How to Comparison Shop for Life Insurance
Difficulty: Moderate Instructions
- Step 1
Decide how much coverage is needed. People purchase life insurance to financially protect family members. Determine how much money is needed for your family to live in the event of death. Paying off a mortgage, college tuition for dependents and other debts should be calculated to come up with a life insurance value. Companies such as Forbes and MSN Money provide life insurance calculators to determine life insurance needs.
- Step 2
Find reputable companies. Find companies that offer life insurance in your area through the American Council of Life Insured. Contact agents in the area. If you have an existing life insurance policy, fax the agent a copy of the current coverage. Talk about how much life insurance is needed and request a quote from each company.
- Step 3
Discuss policy exclusions and purchase endorsements if needed. Some companies won’t cover certain types of accidents without purchasing additional coverage. For example, a person who flies an airplane as a hobby may need to purchase an endorsement to protect the insured. Add up the cost of endorsements to more accurately compare policies.
- Step 4
Choose the policy. After collecting information about possible life insurance policies, meet the insurance company’s requirements for eligibility. For example, the company may require a health screening. Typically, the health insurance company will send a registered nurse to the home to take blood pressure and draw blood samples for testing. Results are sent to the insurance company, and the organization will approve or deny the application.
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