Buyer's Guide to Life Insurance Quotes

You want to solicit life insurance quotes that best fit your needs and your budget. If you know how to shop, you can get great coverage at an affordable price using InsuranceLower's free service. There are two basic types of life insurance

• Term life insurance provides life insurance coverage for a specified period of time. It's usually offered for periods ranging from 1 to 30 years.Cash value (permanent) life insurance combines a death benefit with a cash value component that increases over the years.
• When looking for life insurance quotes, keep in mind that cash value insurance offers lifetime protection, but term insurance may be a better option if you're buying life insurance mainly for the financial protection it offers.

Before soliciting life insurance quotes, you need to decide how much protection you should buy. That will depend on how much income your survivors will need, how much you own, how much you owe, and the amount of other life insurance available to you.

Choosing the Right Term

If you're considering term life insurance, think about choosing a term that matches your need for protection. For example, if your main reason for buying life insurance is to protect your elementary-school children until they're out of college, you'll want to buy a policy with a term of 15 to 20 years.

Your premiums will depend on a number of risk factors. These include your age, your health, whether you smoke, your family health history, and the type and amount of life insurance you're buying.

When comparing life insurance quotes, make sure that the coverages you're comparing are similar ("apples to apples"). Once you're ready to purchase a policy, you'll fill out an application with questions about your current and past health history and lifestyle. You'll most likely be required to take a medical exam as well.

And finally, make sure you understand everything in the policy. Some states mandate a "free look" period, during which time you may cancel the policy without penalty.

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