decide how much your premium will be.
Term life and permanent life insurance policies (whole life and universal life policies) both have different rates, but generally, the older you are, the more you will have to pay.
Even if you don’t need it now, your twenties are the best time to get low-cost life insurance. You pose less risk to an insurer when you’re younger and healthier, which is why you receive the best rates.
Also, if you chose permanent instead of term life insurance in your twenties, the cash value will have plenty of time to grow, leaving a savings account in the future.
Who needs it the most?
Life insurance should be the first priority for Breadwinners who are solely responsible for the household’s income and parents with a new baby.
New homeowners could use a plan as well to protect their mortgage in case one dies prematurely.
Death is inevitable. Seniors should have a burial insurance policy to pre-pay the costs of final expenses.
Can you have multiple policies?
There is no rule from life insurance companies that says you cannot own multiple life policies. In some cases, it may make sense to have more than one policy.
For example, a person may want a 20-year term combined with whole life insurance or universal life insurance to offer cheap coverage for their family while building tax-free income for retirement in a permanent policy.
What reasons will a policy not pay?
If you die while participating in a crime or doing something illegal, the life insurance company may not payout. Committing suicide within the first two years of owning the policy may prevent the provider from paying out as well.
Not paying your premiums on time will also provide another reason why a policy will not pay the death benefit.
Any hint of insurance fraud will trigger the provider not to pay beneficiaries.
Are payouts taxed?
Generally, the life insurance death benefit you get when somebody dies is not counted as income. That means you don’t have to report the tax-free proceeds. But if you get any interest on the money, that is counted as part of your annual income, and you should report it as such.
If an insured withdraws money from the cash value in a modified endowment contract (MEC) while alive, interest earned will be taxed.
If the insured utilizes their accelerated death benefit (face amount) while alive to pay for specific long-term care costs, payouts can be reimbursed tax-free.
How fast do you get a payout?
When someone dies, their life insurance company will pay the beneficiary of the policy. The beneficiary will need to file a life insurance claim. They will need to submit completed claim forms and supporting documents. Then, they should expect to receive the payout within 30 to 60 days
However, some plans have a waiting period (Guarantee Issue) if certain requirements are not met, or there are signs of fraud.
Do you get your money back at the end?
You do not get money back when your term life insurance policy expires unless you purchased a return of premium life insurance policy.
Since permanent life insurance (whole life and universal life) provides lifelong coverage, one would not get their money back when the term ends but can withdraw their cash value at any time.
Is the death benefit paid out in a lump sum?
The most common type of life insurance payout is a lump-sum payment. A lump sum is a large sum of money that is paid out all at once instead of being paid out in smaller installments over time. A lump-sum payment gives loved ones immediate access to the money, providing them with tax-free financial security right away.
Some policies may distribute the benefits over a period of time, but this is rare.