Today we will be discussing an interesting topic, we will be talking about how to get a life insurance quote online.
but first,
What is life insurance?
Life insurance is a contract between an insurance company and a customer, You have to agree to make payments toward your policy, and the insurer agrees to pay a sum of money to the beneficiaries.
The beneficiaries are the people that are designated to receive the death benefit if you die while your policy is still active.
Do I need life insurance?
If you have relatives and family who depend on your money for their livelihoods, you probably need life insurance.
Many people find themselves looking for life insurance following a major life event, like getting married, having children, or buying a house.
Below are common examples of people who benefit from life insurance.
- Families: If you have family members whom you provide for, it is important to have life insurance to protect their quality of life.
- New parents: After and when you are growing your family, it is smart to evaluate your life insurance coverage to make sure your children are covered.
- Anyone with dependents: If you have other dependents or expect to care for an aging family member, life insurance can help make sure their care doesn’t lapse in your absence.
- Stay-at-home parents: stay-at-home parents don’t bring home a conventional salary, they provide significant value in the form of housekeeping, cooking, childcare, and other activities.
Life insurance can help replace their contributions to the household in case they pass away.
- Business owners: Life insurance can also help business partners pay their estate taxes, buy out a partner, and hire a replacement in case the owner dies.
- Young adults: Even if you do not have any dependents yet, consider getting life insurance while young might be a smart move because that’s when it will be cheapest for you.
- Anyone over 60 years of age: Seniors can also make use of life insurance to cover final expenses or to complement their housing planning strategy.
How do I get a life insurance quote online?
To get a life insurance quote online, you will need to start first by providing a few pieces of information that will affect your rates — for example, your age, gender, and any health conditions.
You will then get an estimate or a range of what you can expect to pay, but your rate won’t be final until you apply.
Which is when the insurance company reviews your application.
Make use of the cost calculator below to get a life insurance quote online for free — then connect with one of the licensed agents to get unbiased advice and find the best and also get the most affordable options from multiple insurers to fit your financial and coverage wants.
What type of life insurance Quotes do I need?
The type of life insurance you need depends on what kind of financial protection you are searching for, as well as your budget. Below are the most popular types of life insurance you can come across.
Term life insurance
Term life insurance is the most popular type of life insurance coverage because it’s affordable and provides financial protection when you need it the most, usually during your peak earning years.
This policy typically has a length between 10 to 30 years. They do not have complex tax implications or restrictions.
Whole life insurance
Whole life insurance is a type of permanent life insurance that lasts your entire life.
It is 5 to 15 times more expensive than the term, and it comes with a cash value account separate from the standard death benefit.
The cash value grows at a low-interest rate set by your insurer, and it is funded by part of the premiums you pay.
Universal life insurance
Universal life insurance is a very flexible type of permanent life insurance that allows you to increase or decrease how much you pay toward premiums.
If you decrease how much you spend, the difference is withdrawn from your policy’s cash value. It is best for high earners to build a nest egg without entering a higher income range.
No-medical-exam life insurance
No-medical-exam life insurance refers to policies that do not require a medical exam for approval — you complete a health interview online or over the phone instead.
Most no-medical-exam life insurance options are term policies that also offer a faster application process for people with minor health conditions.
The most common types of life insurance, at a glance
| Life insurance type | Coverage length | Best for ages | Medical exam required | Death benefit payout | Builds cash value | Premiums |
| Term | 10 years to 40 years | 18-65 | Not always | $100,000+ | No | Fixed |
| Whole | Life | 18-65 | Yes | $50,000+ | Yes | Fixed |
| Universal | Life | 18-65 | Yes | $50,000+ | Yes | Flexible |
| No-medical exam (term) | 10 years to 40 years | 18-60 | No | $100,000+ | No | Fixed |
How much does Life Insurance Quote Online?
The cost of your will have to depend on your age, gender, and health, and even depends on the specific policy you are searching for.
Interested in getting a free online quote for your particular situation? Give the cost calculator a try.
A healthy 35-year-old non-smoker, for example, will pay less than $26 per month for a term life insurance policy with a $500,000 death benefit payout and a duration of 20 years.
Term life insurance is the most affordable and convenient type of life insurance for most people.
The same 35-year-old would pay around $526 per month for a whole life insurance policy with the same $500,000 payout.
Whole life is the most popular type of permanent life insurance because it never expires, but is five to 15 times more expensive than term.
How much does term life insurance cost?
Term life insurance will have to cost less than an average price of $28 per month for a healthy 35-year-old buying a policy with a duration of 20 years. It means the death benefit coverage will amount to $500,000.
Below are more average sample term life insurance rates for non-smokers and smokers.
| Age | Sex | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
| 25 | Female | $14.10 | $20.89 | $33.27 |
| Male | $17.03 | $26.69 | $44.40 | |
| 35 | Female | $16.32 | $25.43 | $42.60 |
| Male | $18.48 | $30.15 | $51.70 | |
| 45 | Female | $28.19 | $47.62 | $86.69 |
| Male | $34.95 | $60.54 | $112.95 | |
| 55 | Female | $59.69 | $108.31 | $207.24 |
| Male | $82.46 | $150.12 | $283.12 |
Where to Get A Life Insurance Quote Online
Once you’ve looked at multiple quotes, the next step is to buy your life insurance policy.
You can also buy a life insurance policy directly with a company or an affiliated agent or through an independent broker. Here’s the reason why.
Through an independent broker like Policygenius: We work with multiple top insurers and can offer you unbiased advice and a wider array of products.
At Policygenius, we work with more than 10 different insurance companies and can help you easily compare and buy a policy online.
Directly from the insurer: You can work with a specific insurance company and apply through their agents.
They will be familiar with that company’s products, but you’ll only be able to compare policies from that particular insurer.
Through an affiliated agent: You can work with an agent who is affiliated with one or more insurance companies.
They will have access to those insurers’ product guides, but they might work on commission, which might influence their advice and the policies they offer you.
