Me and my wife recently decided to renew our life insurance options and went over our current providers package and compared it to other rates we may be able to get from other companies.
We were shocked at what we found!
Yes, there are many providers for life insurance and many of them have different grades, ratings, and options.. so it is very important to make sure you compare apples to apples when looking at quotes from life insurance companies. There is no sense in ditching a high grade plan that is more expensive, for a plan that is provided from a sub par provider that might not be around next year and runs off with your money.
There is not a simple way to collect this information in general. Most people have to call around, fill out tons of forms, wait for a callback, then compare and take notes on all the plans so they can review them for later and make a choice. That is, until now.
I recently came across lifeinsurancerates.com at http://www.lifeinsurancerates.com/ and I was very impressed with the fact I could fill out 1 set of forms and get quotes from multiple leading life insurance companies. I mean, where was this type of site 10 years ago when I had spent 2 weeks of my time and a whole notebook of paper up?
If you haven’t tried it already, you should really look into it and just see the price difference for some of these companies. I was quoted anywhere from sub $100 a month to several hundred a month for a very low plan that would cover enough for our funeral’s, some debt we built up with our home, and to leave our kids a little bit to help them through as well. It was a real eye opener to see how much different the same plan can cost with different companies.
Being informed is the best way to save money and make sure you are not being taken advantage of when buying life insurance. If you are not careful, you will be paying in a ton of money to a company that might not be around in a few years, or downgrade your coverage because they were not able to handle you investment correctly with your life insurance.
Me and my wife found a really nice plan for both Term and Universal plans and we are going to take out more then one plan to make sure we are protected and can provide for our children in case something happened to us. Nothing is worse then leaving this world and knowing before you pass that your children or spouse will be burdened with debt that they can not handle because you are now gone, unless you leave this world and then your sub-standard life insurance carrier didn’t pay out ( or couldn’t pay out ) as expected because you trusted your money to a company that not only over charged you, but ended up going out of business before a payout could be made.