Life insurance is not a very exciting topic for most of us, but having a sufficient policy is a necessary part of your financial plan. Even if you already have a life insurance policy it’s a good idea to re-evaluate your situation every couple of years. If your existing plan is no longer sufficient for you and your family it’s better to find out now when you can do something about it, rather than having an unpleasant surprise for your family later.
There are several different types of life insurance policies and each has it’s own pros and cons. My preference for our family’s situation has always been to go with a simple term life insurance policy.
I’ve looked at whole life and other variations of policies, but for our family those options have never really made sense. Term life insurance policies are simple (in comparison to other types of life insurance), easy to understand, and inexpensive if you’re relatively young and healthy.
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Situations and Needs Change
Not long after my wife and I got married we opened our first life insurance policies. We still have both of those term policies from about 10 years ago, but since our income was pretty low at that time the policies are small. Once my income went up a few years later, we opened a second term life insurance policy on me. That policy was larger, and if anything were to happen to me, it gave us confidence that my wife would be in a good financial situation.
Now, another 6 years later our family situation has changed again. Since that time we’ve had two kids and moved to a bigger house. In general, we need more money to live than we did in the past. We were recently evaluating our financial situation and my wife mentioned an interest in getting more coverage.
Getting Term Life Insurance Quotes
After doing a quick Google search I wound up on Quotacy.com. I had never been on the site before (that I remember) but it offered multiple life insurance quotes in a matter of a few minutes, so I entered my information and got several quotes.
Before I go any further I want to clarify that this is not a sponsored review. I’m not being paid to share these opinions, I just found Quotacy to be very useful and I’d like to share it with anyone else who is looking for information on life insurance.
Quotacy is a life insurance brokerage company. You can use their website to get quotes from multiple companies, and if you choose to move forward you’ll be assigned to one of Quotacy’s agents who will handle the process from there.
The quotes I was getting were for $700,000 of coverage on a 25-year term life insurance policy.
The existing policy I was looking to replace was a 30-year term policy, and I was 6 years in to the policy. A new 25-year term policy would actually give me 1 extra year compared to the 24 years left on the other policy.
My existing 30-year policy was for $375,000 in coverage and I was paying $49.69 per month in premiums.
The quotes I got for Quotacy varied widely, and many of them would have been a significant increase in premium each month compared to what I was already paying, but there were a couple that were considerably lower than the others. The best quote was from Pacific Life for $54.42 per month for that $700,000 of coverage.
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The next step was to apply for the policy, so I went ahead and did that. I had to do a phone interview to answer basic questions about my health and medical history. I think the phone interview took about 20 minutes. Then they scheduled an appointment to have a nurse come to my house for a simple exam. The exam involved all the common stuff for a new life insurance policy. Things like taking blood pressure, height and weight, drawing a small amount of blood, and a urine sample.
After a couple of weeks I was approved for the policy and I got the paperwork in the mail. Throughout the process I received email updates from Quotacy, and I think I spoke to the Quotacy agent one time on the phone.
Because I went through Quotacy I didn’t have any interaction with the insurance company, in this case Pacific Life. The paperwork was from Pacific Life, but I never spoke to anyone from the company until I called about a week after the policy was opened just to verify that the policy was fully in effect and it was safe to cancel my existing policy.
The End Result
Previously I was paying $49.69 per month for $375,000 of coverage. That was a 30-year term policy and I had 24 years left on the policy. The new policy is a 25 year term and I’m paying $54.42 per month for $700,000 in coverage. So I increased coverage by $325,000 and I’m only paying an extra $4.73 per month compared to my previous policy.
I was very happy to get so much additional coverage for only $4.73 more per month. Of course, there are other factors aside from price when it comes to comparing and choosing a life insurance policy. To be honest I’m not sure about all of the details of the old policy. I read through all the details of the new policy and it has everything that mattered to my wife and I, and it was with a company that has pretty good financial strength and customer satisfaction ratings, from what I was able to find.
If you’re interested in shopping for a term life insurance policy I would definitely recommend going to Quotacy.com. You can get multiple quotes quickly and easily, and that’s exactly what I wanted. I didn’t have any complaints about the process of working with Quotacy, and I thought their communication throughout the process was good.