I’m a thrifty and informed shopper. How can I buy cheap life insurance while avoiding extra fees for commissions and other things?
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Asked May 13, 2013
You can avoid paying high insurance commissions by buying direct. You can do that by shopping for insurance through independent agents or brokers rather than shopping through dedicated agents who work for the insurance company you are buying from. You can also avoid paying commissions by shopping through broker websites such as this one.
Keep in mind that avoiding insurance commissions will not automatically mean you are getting a better price. Some insurance companies increase their profits by raising the prices offered or by tacking "hidden" fees and charges onto your bill. Your only defense against paying too much is to shop carefully and compare prices.
Use the free quote generator on this website. The quote is free, and after you have filled in the form you will be presented with a quote on the policy you need as well as comparison quotes offered by leading competitors. This will let you get an idea of what the policy will cost, and help you determine which rates are unnecessarily inflated.
You can also save money on life insurance by qualifying for discounts. If you are a smoker, quit. If you are a heavy drinker, reduce your consumption. Life insurance rates are based on the amount of risk the insurance company perceives you to be, and the lower the risk, the lower your premiums will be. It is not enough to passively search for lower rates when you have it in your power to reduce your risks and lower the prices even farther.
Not all insurance are created equal, and the policies they write will differ as well. Once you have found a company or two that offer lower rates, take the time to find out how that company is doing financially by checking it out with a company such as the A.M. Best financial ratings company. After all, getting a great deal on the policy will not help you if the company is not around for the payout a few years down the road.
Answered May 13, 2013 by Anonymous