Struggling to choose the right life insurance? With so many plans and prices, it’s easy to feel lost. Comparing life insurance quotes cuts the confusion as it helps you select a plan that is affordable, fits your budget and offers value for money in terms of the benefits it provides.

Let's find the best coverage for your budget in minutes by following the simple steps explained below:

Below are the steps to compare life insurance quotes:

Expected life coverage

You should first calculate the adequate coverage needed for your family members to continue with their current standard of living in the event of your unfortunate demise. Then check if you are eligible for that life cover^! by entering your income and other details on the insurer website. You can eliminate those insurers not offering the expected coverage from your consideration set.

Premium amount

Once you have the list of insurers offering the desired coverage, check the premium they are charging you. You may prioritise those insurers offering a lesser premium. But you should exercise caution as the premium amount also depends on various other factors like add ons, other charges and more. Hence, it is ideal to compare the plans solely based on the premium amounts if all other factors remain same.

Returns

If you are planning to buy a savings or a market linked plans, then you should also check the returns on your investment. Insurance companies provide complete information of the funds on their website. You can use the online calculators to estimate the returns on your investment in various plans and their funds. Consider a plan that offers attractive returns on your investment.

Discounts

Insurance companies offer discounts like online, salaried, women related and more. Your premium would be less after the discounts are applied. So, you may prefer those insurers offering such attractive discounts.

Other charges

Life insurance companies levy mortality, fund management and other charges, especially for market linked plans. You can compare these charges across the plans through their respective quotes.

Convenience

You can easily access these calculators from your smartphone or laptop from anywhere at any time during the day. These online calculators provide you the flexibility to easily adjust the coverage, add-ons, policy term and more to find the best fit for you.

Customer reviews and ratings

You can also read the online reviews of the plans to make an informed decision. You will get an idea about the customer service, claim process and more from these reviews.

Transparency

Online life insurance quotes will provide detailed premium break up and benefits of the plan.

Below are some factors that affect life insurance quotes:

Age

The age of the applicant impacts the premium of a life insurance plan. If you are young and browsing through plans, you will likely find more affordable quotes. Young people are healthier and carry a lower risk for the insurance company, which makes it easier for them to get a lower quote.

Medical history

You may get higher life insurance quotes if you have a medical history of lifestyle diseases or other types of ailments. On the other hand, if you are healthy with no history of illnesses, you are likely to get lower quotes.

Occupation type

The type of occupation impacts the premium for life insurance. If you work in industries that carry a higher risk to life, such as mining, construction, and others, you may be asked for a higher premium.

Lifestyle of the life assured

The lifestyle habits of the life assured can influence the premium of the life insurance plan. People who smoke, vape, drink or consume tobacco have a higher risk of contracting multiple illnesses. Insurance companies charge a higher premium for such applicants. Contrarily, people who do not smoke, vape, drink or consume tobacco usually get lower life insurance quotes as they are healthier.

Policy term

The length of the policy term can increase or decrease the premium. A longer-term will result in a higher quote as the protection will last for a longer time. Compared to this, a shorter term can be bought at a relatively low cost.

Type of life insurance plan

Life insurance can be categorised into multiple types, such as whole life plans, term plans, saving plans and more. Insurance quotes widely differ for each of these plans based on their features and benefits. For instance, term insurance is usually considered to be the most affordable form of life insurance. Other plans may quote higher prices in comparison.

Sum assured

A high sum assured results in a higher premium and vice versa. You can use a life insurance calculator to understand the impact of the sum assured on the cost of the plan and then decide.

Premium paying term

The premium paying term refers to the number of years you pay the premium. Some plans allow you to pay the premium for a fixed number of years, which is less than the policy term. After that, the policy remains active without additional payments. In other cases, you may pay the premium for the entire policy term (length of the plan). Make sure to evaluate all options and then decide.

Premium paying frequency

The frequency of premium payments can also impact the overall cost. Life insurance companies offer different ways to pay the premium, such as monthly, semi-annually and annually. You must compare these options and their impact on the total amount you pay.

Add-on riders

Adding riders enhances your protection but also comes at a cost. It is essential to understand these costs and then add suitable riders to your plan.

Comparing life insurance quotes online is the smart way to find a best plan for your requirements. Take a few minutes to check quotes today and secure the financial future of your family with confidence.