Many of the larger and better-known life insurance companies offer online quotes including term life insurance quotes. In order to get the best term life insurance policy for you, get more than one life insurance quote. To get the best term life insurance quote you should contact the insurance agent who currently handles your other insurance policies, such as your home and auto insurance. He can help you wade through the many options for term life insurance and narrow your choices to your best few.
But don't just stop there. Take up your own independent search through such other options as the Internet, including this Web site, insurance ratings services, and even friends, family and co-workers. Be careful as you search the Web that you aren't led into sites that promise a quote but are really just culling your personal information so they can use it for spam and other annoying sales pitches. Check to see if they have an "opt out" choice that lets you receive a quote but no additional contacts.
Many of these same sites will have a "needs calculator" that will help you determine how much term life insurance you need. This will help you get a more realistic quote based upon the premium amounts that will match your needs. Some things to consider would be your other sources of income, how many dependents you have, your debts and your lifestyle. The other things to consider in receiving a proper life insurance quote, for any insurance plans from universal to term, are your general health, lifestyle habits, and age. You have control over most of these factors, to a certain extent, and no control over some, such as your age. Those that enjoy good health and don't smoke will receive the best quotes on term life insurance rates.
Here is a simple chart that might aid you in determining the amount of life insurance you will need. This will help you as you begin to requests quotes on premiums rates for the term life insurance policy you choose.
1. Your dependents' annual expenses, including mortgages, loans, credit card debts |
$____________ |
2. Your dependents' sources of other income, including salary, interest and dividends, social security, pensions, etc |
$____________ |
3. Additional income needed (subtract line 2 from line 1 |
$____________ |
4. Divide line 3 by the interest rate you expect to earn (for example, if the prevailing interest rate is 8%, divide line 3 by .08) |
$____________ |
5. Face value of the policy needed |
$____________ |