Reader question:

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.