Sourcing Competitive Life Insurance Quotes In A Saturated Market
It is not revolutionary to state that purchasing life insurance is an astute, responsible decision. It is a powerful, game-changing financial tool for individuals with families and financial dependents. Yet, finding the time or inclination can elude us for longer than it should. This is no real surprise, as purchasing insurance of any kind is low on the list of ‘fun things to do’, and focusing on our untimely death hardly sells the idea. However, it remains a crucial acquisition, and with modern technology, sourcing life insurance quotes is remarkably straightforward.
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If you’ve reached the inevitable conclusion that it’s time to compare life insurance quotes, the following tips and strategies are the ideal way to proceed.
Where to Source Life Insurance Quotes
Finding and comparing life insurance quotes has never been easier or more convenient. With abundant, reliable comparison sites and the ability to research providers online, what once took days or weeks of effort can now be achieved quickly and efficiently. The steps are as follows:
Although life insurance quotes can be accrued quickly, it is inadvisable to pick the cheapest one and simply abandon the search. While many standard policies share features, terms, and exclusions, they often differ in other ways. Completing the process effectively requires time, dedication to the cause, and concentration.
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Use a life insurance calculator
These online tools are an exceptionally accurate guideline for coverage requirements and estimated costs. Although they require significant private information, secure, reputable versions can be trusted, and the results are invaluable. Some information you will likely be asked to divulge includes:
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Total annual income
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Existing debts
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Estimated future outgoings
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Investments and savings
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Existing life insurance policies
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Funeral/burial costs (estimated)
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Choose reputable, highly-rated comparison sites
Researching the site you will use to source life insurance quotes might sound odd, but it is a quick, essential step. The number of comparison sites has risen dramatically recently, and you may be unfamiliar with them all. A quick online search should provide enough information to proceed with confidence.
Select a small number of trusted sites and remember that the most prominent, frequently advertised sites are not always the ones with the best deals. Less established versions can still provide highly competitive life insurance quotes, so take your time and do your homework.
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Keep detailed notes on each potential policy
Sites with the option to view policies side-by-side are useful, allowing you to make precise comparisons and work through them systematically. Notes the features of each policy separately, paying particular attention to premiums, terms and conditions, and any exemptions/restrictions, including, but not limited to:
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Participation in dangerous activities
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Age (typically from 18 to 75)
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Pre-existing medical conditions
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High-risk occupations
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Financial provisions if a claim is made
Insurance policies must be clearly and concisely listed with no hidden conditions or caveats by law. If in doubt, choose an alternative site.
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Research the shortlisted insurance providers
Many providers will be unfamiliar in such a competitive, crowded life insurance marketplace. Research each of them to ensure your shortlisted candidates are reputable, quality ones. Look for excessive negative comments, bad reviews, or articles about existing legal issues and concerns.
Government databases contain all registered financial entities, so investigate the appropriate one to find your shortlisted providers. If anything seems out of place, trust your instincts and remove them from the list.
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Speak to the final providers directly
Although the Internet is an incredible, convenient tool for sourcing life insurance quotes, nothing can replace speaking to a representative directly once your shortlist is whittled down to a few candidates. It represents the best way to clarify uncertainties, ask direct questions, and judge the overall service you can expect. The people you speak to represent those your family will likely deal with in case of a claim, and their communication, knowledge, and professionalism are excellent indicators of the bigger picture.
A nice bonus is that you may be offered tempting incentives and deals to sign up by phone. Although this may bring the cost of your premiums down and have other salient benefits, beware of rash decisions. Offers that can only be accessed on the spot indicate desperation to secure your custom, which is a clear red flag.
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Review your options carefully and make your final choice
When all your due diligence is completed and you have all the information you need, it’s time for a final review. Go over everything again to ensure there are no errors, take a deep breath, and choose your policy.
Life Insurance Quotes: Conclusion
Acquiring life insurance quotes takes time, commitment, and focus but provides an enormous sense of relief and achievement. There is no better way to protect the financial security of our loved ones, and taking responsibility for their futures in this way can lift a massive burden from our shoulders that we did not even realise we were carrying. Any of us can spare the time it takes to source life insurance quotes, and the sooner we get on with it, the sooner we can get back to living our best lives.
Daily Bulletin
