How to Compare Life Insurance Quotes

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When buying life insurance, you have many coverage options, but the selection process doesn’t have to be overwhelming. In fact, it should feel empowering. After all, insurance is an incredible gift to leave behind. Having a policy in force is one way to help secure your family’s future and provide financial stability after you’re gone.

While price is important, monthly premiums aren’t the only factor to consider when choosing life insurance. Here’s how to gather and compare life insurance quotes so you can find the right coverage for your needs.

Prioritizing Your Needs

Before searching for life insurance coverage, ask yourself a few important questions. Your answers can help you determine the right type of life insurance for you, making the shopping and comparison process more straightforward.

Why Are You Buying Life Insurance?

Knowing if you want life insurance to replace your income, leave an inheritance, or cover your final expenses can help determine your primary coverage needs.

How Much Coverage Do You Need?

It’s a common question but essential for finding the right policy. Estimate your loved ones’ financial needs to determine your death benefit amount. Speaking with a financial advisor may help you arrive at your answer.

How Long Will You Need Coverage?

You may want a life insurance policy that provides coverage for a short period or one that lasts the rest of your life. Figuring this out can narrow down your coverage needs when shopping.

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Requesting Quotes

Getting a life insurance quote is relatively straightforward, and you have a few ways to do it. Most insurance companies allow you to get a quote online. Answer questions about your age, health, lifestyle, and coverage needs. Be honest, as this will ensure a more accurate quote.

Another option is to go through an insurance agent. Contact them directly and provide similar information, and they’ll give you quotes from various insurers.

Finally, independent insurance brokers can also help with your search. Brokers often work with multiple life insurance carriers, so they can generally provide quotes across a broader market.

Comparing Quotes

A life insurance quote estimates your premium costs based on the information you’ve provided about your age, health, and lifestyle. A quote can give a ballpark range, but you won’t know the exact premium until you submit your application.

To compare life insurance quotes, review the following elements for each of the options. You may find that the right coverage provides the most value instead of the lowest price.


The premium is the amount you’ll pay, usually monthly or annually.

Death Benefit Amount

The death benefit is the money your beneficiaries receive if you pass during the policy term.

Policy Type

The policy type may be term life, which lasts for a set period, or permanent coverage, which lasts the rest of your life.

Company Information

You’ll get the insurer’s name and financial ratings to help gauge reliability. You may also want to research the insurance company and consider information like its reviews, its reputation for customer service, and how its underwriting process works.

Fine Print

Pay attention to exclusions that list situations where coverage doesn’t apply.

Contestability Period

Most policies have an initial period where the insurer can review any claims in-depth and potentially deny coverage.


Riders are optional additions to your policy that can enhance coverage but typically increase premiums.

Selecting the Right Coverage

Life insurance is an important decision. By comparing quotes and understanding the factors beyond the price, you can feel confident about the policy you choose, knowing it fits your situation and provides financial protection for your loved ones.

Curious to explore life insurance coverage offered through Colonial Penn? Request a quote online.

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