| one always wants the best rates. Term life insurance | | | | back to our initial topic of information. If you, the |
| is no different. Thanks to the new world of online | | | | consumer, have all the possible plans, carriers, and |
| quoting and shopping, the holy grail of best term life | | | | rates at your disposal and the guidance of a trusted |
| insurance rates is now available. We may not have | | | | life insurance broker who is impartial, then you are |
| eternal life yet but at least we can sleep well | | | | well on your way to best rates available. Let's break |
| knowing that we have the lowest rates for term life. | | | | down these two parts. |
| Let's look a little closer at the tools available to make | | | | First is having all the information. Some carriers are |
| this happen and how to tell if you're getting the best | | | | just better run. Others may rate better for a certain |
| rates. | | | | age band, area, or gender...not to mention a dollar |
| Not to get too Macroeconomics 101 in an article | | | | amount. One carrier may not like large life insurance |
| about life insurance but getting the best rates is really | | | | policies such as $1m plus while others feel confident |
| a function of information in our business. It's not like | | | | about this range. It may even be their specialty. A |
| supply and demand enter the equation and you can | | | | carrier may have had extraordinary claims experience |
| buy a cheap policy because the carrier made too | | | | with their plans and increase rates to compensate for |
| much of them and no else is buying them. It doesn't | | | | this. They may have over-compensated and will have |
| work this way. Probably the first thing to tackle is | | | | to adjust when the market tells them "no thanks". |
| what exactly is reflected in the pricing of a life | | | | There's a whole host of reasons for discrepancies in |
| insurance policy. | | | | pricing but as long as you can comparative shop the |
| The price of a life insurance plan essentially reflects | | | | various options, you'll get the best rate. We don't |
| risk. It's the price of risk that you are paying to keep | | | | quote just one or two carriers for this various |
| the policy in effect. If the risk of a person in a given | | | | reason. It's absolutely not in our interest to have you |
| age band, area, gender, etc is the same then why | | | | pay more. You're more likely to find other rates and |
| would rates be different from carrier to carrier? | | | | plans somewhere else and cancel the life policy you |
| Shouldn't they be essentially the same? First of all, | | | | have with us. We would rather you find the correct |
| risk is a probability and as much as life insurance | | | | (translated best rate with a solid carrier) through us |
| carriers like to think they can pinpoint a given risk, it's | | | | and be a satisfied customer. A decade ago, it was |
| still just an extremely refined and educated guess. | | | | almost impossible to present all the major carriers and |
| They may have estimated too high and thus the | | | | plans. Brokers naturally narrowed the selection to a |
| rates are higher to you the consumer. They may | | | | few and carriers would only show you their plans. |
| have estimated too low and the rates are lower to | | | | You're missing a lot of that critical "information" we |
| you (but likely higher to subscribers to follow). This is | | | | discussed earlier. |
| part of the equation...just a inherent ambiguity in the | | | | Our online term life insurance quote will automatically |
| future that they are trying to guess. | | | | parse the many plans out there to find the |
| Some carriers may also just be more efficient at | | | | best-priced life plans for your given demographic |
| running their business or they may even be trying to | | | | information. With this one-stop option, we have |
| "buy the business" by under-pricing their product. This | | | | addressed the "information" piece of the equation as |
| can have ramifications for their future financial health. | | | | well as the impartial term life broker side. You are |
| That being said, how we can be sure we are getting | | | | now in the driver seat and here are the keys. |
| the best life insurance rates on the market? Let's go | | | | |