When you’re looking for a life insurance quote, remember that the quote you get in three minutes or less may not be 100% accurate. Why not? To understand, take a look at how life insurance works for both the consumer and the life insurance company.
Getting Quotes Online Equals Convenience
Life insurance companies are just like other for profit companies – they’re in business to make money. They have expenses for offices, web space and employees, including the life insurance agent who takes care of your life insurance policy. The life insurance company sells you a service and their goal is to make a profit from that sale.
Does that mean that life insurance companies aren’t concerned about you? Of course not. The life insurance agent you’ve worked with for a few days or many years is probably doing his best to be sure you have the life insurance policy you need and that you’re getting the best life insurance rates possible. There are naturally some unscrupulous and uncaring life insurance agents, but the majority work with your best interests in mind.
Life Insurance Quote
You as a customer in search of a life insurance plan are concerned about finding the life insurance coverage you need at the best price. You are purchasing the service in hopes of gaining the peace of mind that comes with knowing your loved ones will be protected in the event of your death. You may also have other concerns as well, including building equity in a permanent life insurance plan.
For the customer, the tendency when searching for a life insurance quote is to downplay the negatives that might increase your life insurance rates. For the life insurance company, the tendency is to offer the best rate possible. This is where a problem with a quote sometimes occurs – the customer offers only the information requested for the quote and the company gives the best possible rate. When the full paperwork is filled out, it’s discovered that the best rate available doesn’t apply and the customer will be ranked in a more expensive category.
There was no deception. No one lied and the company gave the best quote they felt they could offer. But keep this in mind when you’re shopping for a life insurance quote. Take time to be sure you’re going to qualify for that great rate before you stop your search and prepare to take out the policy.