Are Online Quotes Really Accurate?

Are Online Quotes Really Accurate?

The Pro's and Cons of Quote Tools

​The output of the quote tool to your right is 100% accurate for the health classes given. The tricky part is that we are not all in perfect health. In fact, the percentage of applicants who receive the best health rating available is under 10%

 Because different carriers look at each category of health concern differently, there is no way to know with certainty what your classification will be with a particular carrier.

If you are navigating pre-existing health conditions, it is recommended that you speak directly to an agent rather than guessing with a quote tool that will not distinguish how a carrier looks at that particular risk.

Remember that the key to getting the best rate is going with the company that looks at your situation in the best light.

Be an Informed Consumer

Get the Consumer Life Insurance buyer's Guide

If however, you are in good health and want to start on your own, (as with any online quote service, you will eventually have to speak with a licensed agent), please read the tips below.

Will I get the rates I see advertised on television?

Hopefully yes. But statistically unlikely. This is the cousin to the question “are online life insurance quotes really accurate?”

The television ads you see are little more than bait and switch. That is, they show you the rate for the best underwriting class available, knowing that most will not qualify at these rates.

If you do qualify for the best rate class , that is great. However, take a pencil and jot down the pricing multiple classes so that you have real numbers to work with regardless of underwriting class.

You can adjust the policy to fit your budget once health underwriting has been done.

Tips for Using the instant life insurance quote tool

Stick with carriers with A- or better financial ratings. You’re going to be with them a long time, so pick one that will stick around.

Annual rates are less expensive than monthly rates, check them both ways and decide what makes more sense for your budget.

Choose a carrier that has e-signature . This will allow you to complete the application and sign the policy with out appointments or mail.

Term life rates are the same no matter where you go. We all use the rates published by the State Department of Insurance. So don’t bother jumping around from site to site, just call us or send a message in the contact form.

Maintenance drugs for high cholesterol and blood pressure may not prohibit a preferred plus rating. However, other health concerns will likely leave you at preferred/standard plus or standard. A rule of thumb is to quote at standard and hope to be pleasantly surprised.

Insurance underwriting will also look at your family history for stroke,cancer and heart disease prior to age 60.

Additionally, carriers will look at your life style choices– jumping out of airplanes or getting DUI’s tend to raise rates. Lastly don’t forget to mention anxiety or depression that has required treatment. The carrier will have access to this information so you need to be upfront with your agent to get an accurate quote.

Now you know the answer to the question “are online life insurance quotes really accurate. The instant life insurance quote tool can be helpful in giving you an idea of where you stand. However, if you have any health concerns please call. Experience and knowledge are our most valuable assets, use them to your best advantage!

James Tobin, CFP
 

Jim Tobin is the owner of Life Insurance Help Desk, a Fairfield County, CT. life insurance agency. You can find him on Google + and Facebook. Over the past 10 years, Jim has used his CFP-financial planning designation to help individuals with their life insurance needs. In addition to working with life insurance clients, Jim teaches ESL classes in his spare time. He resides with his beautiful wife Nicole and the 3 cats that rule their lives..