A click is all it takes to compare prices on term life insurance. But before you go around clicking on websites, you should be ready to give some basic information so you can get preliminary quotes:
In addition to your name, age, and gender, which are obvious for underwriting, you will have to give more detailed information, such as:
Weight: Your rate may change if your height-to-weight ratio is outside of a certain range, which means you are overweight.
Do you smoke? People who smoke pay more than people who don't smoke. Rates can be up to three times more expensive. But you might save some money if you haven't smoked for at least a year before you send in your application.
Health: Businesses want to know how much you work out and what kind of life you lead. Do you do things like racing, scuba diving, skydiving, or rock climbing that are dangerous?
Work type: Is your job dangerous? For example, you'll carry a higher rate if you work in underground mining, high-rise construction, or with explosives.
Record of driving If you've been caught driving recklessly or with a DWI in the last 5 years, your rate will go up.
The story of your family Have any of your parents or siblings had cancer or heart disease before they were 60 years old?
Don't tell the insurance company what they want to hear, even if it's not exactly the truth. If you lie on your application, your insurance may not cover you.
Once you have quotes from several companies, compare them and make sure your insurance company will be around for a long time. See how AM Best rates them. AM Best is a company that checks how stable and solvent insurance companies are financially. A very low quote from a company with bad finances won't help you much if they won't be around to pay your claim.
