Comparing Illinois life insurance quotes and how to apply for the best rates should be a simple and straightforward process. If you have been getting confused or frustrated, you need to read this blog post. This article will answer most of your questions and help you find the lowest rates.
Understanding more about the many life insurance products will help you receive the best life insurance rates. With a bit of information, we will give you the confidence and knowledge you need.Click To Tweet
Your time is valuable, don’t waste it!
Here are some of the ways people consume a lot of time shopping for life insurance with very little to no success at all.
- Bouncing from website to website for days or even weeks hoping to find their “best price” pie in the sky policy only to get more confused which each passing day.
- Redundant comparisons of the exact same life insurance companies on one website as they have on many others days before.
- Looking at types of policies and plan designs that they do not understand.
- Running quote engines and using a health class from the drop down menu that they don’t qualify for. Many consumers will have multiple medical conditions and they are reviewing “Preferred Best” rates.
- Comparing the exact same premiums on many websites looking for the lowest price not knowing life insurance rates are completely regulated by law in each state. Nobody can sell for less than another, not even a single penny.
If this looks like your own track record, don’t feel bad. Over 75% of life insurance shoppers search the internet only to get burned out and never buy life insurance. Their dependent families ultimately pay the piper with a financial crisis after they pass when professional help can quickly be had without any cost.
There is an easy way to shop for life insurance
Here is an idea, instead of chasing your tail, let someone else do all the work for you! Here is how you shop for life insurance without all the headaches consumers create for themselves.
- Locate and reach out to an independent insurance agent that specializes in life insurance. There is no cost or obligation so how can you go wrong? Don’t worry, agents don’t bite! At least most don’t anyway.
- If you have any medical conditions or a hazardous job, make sure you inform your agent. Your agent can run a medical pre-screen if necessary.
- Have your agent explain all the different types of life insurance plan designs you have as options. He will do this even without asking.
- Your agent can review the best online life insurance quotes with his quote engine. He can easily compare the best life insurance rates from over 40 of the best life insurance companies.
- Apply over the telephone and let your agent walk you through the rest of the process. It could not be any simpler.
This is a great time to apply for life insurance
Would you believe that life insurance rates are actually going down because people are now living longer? There also has been a very noticeable increase in applications because of the reduction in life insurance rates. Going to the doctor’s office for annual wellness visits make a big difference when spotting a health condition in its early stages. If you still smoke, consider quitting as soon as possible. Quitting smoking, and having better diets all play an important roll in living longer. Keep in mind that the life insurance rates for smokers can easily be 300% higher than premiums of non-smokers.
Understanding the 3 main types of life insurance
There are three basic types of life insurance available. You don’t have to be an expert on these three plan designs but it helps to understand the simple basics of each type. This will give you a much better understanding of your available options. Here is a basic description of each plan design.
- Term life insurance – Term life insurance will pay a death benefit during a specified term period between 10-30 years. Banner Life has recently come out with an exclusive new 35 and 40-year Term product.
- Universal Life insurance – Universal Life insurance is a permanent coverage that stays in force for the life of the insured or as long as the premiums are being paid.
- Whole Life insurance – Whole life insurance provides permanent coverage with the addition of a cash value savings component.
Low-cost Term life insurance is by far the most commonly purchased plan design because of its very low premiums. On that note, Whole life insurance is seldom ever sold unless for a child and Final Expense policies. Many of the best life insurance companies do not even offer Whole Life insurance any longer.
Medical conditions can affect your rates
If you have any medical conditions, a dangerous job or a hazardous sport, it is advisable to have your agent run a quick medical pre-screen to choose the most applicable life insurance company. Every life insurance company underwrites their applications differently.
This is why you must apply with the most logical company to receive the lowest rates possible. A recommended pre-screen will only take a few minutes but save you some substantial money in the long run.
What companies have the lowest rates?
There are many excellent life insurance companies you can choose from. The best life insurance company is going to be the company that offers you the lowest rates. This will depend on your specific information such as age, health, occupation, and lifestyle. We work with over 40 top rated companies but here is a basic list of some of the best ones.
- Banner Life
- Protective Life
- American General
- Principal Financial
- Lincoln Financial
- SBLI (Savings Bank Life Insurance)
If you would like to see what your rates would be, use our free online life insurance quote engine by simply completing the form and pressing the submit button.
Three ways to apply for life insurance
There are three ways you can apply for your new life insurance policy.
- Paper Applications – The paper applications are the most time consuming of all applications. Most people are intimidated by a 30-page form to complete. If your handwriting is not legible or you miss a question, the application will be delayed.
- Online Applications – The modern online applications are normally much easier for the applicant to complete. The only stipulation is the applicant must have a computer and have some basic internet experience.
- Telephone Applications – The telephone applications are by far the best way to apply for life insurance. They only take about 20-30 minutes and all you have to do is listen to the question and then answer it. It does not get any easier than this.
Purchasing life insurance is a simple process
With modern technology such as instant online life insurance quotes and telephone applications. Purchasing life insurance is a quick and simple process. If you purchase No Medical Exam life insurance, you can be approved and insured with 24 hours. If you are planning on purchasing Illinois Term life insurance or any other state, you may contact us 7 days a week quick and accurate answers to all your questions.
All the best,