Top Tips for Comparing Whole Life Insurance Quotes

So, you think you want to purchase whole life insurance? Good for you. This is a great decision for many reasons, including the fact that you are guaranteed to leave something to your beneficiary when you pass on (as long as you continue to make your premium payments on schedule).

Just the same as any type of insurance, from life to car to home, you should compare several quotes before making a purchase. This is the best way to learn more about the industry, the policies that are available, and of course, your personal situation.

The way you compare whole life insurance quotes may not be the same as the next person. For example, you may be taking an “estate planning approach” while somebody else is most interested in cash value accumulation for personal use.

Regardless of your situation, here are five tips for comparing quotes:

  1. Receive quotes from Multiple Companies

As a general rule of thumb, you should contact a minimum of five whole life insurance companies. This may sound like overkill, but it will make your decision much easier in the end.

With the help of an online quote tool, it won’t take much effort to request a quote from five or more companies.

  1. Compare Death Benefits

More is always better, right? When it comes to your whole life insurance death benefit, you want to purchase as much coverage as you can afford. But this comes with a catch: the higher the death benefit the higher the premium.

To protect against a buying mistake, request a quote for a variety of different death benefits. You can do something like this: ask Company A to give you a quote for a death benefit of $100k, $500k, and $1 million. This will provide you with a premium breakdown that is easy to understand.

  1. Don’t Overlook Company RatingsTips for Comparing Whole Life Insurance Quotes

Just the same as any industry, some life insurance companies have a better rating than others. You shouldn’t turn a blind eye to this detail, as it is important to do business with a company that has a good reputation.

You can rely on services such as A.M. Best Company for rating information. This is the quickest way to see what the experts think of a particular company.

  1. Customer Service

At some point, you want to learn more about the service provided by each company you are considering. Once you make your shortlist, don’t hesitate to research the customer service provided by each company.

You can do this in many ways. Start out by searching the internet. What are others saying? Along with this, run your own test. You can call the company and/or send them an email. Do so with the idea of answering these questions:

  • Were you provided with accurate, detailed, and timely responses?
  • Were you treated like a valued customer, even though you are still in the discovery stage?
  • How long did it take to get in touch with the right person?

Customer service is a big deal when buying life insurance. You never know when you or a loved one will need to consult with a company representative.

  1. Cash Value Accumulation

Most people look at life insurance as something their loved ones take advantage of once they are gone. While this may be your primary goal, don’t overlook the fact that some whole life insurance policies accumulate cash value with each passing year.

How much value will your policy accumulate? How is this calculated? How do you get your hands on the money, if you desire?

Final Thoughts

These five tips can help you better compare whole life insurance quotes. This doesn’t mean you can purchase a policy within a matter of minutes. But it does mean you are in a position to use your knowledge when making a buying decision.

If nothing else, request several quotes from several companies. This will get the ball rolling in the right direction!


Make sure to also answer these 17 Questions to ask before buying whole life insurance 


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