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Protect your family with life insurance
See how buying life insurance works from start to finish
Step 1
Apply for coverage
Simply check life insurance quotes, compare policies, and apply online.
Step 2
Application review
Our underwriters make sure you’re matched with the best life insurance carrier for your health and lifestyle. We’ll reach out if there is a carrier that’s more suitable.
Step 3
Underwriting
Our agents navigate you through the underwriting process. They’ll do all the legwork, keep track of your paperwork, and reach out with any issues.
Step 4
Review and approve
After all the steps have been completed, your agent will share the final offer from the insurance company. You can accept the life insurance coverage or walk away.
What is life insurance?
What is life insurance?
Life insurance is a tax-free lump sum of money that people leave behind to ensure their debt and final expenses do not burden their loved ones. It also makes it easier for their family to focus on recovering emotionally and not financially.
There are different life insurance options, but the concept is the same for all of them. You pay a set premium to an insurance company and if you die while your policy is active, the insurance company will payout the predetermined funds to your beneficiaries.
*Beneficiaries: The people or organizations you choose to receive your life insurance money.
See prices and compare policies in under 5 minutes
Why buy life insurance through Quotacy?
Quotacy provides the tools and resources to help you choose the right life insurance coverage. After you apply online, we check other top-rated life insurance companies to make sure you’re getting the best price.
The right life insurance coverage:
- Use our life insurance needs calculator
to see what’s right for you and your budget. - Compare life insurance policies
with detailed info and unbiased advice. - Apply for life insurance online
after you find a policy that fits your needs.
The best price on life insurance:
- We check other life insurance companies
to make sure you’re getting the best deal. - If there’s a better price
we’ll reach out and explain your options. - Choose the life insurance policy you want
and we’ll take it from there.
Inside Look: The Quotacy Company Story
See who’s behind the curtain and why Quotacy has set out to simplify buying life insurance
The Quotacy Experience
See Quotacy through the eyes of our customers.
Not sure how much term life insurance you need?
Difference between whole and term life insurance
Difference between whole and term life insurance
There are two main types of life insurance: term life insurance and whole life insurance. The key differences:
- The length of coverage,
- The price you will pay, and
- The benefits the policy provides.
Term life insurance is coverage designed to last a specific period of time to protect your loved ones from financial struggle should you die unexpectedly. Term periods range from 10 to 40 years depending on your age when you apply. Whole life insurance is more expensive, but coverage is forever. It can also accrue cash value and even pay dividends. There are some situations when whole life is more beneficial than term, but most families only need term life insurance.
How long do you need term life insurance?
The length of your term life insurance coverage should be based on the unique needs of your family as well as your long-term financial goals. You can choose a term length between 10 and 40 years, however, options may vary depending on your age and health.
You also have the option of having multiple term life insurance policies. This is an easy and affordable way to make sure you have the appropriate amount of coverage as your debt shrinks and your net worth grows.
If you aren’t sure how long of a term you should buy, feel free to call, email, or live chat with a Quotacy advisor for assistance.
Read more: How Long Should Term Insurance Last?
Here are some examples of instances where different terms may make sense:
10-Year Term
- If your children will enter college in a few years and you want to protect them from having to take on student loan debt if you pass away.
- If you have debt but expect it to be completely paid off within a few years.
- If you are a few years from retirement and you want to provide security for your partner’s retirement years.
20-Year Term
- If you’re a young family and wish to safeguard your children’s financial future until they become independent.
- If you have long-term debt that you don’t wish your family to become responsible for.
30-Year Term
- If you don’t yet have children but plan to.
- If you plan to pay off a newer mortgage should you pass away.
- If you want to leave funds to pay for your young grandchildren’s college education.
40-Year Term
- If you’re young and want coverage to last until you’re in your retirement years.
- If you’ve been thinking about permanent life insurance but it’s out of your budget.
- If you have debt that may take a while to pay off and don’t want to leave any behind to your family.
When do I need whole life insurance?
Most families only need term life insurance, however, there are certain situations that are benefited by whole life insurance.
Consider whole life insurance if you:
- Own a business
- Have a large estate
- Need to equalize an inheritance without selling a family business
- Want to leave a guaranteed inheritance to your loved ones
- Need to provide long-term care for someone with special needs or a disability
Features of whole life insurance:
- Fixed premiums
- Lasts your entire lifetime as long as premiums are paid
- Savings component that allows you to build tax-deferred cash value
- You can borrow against the cash value or withdraw from it
- May pay dividends
- Option to surrender the policy for its cash value
Whole life insurance policies are about 10-15 times more expensive than comparable term life insurance policies. If you need whole life insurance, a more budget-friendly strategy is to buy a small whole life insurance policy to supplement a term life insurance policy.
Example of owning both whole life and term life insurance
Buy a term life insurance policy with a large enough coverage amount and long enough term to protect your loved ones from all the big-ticket financial obligations such as the mortgage, loans, the costs of raising children, and college tuition. Then purchase a small amount of whole life insurance just to provide funds for your end- of-life expenses.
Example:
John Smith is 35 years old. He’s married and has three children between the ages of two and ten years old.
He purchases a 30-year $750,000 term life insurance policy at $53 per month to financially protect his family should he die unexpectedly any time within the next 30 years and his income disappears.
He also purchases a $50,000 whole life insurance policy at $65 per month so he can leave behind money for his funeral and final expenses no matter when he dies.
Learn more: Term Vs. Whole Life Insurance
Why is it important to have life insurance?
Why is it important to have life insurance?
If you have loved ones that depend on your income, life insurance is a great way to provide financial security for their future. Without a life insurance plan in place, you’ll leave your family with the stress of finding the funds to pay for a funeral as well as any past, present and future debt.
Term life insurance is the most affordable way to protect your family’s financial future. Check out our life insurance buyer’s guide for a review of your life insurance options and finding the best life insurance policy for you.
The Benefits of Life Insurance
Reasons to buy life insurance
Provide for your children.
Term life insurance can cover childcare costs, school fees, and other expenses that go along with being a stay-at-home or working parent.
If you have a special needs child that will need support their entire life, permanent life insurance may be more beneficial than term life insurance in this situation.
Term life insurance can also help divorced parents secure their child’s future, ensuring that they will always receive the financial support that they need.
Replace your earned income.
If you pass away, term life insurance can replace your earned income, enabling your family to pay household expenses without experiencing financial stress.
Cover your debt or co-signed loans.
Homeowners can use term life insurance to cover house payments. That means your family won’t have to move if you die while the mortgage loan is still being paid off.
Life insurance can also repay personal debt such as your credit cards or student loans, protecting your family and loan co-signers from this financial burden.
Take care of business needs.
Life insurance can pay off your business debt, provide funds to help replace a key person, pay taxes if ownership of your business is transferred as part of your estate, or pay for a business partner to buy out your share via a buy-sell agreement.
Supplement your retirement.
Laddering term life insurance and permanent life insurance policies can be a beneficial way to protect your loved ones’ standard of living during your earning years and contribute to your retirement funds and financially protect your spouse during your retirement years.
Help you leave behind an inheritance and cover estate taxes.
Permanent life insurance can allow you to leave behind an inheritance or help equalize an inheritance if you run a family business.
A permanent life insurance policy can also provide liquid funds to pay your estate taxes.
Support your favorite charity.
If there is a charity or non-profit organization close to your heart, you can name them as a beneficiary of your life insurance policy or transfer ownership to them, which comes with tax advantages.
Pay for your funeral and final expenses.
If you die during the coverage period of a term life insurance policy, your family won’t struggle to pay for your funeral and end-of-life expenses. A permanent life insurance policy provides a death benefit no matter when you die.
Provide for your children.
Term life insurance can cover childcare costs, school fees, and other expenses that go along with being a stay-at-home or working parent.
If you have a special needs child that will need support their entire life, permanent life insurance may be more beneficial than term life insurance in this situation.
Term life insurance can also help divorced parents secure their child’s future, ensuring that they will always receive the financial support that they need.
Replace your earned income.
If you pass away, term life insurance can replace your earned income, enabling your family to pay household expenses without experiencing financial stress.
Take care of business needs.
Life insurance can pay off your business debt, provide funds to help replace a key person, pay taxes if ownership of your business is transferred as part of your estate, or pay for a business partner to buy out your share via a buy-sell agreement.
Support your favorite charity.
If there is a charity or non-profit organization close to your heart, you can name them as a beneficiary of your life insurance policy or transfer ownership to them, which comes with tax advantages.
Supplement your retirement.
Laddering term life insurance and permanent life insurance policies can be a beneficial way to protect your loved ones’ standard of living during your earning years and contribute to your retirement funds and financially protect your spouse during your retirement years.
Help you leave behind an inheritance and cover estate taxes.
Permanent life insurance can allow you to leave behind an inheritance or help equalize an inheritance if you run a family business. A permanent life insurance policy can also provide liquid funds to pay your estate taxes.
Cover your debt or co-signed loans.
Homeowners can use term life insurance to cover house payments. That means your family won’t have to move if you die while the mortgage loan is still being paid off.
Life insurance can also repay personal debt such as your credit cards or student loans, protecting your family and loan co-signers from this financial burden.
Pay for your funeral and final expenses.
If you die during the coverage period of a term life insurance policy, your family won’t struggle to pay for your funeral and end-of-life expenses. A permanent life insurance policy provides a death benefit no matter when you die.
Questions? Talk with our experienced advisors.
What other types of insurance does Quotacy sell?
Quotacy mainly offers term life insurance. Our parent company, Hallett Financial Group, has over 25 years of experience working with many types of insurance products so we are also able to offer the following life insurance options:
Guaranteed Universal Life Insurance
Guaranteed universal life insurance is an affordable way to buy permanent insurance protection. As long as you pay your planned premiums to keep your policy active, your beneficiary will receive the guaranteed death benefit when you die.
To receive a guaranteed universal life insurance quote, simply go to our online quoting tool, run a quote, and move the slider under Length of Coverage all the way to the right to Forever
Whole Life Insurance
Whole life insurance is continuous coverage that lasts your lifespan (as long as you pay the premiums). Your premiums are fixed and will not change. Whole life policies also accumulate a cash value that you can borrow against or withdraw from. Some whole life insurance policies also pay out dividends.
Whole life insurance is too complex to quote online.
Visit this page to receive a custom whole life insurance quote
Final Expense Life Insurance
This is a small life insurance policy designed for individuals aged 50-80 to leave behind enough funds to cover their funeral and end-of-life expenses. Approval is guaranteed with no medical exam or health questions.
Individual Disability Insurance
Individual disability insurance provides monthly income if you become disabled and are unable to work. Disability benefits will continue as long as you are disabled according to the policy’s provisions.
Visit this page to receive a custom individual disability insurance quote
Life Insurance Terms to Know
As you’re buying life insurance online and moving through the process, you’ll come across quite a few terms. We have an in-depth glossary page of many life insurance terms in alphabetical order to help if you come across any words you’re not familiar with. Visit our life insurance glossary page for a complete list and definitions.
Inside look: Why Quotacy exists
Hear the heartbreaking story that sparked the creation of Quotacy from CEO, Jeremy Hallett.
Our purpose in life is to save families
We launched Quotacy with one simple goal, make it easier for people to protect the future of their loved ones with the gift of life insurance. Our process allows you to shop anonymously until you’re ready to buy. And we will never sell or share your information.
Plus, all the life insurance companies we work with are best-in-class, financially-secure, and highly-rated by independent consumer protection agencies.
We’re committed to helping families. And we would be honored to help you find the best policy that fits your family’s needs and budget.
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