Term life insurance companies
are many, but there is only one you. Yet when you contact several companies for term life insurance quotes, you can get quite different quotes.
Obviously, you – an individual buyer of a term policy – are evaluated differently by each company. This can be disconcerting, sometimes rather annoying, but in the end it is to a consumer’s advantage. The different weight that companies give to health insurance factors means that if a person can match his strengths as an insurance buyer to a company looking for those strengths, he can come out ahead on the premium he pays.
TERM LIFE INSURANCE QUOTES VARY
For example, if an insurer is looking for non-smokers – and who isn’t? – and you are a non-smoker, you are considered an attractive candidate and the premium will reflect it. But if you also have a genetic heritage of heart attacks at age 45, the advantage disappears and so does the lower premium. Insurance companies are not in the business to make gifts to term life insurance buyers; rather, they are guided by actuarial considerations that reduce long-term business risk.
So a person’s health history, his family’s health history, his history of risk-taking – Evil Knievels are generally frowned upon – his age, and other personal factors will place a person in a certain premium category and the term life insurance quotes he receives will reflect this placement. Yet even this isn’t cut and dried: Some insurance companies evaluate risk differently than their peers and will, for example, not penalize tobacco users to the same degree in assigning premiums.
All this means that term life insurance buyers should shop around. An independent agent or a broker of several insurance companies can offer a variety of choices. The Internet is a boon for finding term life insurance quotes, with preliminary information on a world of premiums and companies on the screen. Yet when it comes to actually picking a policy, working with an insurance agent with whom a buyer can sit and talk at length is the more satisfying course.
Term life insurance quotes are a one-dimensional label stuck on insurance policies that are an incredibly complex product offering. The quotes reflect actuarial, marketing, and face-value considerations and essentially are dollars-and-cents figures that ensure both buyer and insurer are well-served by a policy. A quote is a price point that assures a policy’s beneficiaries that they will be paid because the seller will be able financially to pay them.
LEARN MORE ABOUT PARAMOUNT LIFE INSURANCE
Paramount Life Insurance is a diversified online insurance brokerage. At our site you can review policies, get quotes, and apply online. For a policy review or free quote, please call us today at 888-488-2382!
