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How to compare life insurance quotes

Apr 11, 2022 3 Minute Read

Choosing a life insurance policy is a big decision for you and your family. Naturally, you want to make sure you have the best protection for loved ones if something unexpected happens. Comparing life insurance quotes from top-rated providers can help you find the right coverage for your needs and budget.

Compare types of coverage

Before you compare quotes, you’ll need to understand what kind of life insurance products there are. The two most popular types of life insurance policies are:

Term life insurance

Term life insurance is the most common type of life insurance policy because it provides valuable coverage at an affordable price. Policies last for a set number of years, often between 10 and 30. If the policyholder passes away during the term and premiums are paid, the policy’s beneficiaries will receive a lump sum death benefit payout.

This benefit is tax-free in most circumstances and can be used by loved ones to cover any financial needs, whether paying off debt, covering a child’s education, or replacing income for daily needs.

Permanent life insurance

Permanent life insurance, which includes whole life and universal life policies, lasts a lifetime if premiums are paid. Aside from lifetime coverage, the big draw of a permanent life insurance policy is that some money from premium payments accrues as cash value. That cash value is invested and can be used during the policyholder’s lifetime if desired. The cash value could also be used to increase the policy’s death benefit.

If you want to compare life insurance quotes for permanent coverage, an eFinancial team member is ready to help.

What information do you need to get a life insurance quote?

You’ll need basic personal and contact information to get a life insurance quote, including:

  • Name
  • Date of birth
  • Gender
  • Phone number
  • Email
  • Overall health status (on a scale of poor to excellent)

The preliminary quote you receive isn’t set in stone. It may change as you continue the application process and provide more background and health information. To save you time and effort, our licensed agents can help you narrow your search to life insurance quotes that suit your unique situation.

How to get a life insurance quote

Getting a life insurance quote can be a fast process if you follow these simple steps:

  • Assess your financial needs: Determine the purpose of life insurance and how you plan to use it, whether to replace income, pay off debt, or secure another financial goal. Calculating how large of a policy you’ll need can help you get the most accurate life insurance quotes.
  • Gather necessary information: You’ll need basic personal and contact information to get a preliminary quote. And, to finalize the quote, you may need to answer questions about your personal and family medical history, lifestyle habits (including tobacco use), and financial details like your income and net worth. Depending on the policy you choose, you may also need to take a medical exam.
  • Review quotes from multiple companies: When you review life insurance quotes, you’ll want to see rates and policy details from multiple sources. eFinancial makes comparing quotes easy by instantly pulling quotes from top-rated insurers.

How to find the best life insurance company and policy for you

Each person’s life insurance needs are unique, but working with eFinancial takes the stress out of the buying process. Let us help you find the right type of coverage for you and your family. Start today by getting a life insurance quote online or contacting us at (877) 636-0123.