Life Insurance FAQs
Helpful answers for your life insurance questions.
What info is needed for a quote?
Getting a life insurance quoteThere are a lot of factors that go into determining the price of life insurance.
However, at this stage in the life insurance shopping process, you shouldn't have to give up all your information just to get a free quote.
So, we only ask for what's absolutely necessary to give you more accurate quotes with pricing that's specific to your location, age, gender, and basic health.
How much life insurance do I need?
Choosing the amount of coverageFinancial experts recommend 10-15x your annual income, but if you want to do the math yourself, here's an easy way to calculate your needs.
First, add up the following:
- Large sources of debt (e.g., mortgage, lines of credit)
- Current and future expenses (e.g., day-to-day costs, college tuition)
- Funeral and burial costs ($10,000 on average)
- Cash savings/bank accounts
- Investments and retirement plans
- Other life insurance policies
Choosing the length of coverageExperts recommend a term that lasts the length of your largest source of debt. For example, if you have a 30-year mortgage then a 30-year term, would be a good choice.
Also, consider the number of years it will take until your family is able to handle financial obligations independently.
Is term life insurance right for
How price is determinedEven though everyone's situation is unique, for most individuals, a traditional term life insurance policy is the best option.
It's affordable and can be customized to fit your needs, current budget, and future financial goals.
Benefits of term life insuranceTerm life insurance is easy. Once you get it locked in, your rate will never increase the entirety of the term.
Other benefits of term life insurance:
- It can be converted to permanent without proof of insurability.
- You can receive early benefits if diagnosed with a terminal illness.
- It can be enhanced with add-on features called riders.
Could whole life insurance be right for me?Whole life insurance coverage is forever, and it has a savings component. It's 10-15x more expensive, but there are some situations when it can be beneficial, like if you have a large estate or own a business.
Reasons to buy term life insurance sooner rather than laterAge and health are two of the biggest factors that determine the price you'd pay for life insurance. Meaning, lock in a better rate while you're young(er) and healthy.
How do I buy life insurance?
Getting a free life insurance quoteIt only takes three steps and 60 seconds before you're able to compare customized life insurance quotes from multiple top-rated carriers.
- Step 1: Enter the basics for quotes specific to you.
- Step 2: Choose the amount and length of coverage.
- Step 3: Customize your quote for more accurate pricing.
Compare policies to find the best fitTo help you weigh your options, use the drop-downs to compare the details of each policy. When you find the best policy for you, your next step is to complete an online application.
The online application only takes five minutes.After you apply, we'll review your information as well as pricing guidelines from other carriers to make sure you get the best price possible.
We'll guide you through the approval process, take care of the legwork, and keep you updated and informed every step of the way.
You're not committed to the coverage you apply for. You'll still be able to make changes and you don’t have to decide until you receive your approved offer.
What if I have a health condition?
How do I find the best price on life insurance if I have a pre-existing condition?Every life insurance carrier calculates the risk of a pre-existing condition differently. This is why carriers have different prices for a policy with the same coverage.
One carrier may have the lowest price for people with asthma but have the highest for sleep apnea.
Since Quotacy has access to over 25 top-rated carriers, you can feel confident that you'll be matched with the carrier that will give you the best possible price.
Why work with Quotacy?
Who is Quotacy?Quotacy is a no-cost life insurance broker that has helped over 50,000 people just like you find the right coverage at the best price possible.
With access to 25+ top-rated carriers, you can feel confident that you’ll be matched with the carrier that fits your specific needs.
- A+ Better Business Bureau® rating
- No hidden fees or extra costs
- Non-commissioned agents
What are the benefits of working with Quotacy?The life insurance process can be overwhelming, which is why we pair you with a personal Quotacy agent.
They'll be your main point of contact from start to finish. So, if you ever have questions, concerns, or need reassurance, you'll know who to turn to.
Plus, your personal Quotacy agent will:
- Walk you through your options, clarify the fine print, and offer unbiased advice.
- Handle the legwork and keep you updated and informed every step of the way.
- Ensure you get the best price by checking pricing guidelines from 25+ carriers.