Why should I shop for cheap term life insurance online when I can just hire a broker?

Gloria

Glad you asked, Gloria.

There are lots of reasons why Americans might not want to shop for cheap term life insurance online. For one, we’re busy. The people who have enough money to buy life insurance usually have too much to do to pay attention to it, so they hire brokers to get the job done for them. But not only can brokers cost hundreds of dollars more, they often only have a limited number of companies in which they can get quotes, and so you don’t get to see what all your options are.

But it really doesn’t take too long to shop for cheap term life insurance online. And it’s very much worth it, considering that many people, after shopping around, find that they are paying as much s two times the amount that they got after shopping around, both in premiums and in broker fees. You have a wider array of choices, and you can often get all of your shopping done in less than an hour on a weekend.

take care,

Fashun

I am looking to compare cheap term life insurance rates online. When I find the right company, can I also buy a policy without undergoing a physical?

Charles

Great question, Charles

As you compare cheap term life insurance rates online, you will find not only companies that requrie you to schedule a medical exam (after which your rate may change, depending on the outcome and how honest you were in the initial quote form), but also companies who don’t require such an exam. There are valid reasons why you might go with the second choice, but it deserves some thought.

If you have a very serious condition, a very low life expectancy, or have recently recovered from a terminal illness, it’s possible that for the first few years out the only way you’re going to be able to get insured is through a guaranteed issue, or no medical exam, policy.

But if you’re pretty healthy except for something small, such as a weight problem or diabetes, then you can compare cheap term life insurance rates online for much less than no exam insurance.

take care,

Fashun

Should I get a cheap term life insurance rates comparison online, or hire a broker?

Melanie

Great question, Melanie.

You can go either way, or both ways, or another way altogether. Let me break down the different ways you can get a life insurance quote, including doing a cheap term life insurance rates comparison online.

• Life insurance broker.

A life insurance broker is someone who is usually associated with several different life insurance companies. They can help you find quotes for life insurance policies, determine how much insurance coverage you need, and answer any questions you have on the process. One problem, though, is that not only do you have to pay broker fees, but the company you end up buying your policy from also pays the broker a commission, which makes you get a higher premium.

• Cheap term life insurance rates comparison online.

If you compare your rates online, then you’re saving not just your change, but the time you would normally spend talking on the phone or going from office to office looking for a good car insurance quote. You also save on broker fees and commision, because once you get your quote you can buy direct.